South Indian Bank FD Rates

South Indian Bank FD rates, designed to cater to the needs of both regular individuals and senior citizens, are now available through Stable Money. With interest rates ranging from 6.70% to 7.90%, the bank provides fixed deposit options with flexible tenures starting from 1 year. Whether you are looking for a short-term or long-term savings plan, South Indian Bank FDs available at Stable Money help you grow your wealth.

Keep reading to get detailed insights into the high-yielding FD rates offered by South Indian Bank.

South Indian Bank FD Rates for General and Senior Citizens

Upon booking a South Indian Bank FD via Stable Money, both regular and senior citizens can avail attractive interest rates depending on their tenure. A key benefit for senior depositors is that, in addition to earning high-interest income, they can enjoy preferential interest rates, which are 0.50% higher than the rates offered to regular citizens. As of now, South Indian Bank FD rates range from 6.70% to 7.40% for regular citizens, while the rates go up to 7.90% for senior citizens.

Term Wise South Indian Bank FD Rates

The following shows the term-wise South Indian Bank FD rates:

Short Term: SIB offers an interest rate of 6.70% for general citizens and 7.20% for senior citizens on short-term fixed deposits with a tenure of up to 1 year. Let us consider an individual aged below 60 years, who invests ₹1,00,000 in a short-term FD. In 1 year, they will earn ₹6,870.23 as interest. This makes your total maturity amount as ₹1,06,870.23.
Medium Term: South Indian Bank offers medium-term fixed deposits with tenures ranging from 1 year and 7 days to 4 years, 11 months, and 29 days. The highest interest rate available is 7.40% for regular customers and 7.90% for senior citizens. If a senior citizen invests ₹1,00,000 in a medium-term FD for 1 year and 7 days at an interest rate of 7.90%, they will earn ₹8,301.75 in interest, bringing the total amount to ₹1,08,301.75 at maturity.

Get the Stable Money App today to book your South Indian Bank FD and enjoy attractive interest rates!

Benefits of South Indian Bank FD Interest

Here are some key benefits you can enjoy with South Indian Bank FD:

The highest SIB fixed deposit interest rate is 7.4% for general citizens.
Senior citizens are eligible for an additional 0.50% interest rate, offering returns of up to 7.90% per annum on fixed deposit bookings via Stable Money.
SIB offers the benefit of quarterly compounding, helping your savings grow faster.

Eligibility to Avail South Indian Bank FD Rates

To avail South Indian Bank FD rates, you need to meet the following eligibility criteria:

Indian residents
Hindu Undivided Family (HUF)
Non-Resident Indians (NRIs)

Documents Required to Avail South Indian Bank FD Rates

The following list of documents are necessary to avail competitive FD interest rates on South Indian Bank:

Address proof documents like PAN card, passport, voter ID card or ration card
Identity proof documents like Voter ID card, Aadhaar card, passport, PAN card or driving licence
Date of birth proof documents include birth certificate, voter ID card, Aadhaar card, PAN card or discharge certificate
A completed South Indian Bank fixed deposit application form
Two passport-size photographs

Premature Withdrawal of South Indian Bank FD

South Indian Bank allows flexibility with its fixed deposits, enabling premature withdrawals to address financial emergencies or urgent needs. If you book an FD through the Stable Money App or website, you can withdraw funds anytime after 7 days from the date of booking.

However, for such withdrawals, you need to pay a penalty on the applicable interest rate. The penalty is 0.50% for FD amounts below ₹15 lakh and 1% for amounts above ₹15 lakh, as per the bank’s policies.

Tax on South Indian Bank FD

The FD interest rate in South Indian Bank is subject to taxation based on your income tax slab. If the total interest accrued in a financial year reaches ₹40,000 or more, the bank will deduct a 10% TDS (Tax Deducted at Source) on the entire interest amount.

To prevent TDS deduction, you can provide tax exemption forms like Form 15G or 15H to the bank, depending on your eligibility. To clarify your exact tax obligations, consult a tax professional.

Why Should You Choose Stable Money to Book South Indian Bank FD?

With Stable Money, you can conveniently open a South Indian Bank FD without needing a South Indian Bank savings account. Our FD bookings are secured by the RBI’s subsidiary, DICGC, offering coverage of up to ₹5 lakh to ensure the safety of your investment.

We compound interest quarterly for all South Indian Bank FDs booked through our platform, boosting your returns. For example, if you book an FD at 7.90% per annum for a tenure of 1 year and 7 days, with quarterly compounding, your effective annual return will be approximately 8.15% per annum at maturity.