|
South Indian Bank FD Interest Rates (p.a.) Highlights |
|
| Highest slab rate | 7.40% (for 1 year 7 days; 18 months) |
| For 1 year | 6.70% |
| For 2 years | 6.50% |
| For 3 years | 6.70% |
| For 4 years | 6.70% |
| For 5 years | 6.00% |
| Tax-Saving FD | 6.00% |
The interest rates are updated as of 13 January 2025
South Indian Bank FD Rates
Fixed Deposit Rates on Domestic/NRO deposits of less than Rs. 3 crores w.e.f. 21 December 2024
| Period | Interest Rates (% p.a.) | |
| General | Senior Citizens | |
| 7 days to 30 days | 2.90 | 3.40 |
| 31 days to 90 days | 3.50 | 4.00 |
| 91 days to 99 days | 4.50 | 5.00 |
| 100 days | 5.50 | 6.00 |
| 101 days | 6.00 | 6.50 |
| 102 days to 180 days | 4.50 | 5.00 |
| 181 days to 221 days | 5.00 | 5.50 |
| 222 days | 6.55 | 7.05 |
| 223 days to less than 1 year | 5.00 | 5.50 |
| 1 year | 6.70 | 7.20 |
| Above 1 year to 1 year 6 days | 6.50 | 7.00 |
| 1 year 7 days | 7.40 | 7.90 |
| 1 year 8 days to less than 18 months | 6.50 | 7.00 |
| 18 months | 7.40 | 7.90 |
| Above 18 months to less than 30 months | 6.50 | 7.00 |
| 30 months | 7.00 | 7.50 |
| Above 30 months to less than 39 months | 6.70 | 7.20 |
| 39 months | 7.20 | 7.70 |
| Above 39 months to less than 5 years | 6.70 | 7.20 |
| 5 years to less than 66 months | 6.00 | 6.50 |
| 66 months (Green deposit) | 7.00 | 7.50 |
| Above 66 months to 10 years | 6.00 | 6.50 |
Note: Special rates for senior citizens are only applicable to residents
South Indian Bank Tax Savings FD Rates
| Period | Interest Rates (% p.a.) | |
| General | Senior Citizens | |
| Tax Gain (5 years) | 6.00 | 6.50 |
NRE FD Interest Rates on Deposits Less Than Rs. 3 crores w.e.f. 21 December 2024
| Period | Interest Rate (% p.a.) |
| 1 year | 6.70 |
| Above 1 year to 1 year 6 days | 6.50 |
| 1 year 7 days | 7.40 |
| 1 year 8 days to less than 18 months | 6.50 |
| 18 months | 7.40 |
| Above 18 months to less than 30 months | 6.70 |
| 30 months | 7.00 |
| Above 30 months to less than 39 months | 6.70 |
| 39 months | 7.20 |
| Above 39 months to less than 5 years | 6.70 |
| 5 years to less than 66 months | 6.00 |
| 66 months (Green deposit) | 6.50 |
| Above 66 months to 10 years | 6.00 |
Interest Rates on FCNR(B) Deposits w.e.f. 29 July 2024
|
Maturity period/Currency |
Interest Rates (% p.a.) | |||||||
| USD | GBP | EUR | AUD | CHF | JPY | CAD | ||
| Up to Rs 5 lakh | Above 5 lakh | |||||||
| 1 year to less than 2 years | 5.70 | 6.00 | 4.00 | 3.00 | 4.20 | 0.05 | 0.20 | 3.50 |
| 2 years to less than 3 years | 4.65 | 4.65 | 3.75 | 2.00 | 3.50 | 0.00 | 0.20 | 3.50 |
| 3 years to less than 4 years | 3.75 | 3.75 | 2.45 | 1.00 | 3.00 | 0.00 | 0.05 | 3.15 |
| 4 years to less than 5 years | 3.00 | 3.00 | 2.45 | 1.00 | 3.20 | NA | 0.05 | 3.20 |
| 5 years | 3.00 | 3.00 | 2.45 | 1.00 | 3.45 | NA | 0.05 | 3.25 |
Interest Rates on RFC Deposits w.e.f. 29 July 2024
Maturity period/Currency |
Interest Rates (% p.a.) | ||||||
| USD | GBP | EUR | AUD | CHF | JPY | ||
| Up to 5 lakh | Above 5 lakh | ||||||
| 1 year to less than 2 years | 5.70 | 6.00 | 4.00 | 3.00 | 4.20 | 0.05 | 0.20 |
| 2 years to less than 3 years | 4.65 | 4.65 | 3.75 | 2.00 | 3.50 | 0.00 | 0.20 |
| 3 years | 3.75 | 3.75 | 2.45 | 1.00 | 3.00 | 0.00 | 0.05 |
Types of South Indian Bank FD Schemes
Regular Fixed Deposit
- This scheme is for short or long-term investment
- Tenure: 15 days – 10 years
- Monthly interest pay-out facility is also available at a discounted rate
- Simple interest will be paid quarterly
- Auto-renewal facility is available
- Depositors have the option to withdraw interest periodically or transfer it to other accounts
SIB Tax Gain 2006
- Deposit amount: Minimum- Rs 100; Maximum- Rs 1.5 lakhs in a financial year
- Tenure: 5 years
- Premature withdrawal is not allowed before the expiry of 5 years
- Nomination facility is available except in case the FD is applied for and held by or on behalf of a minor
- FD can be transferred from branch to branch
- The deposit amount cannot be used to secure a loan or as a security
Kalpakanidhi Term Deposit (Reinvestment of Interest Component)
- This scheme allows depositors to reinvest the interest earned on their deposit amount
- Tenure: 6 months – 10 years
- Interest is compounded quarterly, which allows depositors to earn higher yields
- Automatic renewal facility is available at maturity
SIB Green Deposit
- This scheme invests deposits in environmentally friendly projects and financing eligible businesses and projects that promote the transition to a climate-resilient, low-carbon and sustainable economy.
- Tenure: 66 months
- Additional 0.50% p.a. is offered to senior citizen FD depositors
SIB Flexi Smart Deposit
- This deposit scheme is linked to CD (Current Deposit) Smart account
- Deposit amount: Minimum- Rs 50,000 and thereafter maintained an amount of Rs.10,000; Maximum- Rs 1 crore
- Whenever the CD balance falls below Rs 25,000, FD has broken automatically on a Last In-First Out basis and the minimum amount is transferred to CD A/c
- Quarterly payout option is available
SIB Flexi Deposit
- This deposit scheme is linked to the savings account
- Fixed deposit is maintained in the amount of Rs.1,000
- FD has broken automatically on a Last In-First Out basis and the minimum amount is transferred to savings bank a/c when the savings account balance falls in deficit
- Quarterly payout option is available
Fast Cash Deposit
- This scheme allows ultra-short fixed deposits with tenure for 30, 46 or 91 days with a non-cumulative or cumulative option
- Partial withdrawal is allowed while the balance continues to earn interest
- Automatic renewal facility is available
FD VANTAGE
- This is a bundled fixed deposit product that not only pays interest to depositors but also protects their lives with insurance coverage
- Deposit amount: Minimum – Rs 1 lakh; Maximum – less than Rs 2 crores
- Tenure: 1 year and above
- The product comes with three variants: FD-VANTAGE-Alpha, FD-VANTAGE-Beta, FD-VANTAGE-Gamma
| Variant Name | Deposit Amount | Age Limit | Insurance coverage |
| FD-VANTAGE-Alpha |
Minimum Rs 1 lakh |
18-70 years | Rs 2 lakhs – Accident death and permanent disability |
| Rs 1 lakh – Partial disability | |||
| FD-VANTAGE-Beta |
Minimum Rs 3 lakhs |
5-80 years | Rs 10 lakhs- Accident Insurance coverage |
| Rs 1 lakhs- Hospitalization expense | |||
| FD-VANTAGE-Gamma | Minimum Rs 5 lakhs | 18-50 years | Rs 2 lakhs- Life Insurance coverage |
- Insurance will be applicable to all individuals and for both fresh deposits and renewal of existing deposits
- Insurance benefits for NRI FDs will be applicable when the NRI depositor is in India. If a claim is filed, the claim benefits shall be paid only in Indian currency to the beneficiary/nominee.
- Insurance coverage will be offered to any one of the joint depositors in the case of a joint deposit
- Savings/Current a/c is mandatory for insurance benefit
- The bank will only cover the first year’s premium (up to Rs 250)
SIB CARE Deposit
- SIB CARE Deposit scheme is aimed at depositors who wish to have a fixed return for their investment for a fixed period in addition to the applicable interest payout
- Deposit amount: Minimum – Rs 25,000; Maximum – Rs 1 crore
- Tenure: 2 years – 10 years
- Monthly payout option is available without discounted rates in conformity with the IBA master charts of Lump sum Annuity Monthly Repayment Deposits
NRE Rupee Account
- NRE account can be opened by direct remittance from abroad, transfer from existing FCNR(B) accounts or NRE with foreign currency notes or traveller cheques tendered personally by NRIs during their visit to India.
- Tenure: 1 year to 10 years
- Nomination facility is available
- Loans can be availed against the NRE term deposit
- Principal and Interest can be repatriated
FCNR Deposits
- Depositors can hold deposits in any of the foreign currencies – US Dollars (USD), Pounds Sterling (GBP), Euro, Australian Dollars (AUD), Japanese Yen (JPY), Swiss franc (CHF) and Canadian Dollars (CAD)
- Balance and interest is repatriable
- Depositors can avail loan against FCNR deposits
RFC Deposits
- Depositors can hold deposits in any of the foreign currencies – US Dollars (USD), Pounds Sterling (GBP), Euro, Australian Dollars (AUD), Japanese Yen (JPY), Swiss franc (CHF) and Canadian Dollars (CAD)
- An individual of Indian origin who returns to India for permanent settlement after residing abroad for at least 1 year can open an RFC account
- The balance can be credited or repatriated to NRE or FCNR(B) accounts if the account holder becomes an NRI subsequently
- The account’s balance can be used for bona fide expenses like children’s education abroad, traveling expenses for going abroad, etc
- Depositors are not allowed to avail loan against RFC deposits
Premature Withdrawal of Fixed Deposits – Penalty Charges
- Penalty is levied on premature closure of deposits for withdrawal and reinvestment of FDs
- Penal rate of 0.50% is charged for deposit amounts less than Rs.15 lakhs and 1% penal rate for deposit of Rs.15 lakhs and more
- Interest will be paid after deducting the penal rate from the applicable rate. The applicable rate would be the interest rate applicable for the period of deposit for which the FD remained with the Bank or at the contracted rate, whichever is lower
South Indian Bank Loan against Fixed Deposit
South Indian Bank provides its customers with the facility of loan against fixed deposits up to 90% of the value of their fixed deposit at attractive interest rates.
South Indian Bank FD Calculator
Investors can check the maturity amount of their South Indian Bank FD rates using FD Calculator offered by Paisabazaar. The investors need to enter the amount they wish to deposit, preferred tenure of investment, and South Indian Bank FD Rate to know how much their investment will be worth at maturity. Alternatively, customers can check the interest and maturity amount for reinvestment schemes using Paisabazaar’s compound interest calculator.
FAQs
Q. What is the highest rate at which one can earn returns on South Indian Bank FD?
A. As per the prevailing South Indian Bank FD interest rates, the bank is offering 7.40% p.a. rate of interest (7.90% p.a. for senior citizens) for the tenure of 1 year 7 days.
Q. What is the minimum & maximum period for South Indian Bank Fixed Deposit account?
A. The minimum & maximum period for South Indian Bank Fixed Deposit account is 7 days & 10 years respectively.
Q. Can an account holder close his/her South Indian Bank FD account anytime?
A. Yes, an account holder can prematurely withdraw his/her South Indian Bank FD anytime except for tax saver FD (comes with a lock-in period of 5 years).
Q. Is there a penalty for premature withdrawal of South Indian Bank FD?
A. Yes, a premature withdrawal penalty is charged as mentioned above.
Q. Does the bank provide any additional interest rate to the senior citizens?
A. Yes, the bank provides an additional 0.50% interest rate to senior citizens.
Q. What is the eligibility to avail South Indian Bank fixed deposit for senior citizens?
A. An individual must be above the age of 60 years to avail South Indian Bank fixed deposit.
Q. What is the mandatory document for proof of address to avail an FD?
A. The mandatory document for proof of address to avail of an FD is PAN Card.