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CSB Bank Fixed Deposit

Updated 06 Dec 2023

CSB, or Catholic Syrian Bank, is Kerala's oldest private-sector bank. It started its operations in November 1920. “A Class” Scheduled Bank status was attained by the Bank in 1975, and it entered the field of International Banking in the same year. In 1969, the bank was included in the second schedule of the Reserve Bank of India (RBI). Currently, the bank has 654 branches in 16 states and 4 union territories.

CSB Bank Fixed Deposits

CSB bank offers FD with interest rates ranging between 3%-7.5% for regular citizens for a tenure of 7 days to 10 years. While senior citizens’ FD rates are between 4.75-7.5% with a period of 180 days to 10 years. The bank offers FD to resident individuals, NRIs, NRE, NRO, etc.

Types of CSB Bank Fixed Deposits

  • General Fixed deposit (Income Scheme)
  • Cumulative Deposits
  • Acharya Deposits
  • Family Welfare Fixed Deposits
  • Non-Callable Deposits
  • CSB Tax Savings Support

Benefits of investing in CSB Bank Fixed Deposit

  • Convenient: Having a savings account in CSB Bank allows you to open fixed deposits easily, and they can be liquidated whenever required.
  • Minimum Amount: Fixed deposits with CSB Bank can be opened with an investment as low as ₹100.
  • Liberal Payouts: CSB Bank FD provides monthly or quarterly interest payout options. This is beneficial for people who wish for regular income.
  • Tax Benefits: CSB Bank's Tax-Saving Support FD is eligible for tax deductions under Section 80C of the Income Tax Act of 1961, thus helping to save taxes. 
  • Loan Against FD: CSB Bank allows investors to take loans against their FDs. This can be done without breaking their FDs. CSB Bank's Tax-Saving Support FD is not eligible for loan.
  • Nomination Facility: Depositors can nominate beneficiaries for their investments made in CSB Bank FDs.

Features of CSB Bank Fixed Deposits

General Fixed Deposit (Income Scheme)

  • The minimum amount for opening is ₹1,000. Accounts may also be opened in odd sums.
  • The period ranges between 7 days to 10 years.
  • A nomination facility is available.
    Interest payout is liberal, i.e., monthly and quarterly payouts can be made.
  • The monthly interest payout is made at a discounted value. However, quarterly interest is paid in full value.
  • An online account opening facility is available.
  • Based on the tenor, the interest rate ranges from 3.00% to 7.4% for the general public and 3.00% to 7.60% for senior citizens.

Cumulative Deposits

Cumulative deposits are a type of recurring deposit which helps the investor to build a regular investment option. This helps them to accumulate wealth for the future. Here are its features-

  • The account can be opened with a minimum monthly remittance of ₹1,000 or multiples thereof. The remittances may also be in odd sums.
  • The minimum period ranges from 6 months and multiples of 3 months thereafter.
  • The maximum time of investment is 10 years.
  • An online account opening facility is available.
  • Based on the tenor, the interest rate ranges from 3.00% to 7.4% for the general public and 3.00% to 7.60% for senior citizens.

Acharya Deposits

CSB bank has introduced Acharya Deposits with the purpose of protecting the interests of senior citizens. The following are its features:

  • This scheme is basically for Resident Indian Senior Citizens aged above 60 years.
  • The minimum amount of investment is ₹5,000.
  • Non-Resident Indians are not allowed to invest in this type of FD.
  • Acharya Deposits permits for joint account opening.
  • The minimum period of investment is 6 months.
  • Based on the tenor, the interest rate ranges from 3.00% to 7.4% for the general public and 3.00% to 7.60% for senior citizens.

Family Welfare Fixed Deposits

CSB has introduced Family Welfare Fixed Deposits, which helps investors reinvest the interest they earned on their deposits. So, both the principal and interest start earning more interest. Let's look at some of its features:

  • The minimum amount of investment is ₹1,000.
  • The minimum investment period is 6 months and in multiples of 3 months thereafter.
  • A reinvestment option is available.
  • The maximum period for investment is 10 years.
  • There is an option for nomination.
  • Based on the tenor, the interest rate ranges from 3.00% to 7.4% for the general public and 3.00% to 7.60% for senior citizens. 

Non-Callable Deposits

  • The minimum investment amount for retail deposits is above ₹15 lakhs.
  • The minimum amount of investment for bulk deposits is above ₹2 crores.
  • It has a flexible tenure.
  • Interest payout is liberal, i.e., monthly and quarterly payouts can be made.
  • A compounding interest option is available.
  • A premature withdrawal facility is not available.
  • The rates keep on changing from time to time as decided by the bank.
  • Bulk deposits do not have an auto-renewal facility.
  • Eligible persons are Individuals (Residents & Non-Residents) and Non-individuals.
  • Based on the tenor, the interest rate ranges from 3.00% to 7.4% for the general public and 3.00% to 7.60% for senior citizens.

CSB Tax Savings Support

CSB bank’s tax-saving fixed deposits are eligible for tax deduction under Section 80 of the Income Tax Act 1961. The following are its features:

  • CSB tax-saving FD can be made in two types:
  1. CSB Tax Savings Support - Income. (ordinary fixed deposit with no reinvestment option)
  2. CSB Tax Savings Support - Growth. (reinvestment/ compounding option available)
  • Eligible persons are individuals (either single or joint) and Hindu Undivided Families (HUF).
  • The minimum amount of investment is ₹100 and in multiples thereof.
  • The maximum amount of investment is ₹1.5 lakhs.
  • It has a lock-in period of 5 years.
  • Domestic FD rates will be applicable.
  • Senior citizens get an additional rate of interest.
  • Liberal interest payout can be made either monthly, quarterly or on an annual basis.
  • A nomination facility is available.
  • A premature withdrawal facility is not available.
  • No loan or overdraft facility is available.
  • Based on the tenor, the interest rate ranges from 3.00% to 7.4% for the general public and 3.00% to 7.60% for senior citizens.

Eligibility Criteria to Open a Fixed Deposit with CSB Bank

To invest in CSB Bank Fixed Deposits, the following are eligible:

  • Resident Individual
  • Hindu Undivided Family (HUF)
  • Non-Resident Individuals

Documents Required to Open a CSB Bank Fixed Deposit

The following documents are required to invest in CSB Bank Fixed deposits:

  • PAN card
  • Aadhaar card
  • Passport-size photographs 
  • Address proof
  • PAN form 60 in case of non-availability of PAN card

How To Open A FD Account with CSB Bank?

Fixed deposit accounts can be opened in both online and offline methods:

Online Method

This facility is only available for CSB net banking customers:

  • Visit the official website of CSB Bank.
  • Select 'Personal Banking' and go on 'Accounts'.
  • Click 'Fixed Deposits'.
  • Click on 'Apply e-term deposit'.
  • Login if you are an existing user or register in case of a new user.
  • Fill out the required details for online FD account opening and submit the form.
  • Enter the OTP received on the mentioned mobile number.
  • Click on 'Confirm'.
  • The form is submitted, and a bank's representative will contact you related to further proceedings.

Offline Method

  • Visit the bank branch.
  • Take the FD application form. 
  • Fill the required details and submit the necessary documents. 
  • Submit the form to the branch.

CSB Bank Premature Withdrawal Facility

  • All the fixed deposits opened under individual capacity can be opted for premature or pre-closure via Internet banking 'e-closure' link under the 'Deposits' menu.
  • Instant closure is available, and the amount will be credited to the investor's bank account.
  • Interest on the deposit applicable for the period it has remained with the Bank or the contracted rate, whichever is lower, less a 1% penalty, will be paid, on such closure.

FAQs

Can an investor change the tenure of CSB Bank FD?

No, CSB Bank does not allow investors to change the tenure of the FD. Either they allow for premature closure post which a fresh FD can be started.

What are the highest CSB Bank FD rates?

Currently, the highest rate CSB Bank FD offers is 7.5% on FDs with a tenure of 444 days.

Is the ₹5 lakhs DICGC insurance cover applicable on CSB Bank FD?

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on CSB bank FD.

What is the minimum deposit amount?

The minimum deposit amount is ₹100.

What is the tenure of interest payment?

Bank offers monthly, quarterly, half-annual, yearly, and at-maturity interest payout choices for its FD plans.

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CSB Bank

Calculate CSB Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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