South Indian Bank Fixed Deposit

FD Interest Rates 60 views

About South Indian Bank Fixed Deposit

Want to grow your money, but want the safety of your investment? Avail a tool of fixed deposit that multiplies your capital with the power of compounding, which means interest on interest. And when it comes to choose a bank for opening a fixed deposit account, you can bet on South Indian Bank that offers an attractive interest rate of 4%-7.25% per annum in a period of 7 days-10 years. But what strikes most about the bank’s fixed deposit is the interest rate of 6.75% and 7.25% per annum paid on deposits booked for the tenure ranging from 1 year to 2 year to general public and senior citizens, respectively. To tell you more about the interest rate, I have prepared an interest rate table below for various deposit periods.

South Indian Bank Fixed Deposit Rates

Interest Rates for Deposits Below ₹1 Cr (w.e.f. 20th June 2017)

PeriodGeneral PublicSenior Citizens
7-45 days4.00%4.50%
46-90 days5.65% 6.15%
91 days - Below 1 year6.00%6.50%
1 year - 2 years6.75% 7.25%
Above 2 years - 10 years6.50% 7.00%
Tax Gain6.50% 7.00%

South Indian Bank Fixed Deposit Schemes

South Indian Bank offers a wide range of fixed deposit schemes, namely SIB Flexi Smart Deposit, Kalpakanidhi, SIB Flexi Deposit, SIB Tax Gain 2006, Fast Cash Deposit, Fixed Deposits, SIB Care, SIB Maximo-Non Callable Deposits and SIB Freedom.

SIB Flexi Smart Deposit

It is a scheme by which your deposit gets linked to CDSmart Account, which maintains fixed deposits in units of 10,000. If your CD account balance goes below ₹25,000, your fixed deposit gets broken automatically on a last in first out basis and the minimum units get transferred to the CD account. Other Details are shown below.

  • Minimum deposit amount₹50,000
  • Maximum deposit amount- ₹1 Crore
  • Interest payable every quarter
  • TDS Applicable

Kalpakanidhi

It is a reinvestment plan by which interest gets compounded on a quarterly basis. You can check out more features of the scheme below.

  • Minimum deposit period-6 Months
  • Maximum deposit period-10 Years
  • Provision for automatic renewal at the time of maturity

SIB Flexi Deposit

  • Fixed deposit linked to savings bank account
  • Fixed deposit accumulated in units of ₹1,000
  • Interest payable every quarter
  • Fixed deposit gets broken automatically on the last in-first out basis and units get transferred to savings account when the balance in the same falls below the prescribed limit
  • TDS Applicable

SIB Tax Gain 2006

  • Minimum deposit amount-₹100
  • Maximum deposit amount-₹1.50 lacs in multiples of ₹100
  • Eligible for tax exemption under section 80C of the Income Tax Act

SIB Fixed Deposits Features

  • Minimum deposit period-15 days
  • Maximum deposit period-10 years
  • Interest payable every quarter, or month at discounted rates
  • Auto-renewal instructions available
  • TDS applicable

South Indian Bank Fixed Deposit Form

You can either visit the bank branch or go online to access the application form for South Indian Bank Fixed Deposit schemes. Irrespective of the options you choose, you have to fill in the form and submit for the processing of your application. Your fixed deposit account will open as soon as your details get verified successfully by the bank.

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