Interest for 3 years
Note: All interest rates shown below are as on 2nd May 2022
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 30 days||2.5%||3%|
|1 month - 2 months 29 days||3%||3.5%|
|2 months 30 days - 5 months 27 days||3.8%||4.3%|
|5 months 28 days - 8 months 25 days||4.1%||4.6%|
|8 months 26 days - 11 months 29 days||4.5%||5%|
|1 year - 2 years 5 months 28 days||4.9%||5.4%|
|2 years 5 months 29 days - 2 years 11 months 28 days||5.25%||5.75%|
|2 years 11 months 29 days - 4 years 11 months 28 days||5.4%||5.9%|
|4 years 11 months 29 days - 4 years 11 months 29 days||5.65%||6.15%|
|5 years - 9 years 11 months 27 days||5.5%||6%|
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
2.5% - 5.65%
3% - 6.15%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.4%||For 5 years with interest of 5.65%|
|₹ 1 lakh||₹117543||₹132556|
|₹ 2 lakh||₹235087||₹265113|
|₹ 5 lakh||₹587716||₹662781|
|₹ 10 lakh||₹1175433||₹1325563|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105012||₹ 105326|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5012|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|ICICI Bank FD||5.2% - 5.7%|
|UCO Bank FD||5.1% - 5.6%|
|SCB FD||5.35% - 5.85%|
|Andhra Pradesh Grameena Vikas Bank FD||5.65% - 6.15%|
|Bank of India FD||5.2% - 5.95%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Axis Bank FD||5.4% - 6.05%|
|Vidharbha Konkan Gramin Bank FD||5% - 5%|
|Jammu And Kashmir Grameen Bank FD||5.3% - 5.8%|
|Kerala Gramin Bank FD||5.25% - 5.75%|
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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.
South Indian Bank FD account offers better returns than a savings bank account. Following are the key features of South Indian Bank fixed deposits:
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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.
Kalpakanidhi is interest reinvestment scheme. The interest gets compounded quarterly, and hence the returns are higher.
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.
Investments up to INR 1,50,000 per annum are eligible for tax exemption under Section 80C of the Income Tax Act.
Fast Cash deposit is an ultra-short fixed deposit that allows automatic renewals.
The SIB Fixed deposit account earns simple interest, and it is paid quarterly.
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:
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.
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.
To open a fixed deposit account in South Indian Bank, one needs the following documents.
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.
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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