South Indian Bank Fixed Deposit(FD) Interest Rates 2023

South Indian Bank FD Interest Rates
3.50% - 5.50%
Interest rates
3 months - 10 years
Time Period
1000 - no limit
Min. - Max amount
QUARTERLY
Compounding
About South Indian Bank FDSouth Indian Bank Limited is a prominent private sector bank in Kerala, India, with its headquarters in Thrissur. South Indian Bank operates 924 branches, 4 service branches, 53 extension counters, and 20 Regional Offices throughout India. In addition, the bank has installed over 1,500 ATMs and 91 Cash Deposit Machines.
South Indian Bank provides a variety of fixed deposit programs with excellent interest rates to both ordinary consumers and elderly citizens. The bank offers fixed deposit programs ranging from 7 days (short-term) to 10 years (long-term). The South Indian Bank FD Rates are listed here, along with the various tenure choices available from the bank.
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Started On1929
Head QuartersThrissur, Kerala
CRISIL RatingNA
CEOMurali Ramakrishnan
Listed on exchange asSouth Indian Bank Ltd.
ICRA RatingNA
South Indian Bank FD Rates 2023TenureRegular customersSenior citizens
Features and Benefits of South Indian FDPremature withdrawal facility on certain schemes
Some funds don’t have this facility  (for example, a Tax Saving FD with a 5-year lock-in term).
South Indian Bank offers its customers the option of obtaining a loan against a fixed deposit of up to 90% of the deposit's value at competitive interest rates.
Types of South Indian Bank FD SchemesSouth Indian Bank Fixed Deposit Scheme
 
The term of a fixed deposit might range from 7 days to 10 years.
All deposit accounts have the option of being nominated.
Senior citizens (those over the age of 60) are given an additional 0.50 percent interest rate than normal people.
Interest up to Rs. 40,000 per year for ordinary residents and Rs. 50,000 per year for senior people is free from TDS as of April 1, 2019.
Loans on deposit accounts are accessible up to 90% of the deposit amount. Auto-renewal is possible.
SIB Tax Gain 2006
Customers can invest up to Rs. 1.5 lakh over a 5-year term.
There is no provision for nominations.
The facility of early withdrawal is not granted under this plan.
The deposit may not be committed to secure a loan or as collateral.
SIB Flexi Deposit
 
SIB Flexi Deposit is associated with the Savings Bank account.
Customers can keep their fixed deposits in Rs.1,000 increments.
It can be associated with any new Flexi deposit to the SB account.
When the SB balance goes into deficit, the fixed deposit can be immediately broken on a ‘Last in-First Out' basis and the minimal units transferred to the SB a/c.
Every quarter, the interest is given to the investors.
Kalpakanidhi Deposit
It is a reinvestment strategy in which interest is compounded quarterly.
Fixed deposit terms range from 6 months to 10 years.
Interest compounding quarterly produces larger effective returns.
It is permissible to include a provision for automatic renewal at maturity.
Fast Cash Deposit
The deposit under this plan is for a very short length of time, namely 30, 46, or 91 days, with the option of making a cumulative or non-cumulative deposit.
Partial withdrawals are authorized while the balance earns interest.
There is an option for automatic renewal.
Rate of interest applicable to fixed deposits of comparable length.
Term wise South Indian Bank FD RatesShort-term deposit
The short-term deposit ranges from 7 days to 1 year or less than a year. The general interest rates are 3.50% to 4.75% and 4.00% to 5.25% for senior citizens.
Medium-term deposit
The medium-term deposits range from 1 year to 5 years. The general interest rates offered are 5.40% to 5.65%, and the senior citizen interest rates are 5.90% to 6.15%.
Long-term deposit
The long-term deposits range from 5 years and above. The interest rates that are offered are 5.50% for general customers and 6.00% for senior citizens.
South Indian Bank vs Other Banks' FD RatesNameTenureInterest rate
How to invest in South Indian Bank FD?Follow the below-mentioned ways to open a South Indian Bank FD-
If you already have a South Indian Bank or Current account with the bank-
Download the application form from the official website.
Fill the application forms with South Indian Bank or Current account numbers
If you do not have South Indian Bank or Current account with our bank-
Download the application form from the official website.
Fill out the details and sign the form.
Visit the nearest South Indian Bank and submit the filled-up form, 2 passport-size photographs, and documents like Passport/Voter's card/PAN card/Ration card as proof of address.
The bank officials will guide for further processing of the application.
Eligibility for South Indian Bank FD AccountIndividuals or entities satisfying the following criteria can opt for a fixed deposit in South Indian Bank –
Resident, nonresident individuals (including minors)
HUFs
Documents to Open South Indian Bank FDThe following documents have to be furnished for opening a South Indian Bank FD –
FD application form
Residence proof (Aadhar Card, Bank Statement with Cheque, Passport)
Proof of identity (PAN Card, Passport, Aadhar Card, Voter ID, and Driving License)
Proof of date of birth (Birth certificate, PAN Card, Voter ID, Aadhar Card, Service Discharge Certificate)
Introduction letter from a bank employee (if there is no savings account)
Tax on South Indian Bank Fixed DepositAn investment in South Indian Bank Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other South Indian Bank FD entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the South Indian Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from South Indian Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Loan Against South Indian Bank FDSouth Indian Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be according to the terms and conditions of the South Indian Bank.
Premature Closure of South Indian Bank FDSouth Indian Bank allows premature withdrawal. On making the withdrawals, a penalty of 0.5% will be charged on the contracted rate of interest for deposits below Rs. 15 lakhs. However, if the deposits are above Rs. 15 lakhs, the penalty is levied at 1%.
FAQsWhat are the minimum and maximum time periods for a South Indian Bank Fixed Deposit account?
The minimum and maximum terms for a South Indian Bank Fixed Deposit account are seven days and ten years, respectively.
Can a South Indian Bank FD account holder terminate it at any time?
Yes, except for tax saver FDs, an account holder can withdraw his or her South Indian Bank FD at any time (comes with a lock-in period of 5 years).
Is the bank offering a higher interest rate to older citizens?
Yes, the bank offers elderly people an additional 0.50 percent interest rate.
What are the requirements for obtaining a South Indian Bank fixed deposit for older citizens?
To be eligible for a South Indian Bank fixed deposit, an individual must be over the age of 60.
What is the required paperwork for proof of address in order to obtain an FD?
A PAN Card is required as evidence of address while applying for an FD.

Calculate South Indian Bank FD Interest

Investment Amount

₹25,000.00

Time Period

9 Months

1 Year

2 Years

3 Years

Maturity Amount

South Indian Bank

₹

@5.4% p.a

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CEO	Murali Ramakrishnan
Listed on exchange as	South Indian Bank Ltd.
ICRA Rating	NA