|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 30 days||2.9%||3.4%|
|1 month - 2 months 28 days||3.5%||4%|
|3 months - 3 months 8 days||4.5%||5%|
|3 months 9 days - 3 months 9 days||6.25%||6.75%|
|3 months 10 days - 5 months 28 days||4.5%||5%|
|5 months 29 days - 11 months 28 days||5%||5.5%|
|11 months 29 days - 11 months 29 days||6.6%||7.1%|
|1 year - 1 year||7%||7.5%|
|1 year 1 day - 1 year 4 months 12 days||6.5%||7%|
|1 year 4 months 13 days - 1 year 4 months 13 days||7.3%||7.3%|
|1 year 4 months 14 days - 2 years 5 months 30 days||6.5%||7%|
|2 years 6 months - 2 years 6 months||7%||7.3%|
|2 years 6 months 1 day - 4 years 11 months 27 days||6.5%||7%|
|4 years 11 months 28 days - 5 years 5 months 29 days||6%||6.5%|
|5 years 5 months 30 days - 5 years 5 months 30 days||6.5%||7%|
|5 years 6 months - 9 years 11 months 27 days||6%||6.5%|
Note: All interest rates shown above are as on 6th Nov 2023
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
2.9% - 7.3%
3.4% - 7.5%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.5%||For 5 years with interest of 6%|
|₹ 50,000||₹ 60,734||₹ 67,443|
|₹ 1 lakh||₹ 1,21,467||₹ 1,34,885|
|₹ 2 lakh||₹ 2,42,934||₹ 2,69,770|
|₹ 5 lakh||₹ 6,07,336||₹ 6,74,425|
|₹ 10 lakh||₹ 12,14,672||₹ 13,48,850|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,06,803||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹6,803||₹ 7,763|
|Bank Name||FD Interest Rates|
|Kerala Gramin Bank FD||7.5% - 8%|
|Punjab and Sind Bank FD||6% - 6.5%|
|Ellaquai Dehati Bank FD||6.25% - 6.75%|
|Manipur Rural Bank FD||6.2% - 6.7%|
|Sarva Haryana Gramin Bank FD||6.75% - 7.25%|
|City Union Bank FD||6.5% - 6.75%|
|LIC Housing Finance FD||7.75% - 8%|
|Dhanlaxmi Bank FD||6.5% - 7%|
|Tamilnad Mercantile Bank FD||6.5% - 7%|
|Capital Small Finance Bank FD||7.15% - 7.65%|
South Indian Bank offers higher fixed deposit interest rates than their savings account. Also, senior citizens get an additional 0.5% on their South Indian FD investments. This article covers South Indian Bank FDs and their interest rates in detail.
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:
South Indian Bank FD account offers better returns than a savings bank account. Following are the key features of South Indian Bank fixed deposits:
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.
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.
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.
What is the highest South Indian Bank FD rate today?
What is the highest interest rate on South Indian Bank 1 year FD scheme?
What is South Indian Bank FD scheme interest rate for 5 years?
How many years FD will double in South Indian Bank?
What is South Indian Bank FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in South Indian Bank?
What are the available FD tenures in South Indian Bank?
What is South Indian Bank FD ROI for 10 lakh deposit for 1 year?
The interest from the South Indian Bank FD calculator for 10 lakh deposit for 1 year will be INR 68,034. The maturity value will be INR 10,68,034. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
How to check the fixed deposit balance in South Indian Bank?
How many FDs can be opened in South Indian Bank?