South Indian Bank Fixed Deposit

Private

NA

DICGC

5.5%

Interest for 3 years

South Indian Bank FD Interest Rates Sep 2021

Note: All interest rates shown below are as on 24th Jun 2021

Historical FD Rates →
TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 15 days3.5%4%
1 month 16 days - 2 months 29 days3.75%4.25%
3 months - 5 months 27 days3.8%4.3%
6 months - 8 months 28 days4.1%4.6%
8 months 29 days - 11 months 30 days4.5%5%
1 year - 2 years 11 months 29 days5.4%5.9%
2 years 11 months 30 days - 9 years 11 months 29 days5.5%6%
4 years 11 months 30 days - 4 years 11 months 30 days5.65%6.15%

About South Indian Bank FD

South Indian Bank commenced business on 29 January 1929 at Round South, Thrissur. The bank has a balance sheet size of Rs. 97,033 Cr as on 31st March 2020. The bank recorded a profit of Rs 105 Cr in FY20

3.5% - 5.65%

FD Rate

4% - 6.15%

FD Rate for Seniors

-

Minimum Deposit

₹ 2 Crores

Maximum Deposit

days

Lock-in

-

FD Tenure

-

Loan against FD

NA

CRISIL Rating

Fixed Deposits

Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.

South Indian Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 5.5%For 5 years with interest of 5.65%
₹ 50,000₹65785₹66278
₹ 1 lakh₹131570₹132556
₹ 2 lakh₹263141₹265113
₹ 5 lakh₹657852₹662781
₹ 10 lakh₹1315704₹1325563

Compare South Indian Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs

Pre Tax

Post Tax

Tax Rate
Maturity Amount₹105536₹ 101764
Total Investment Amount₹ 100000₹ 100000
Total Interest Gained₹5536

₹5536

₹ 1764
Income Tax on Wealth Gained₹ 12898₹ 13092

Compare South Indian Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Dhanlaxmi Bank
5.4% - 5.9%
Tamilnad Mercantile Bank
5.5% - 5.5%
IDBI Bank
5.3% - 5.8%
Bank of India
5.15% - 5.65%
Sundaram Finance
6.25% - 6.75%
AU Small Finance Bank
6.25% - 6.75%
Canara Bank
5.5% - 6%
Axis Bank
5.4% - 5.9%
Mahindra Finance
6.3% - 6.55%
PNB Housing Finance Ltd
6.6% - 6.85%
IDFC First Bank
5.75% - 6.25%
State Bank of India
5.3% - 5.8%
HDFC Bank
5.15% - 5.65%
Bank of Baroda
5.1% - 5.6%
LIC Housing Finance
5.75% - 6%
Tamil Nadu Power Finance
7.75% - 8.25%
Jammu & Kashmir Bank
5.3% - 5.8%
Bajaj Finance
6.5% - 6.75%
Yes Bank
6.25% - 7%
RBL Bank
6.3% - 6.8%
Punjab and Sind Bank
5.3% - 5.8%
Kotak Mahindra Bank
5.1% - 5.6%
IndusInd Bank
6% - 6.5%
Central Bank of India
5% - 5%
DCB Bank
6.5% - 7%
Bandhan Bank
5.25% - 6%
Fincare Small Finance Bank
6.25% - 6.75%
DBS Bank
5.5% - 5.5%
Indian Overseas Bank
5.2% - 5.7%
Karur Vysya Bank
5.5% - 6%
Equitas Small Finance Bank
6.35% - 6.85%
City Union Bank
5.5% - 6%
SCB Bank
5.35% - 5.85%
Karnataka Bank
5.5% - 5.9%
HDFC Ltd Fixed Deposit
6.05% - 6.3%
Bank of Maharashtra
4.9% - 5.4%
ICICI Housing Finance Company
6.05% - 6.3%
ESAF Small Finance Bank
5.75% - 6.25%
Indian Bank
5.15% - 5.65%
Shriram Finance
8% - 8.4%
Federal Bank
5.35% - 5.85%
ICICI Bank
5.15% - 5.65%
Ujjivan Small Finance Bank
6.75% - 7.25%
Post Office
5.5% - 5.5%
Punjab National Bank
5.1% - 5.6%
Union Bank of India
5.4% - 5.4%

Calculate South Indian Bank FD Returns

₹ 100000

Total Investment

₹5536

Wealth Gained

₹5536

Wealth Gained

₹105536

Maturity Amount

How to invest in South Indian Bank FD?

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South Indian Bank offers higher fixed deposit interest rates than their savings account. Moreover, the South Indian Bank fixed deposit interest rates range between 3.5% to 5.65% for regular citizens for a tenure of 7 days to 10 years. Also, senior citizens get an additional 0.5% on their South Indian FD investments, and the interest rates range between 4% and 6.15%. This article covers South Indian Bank FDs and their interest rates in detail.

Features of South Indian Bank Fixed Deposit

South Indian Bank FD account offers better returns than a savings bank account. Following are the key features of South Indian Bank fixed deposits:

Tenure

The South Indian Bank FD tenure ranges between 7 days to 10 years. Once invested, one cannot change the tenure of the South Indian Bank fixed deposit investment. However, one can opt for premature withdrawals. They can also close the existing South Indian Bank fixed deposit and start a new FD with the desired tenure.

Minimum and Maximum Deposit Amount

The minimum amount of deposit for South Indian Bank FDs is INR 1,000. Also, there is no limit on the maximum investment amount for South Indian FDs. However, some schemes have a limit of INR 1 cr.

Additional Payments

It is not possible to deposit any additional amount in an existing fixed deposit. However, one can always invest in a fresh South Indian Bank FD with an additional amount.

Tax and TDS

Investment in SIB Tax Gain 2006 qualifies for tax saving under Section 80C of the Income Tax Act, 1961. Other than this scheme, no other South Indian Bank FD qualifies for tax saving. Moreover, the interest that one earns on their South Indian Bank term deposit investments is taxable as per the depositor’s income tax slab rates. Furthermore, the South Indian Bank deducts a TDS of 10%. This is only in the case when interest income exceeds INR 40,0000 (INR 50,000 for senior citizens). Also, the TDS rate will be 20% if the PAN Card details aren’t submitted to South Indian Bank.

Moreover, to determine if the interest income from a South Indian Bank term deposit is above or below the TDS threshold limit, one can use the South Indian bank fixed deposit calculator available online. Also, one can estimate their tax liability using the Income Tax Calculator. Scripbox’s Income Tax Calculator is free to use.  It also helps in estimating tax liability from South Indian FD investment online.

Safety and Nomination Facility

Under the Deposit Insurance Scheme of RBI, DICGC insures all South Indian Bank FDs up to INR 5,00,000. Depositors can also nominate beneficiaries for their South Indian Bank FDs.

Premature withdrawals

This Bank allows premature withdrawal of term deposits. However, these withdrawals attract a penalty of 0.5% on the contracted interest rate for deposits below INR 15 lakhs. Also, if the deposits are above INR 15 lakhs, the penalty is 1%.

Auto-Renewal and Convenience

South Indian Bank offers an auto-renewal facility for deposits. Also, opening and managing South Indian Bank FD investments is easy and convenient through their online portal.

Loan against FD and Overdraft

South Indian Bank investors can take a loan against their FDs. This will also help them meet their liquidity requirements without breaking their deposit. Moreover, investors can get a loan of up to 90% against their SIB deposits.

Investors can take loans such as loan against property (home loan), student loan, business loans, etc., against South Indian Bank FD. Also, one can calculate and estimate their loan EMI using the loan EMI calculator. The loan EMI calculator works as a personal loan EMI calculator, house loan EMI calculator and vehicle loan EMI calculator. The deposit can use the EMI calculator in multiple scenarios to compare the results. They have to change the input variables like personal loan interest rate, house loan interest rate, and vehicle loan interest rate.

Pan Card

A PAN card is mandatory to open a South Indian Bank FD account. There are few implications for not disclosing PAN details to South Indian Bank. The applicable TDS rate for non-disclosure of PAN will be 20% instead of the usual 10%, as per the regulations of section 206AA. The South Indian Bank will not issue any TDS certificate. Furthermore, all the exemption certificates, like Form 15G and Form 15H, will be invalid.

A requirement of savings account

Individuals need not have South Indian Bank savings accounts to open a fixed deposit account. However, investors without a bank account in South Indian Bank would require an introduction letter from a bank employee.

South Indian Bank Fixed Deposit Schemes

1. SIB Flexi Smart Deposit

The Flexi Smart Deposit is linked to the CD smart account. When the CD balance falls below INR 25,000, the units are automatically transferred on the Last In First Out basis.

  • Minimum Deposit Amount: INR 50,000 and in multiples of INR 10,000 thereafter
  • Maximum Deposit Amount: INR 1 crore
  • Interest Payout: Every quarter
  • TDS: Applicable

2. Kalpakanidhi Term Deposit

Kalpakanidhi is interest reinvestment scheme. The interest gets compounded quarterly, and hence the returns are higher.

  • Tenure: 6 months to 10 years
  • Automatic Renewal: Available

3. SIB Flexi Deposit

The SIB Flexi Deposit scheme is linked to the depositor’s Savings bank account. When the SB balance falls in deficit, the units are automatically transferred on the Last In First Out basis. 

  • Units: The Flexi deposit account is maintained in the units of INR 1,000.
  • Interest Payout: Every quarter
  • TDS: Applicable

4. SIB Tax Gain 2006

Investments up to INR 1,50,000 per annum are eligible for tax exemption under Section 80C of the Income Tax Act.

  • Tenure: 5 years lock-in period
  • Maximum Investment amount: INR 1,50,000
  • Interest Rate: Similar to the FD rate with a maturity of five years.
  • Transferability: Deposits can be transferred from one branch to the other, however not allowed between banks.

5. Fast Cash Deposit

Fast Cash deposit is an ultra-short fixed deposit that allows automatic renewals.

  • Tenure: 30, 46 or 91 days with both cumulative and non-cumulative options.
  • Partial withdrawals: Allowed, and the remaining balance will continue to earn interest.
  • Interest rate: Similar to the FD rates applicable for the like duration.

6. Fixed Deposits

The SIB Fixed deposit account earns simple interest, and it is paid quarterly.

  • Tenure: 15 days to 10 years
  • Interest Payout: Depositors can opt for a monthly payout. However, these are available at a discounted rate. Furthermore, interest can be withdrawn periodically, or it can be transferred to other accounts.
  • Auto-Renewal: Available
  • TDS: Applicable

7. FD Vantage

The FD Vantage scheme is a term deposit plus an insurance scheme that provides coverage for life. Following are the three types of the scheme under the FD Vantage:

  • FD Vantage Alpha
    • Minimum Deposit Amount: INR 1,00,000
    • Insurance Coverage: INR 2,00,000 for accident death and permanent disability. INR 1,00,000 for partial disability.
    • Age Limit: 18-70 years
  • FD Vantage Beta
    • Minimum Deposit Amount: INR 3,00,000
    • Insurance Coverage: INR 10,00,000 for accident insurance coverage. INR 1,00,000 for hospitalization expenses.
    • Age Limit: 5-80 years
  • FD Vantage Gamma
    • Minimum Deposit Amount: INR 5,00,000
    • Insurance Coverage: INR 2,00,000 for life insurance coverage.
    • Age Limit: 18-50 years

8. SIB Care

A new deposit scheme that aims to offer fixed returns for a fixed period. The scheme is suitable for both youngsters and pensioners, who require a fixed amount in addition to the interest payout. Based on the predetermined investment duration, ranging between two years to ten years, the funds are deposited in the bank. The customer will be getting credit in equal instalments to the connected operating account.

  • Tenure: 2 years to 10 years
  • Minimum Deposit Amount: INR 25,000
  • Maximum Deposit Amount: INR 1 crore

South Indian Bank Fixed Deposit Requirement

Eligibility

To open a fixed deposit account in South Indian Bank, one has to be eligible. Following are the individuals that are eligible to invest in South Indian Bank FDs.

  • Resident and nonresident individuals (including minors)
  • HUFs

Documents required

To open a fixed deposit account in South Indian Bank, one needs the following documents.

  • FD application form
  • Introduction letter from a bank employee (if there is no savings account)
  • Proof of identity (Passport, Voter ID, PAN Card, Aadhar Card, and Driving License)
  • Residence proof (Aadhar Card, Passport, Bank Statement with Cheque)
  • Proof of date of birth (Birth certificate, Voter ID, PAN Card, Aadhar Card, Service Discharge Certificate)

Does the South Indian bank offer Recurring Deposits?

Yes, South Indian Bank offers a recurring deposit scheme. The scheme accepts fixed monthly instalments instead of one-time lump sum investment. On maturity, the depositor gets interest plus the investment amount.

  • Tenure: 1 year to 10 years
  • Minimum Fixed Monthly Installments: INR 100
  • Overdraft Facility: Available, up to 90% of the outstanding balance.

What is the highest FD rates for South Indian Bank?

South Indian Bank term deposit interest rate ranges between 3.5% and 5.65% for regular citizens. Also, for senior citizens, they range between 4%-6.15% for a tenure of 7 days to 10 years. The FD interest rate of South Indian Bank is higher than their savings account. Moreover, senior citizens get a higher rate of interest of 0.5% on their South Indian Bank term deposits. The interest can be either withdrawn periodically or at the time of maturity, as per the investor’s choice.

The highest term deposit rate for South Indian Bank is 5.65% for a regular investor for the tenure of 5 years. Also, for the same tenure, the senior citizen FD rate is 6.15%. Moreover, returns from South Indian Bank fixed deposits can be calculated using a fixed deposit calculator.

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