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Catholic Syrian Bank FD Interest Rate

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 the year 1975 and it enter...Read More

CSB Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 01 Aug 2023
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 days to 90 days3 %3.5 %
91 days to 179 days3.5 %4 %
180 days to less than 1 year4.25 %4.75 %
1 year5 %5.5 %
Above 1 year to less than 444 days5.5 %6 %
max_returns
444 days
7.35 %7.85 %
Above 444 days to 2 years5.5 %6 %
Above 2 years to 5 years5.75 %6.25 %
Above 5 years to 10 years6 %6.5 %

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 time 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)

  • The minimum amount for opening is ₹1,000. Accounts may also be opened in odd sums. 
  • The time period ranges between 7 days to 10 years. 
  • A nomination facility is available.
  • Interest payout is liberal, i.e., monthly and quarterly payout can be made. 
  • The monthly interest payout is made at discounted value. However, quarterly interest is paid in full value. 
  • An online account opening facility is available.  

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 time period ranges from 6 months and in multiples of 3 months thereafter.  
  • The maximum time of investment is 10 years. 
  • An online account opening facility is available.  

Acharya Deposits

CSB bank has introduced Acharya Deposits with the purpose to protect 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. 

Family Welfare Fixed Deposits

CSB has introduced Family Welfare Fixed Deposits which helps the investor to 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 period of investment is 6 months and in multiples of 3 months thereafter.  
  • A reinvestment option is available. 
  • The maximum time period for investment is 10 years. 
  • There is an option for nomination. 

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. 

CSB Tax Savings Support

CSB bank’s tax-saving fixed deposits are eligible for tax deduction under Section 80 of Income Tax Act of 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 Family (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. 

Pros 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.

Cons of investing in CSB Bank Fixed Deposit

Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 

Fixed-rate: Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of increased market interest rates.  

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 an 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:

Step1: Visit the official website of CSB Bank.  

Step2: Select 'Personal Banking' and go on 'Accounts'. 

Step3: Click 'Fixed Deposits'.  

Step4: Click on 'Apply e-term deposit'.  

Step5: Login if you are an existing user or register in case of a new user.  

Step6: Fill out the required details for online FD account opening and submit the form. 

Step7: Enter the OTP received on the mentioned mobile number. 

Step8: Click on 'Confirm'. 

Step9: The form is submitted, and a bank's representative will contact you related to further proceedings. 

Offline Method: 

Step1: Visit the bank branch.

Step2: Take the FD application form. 

Step3: Fill the required details and submit the necessary documents. 

Step4: 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.

Facilities on CSB Bank FD

  • CSB offers a nomination facility to the investors which can be made either jointly or individually. 
  • Nomination can be made at any time of the tenure of the deposits.  
  • You can avail loan against FD
  • CSB offers loan and overdraft facilities against the FDs. 
  • This facility can be availed only by visiting the bank branch and completing the KYC formalities.

 

Tax implications on CSB Bank FD

As per the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.

In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:

  • Taxpayers can invest in FD either through public or private sector banks. 
  • Individuals and HUFs can avail tax deductions by investing in tax savings FDs. 
  • Bank's five year tax saving FD offers exemptions under Section 80C. 
  • Investors cannot get loans against these FDs. 
  • In case of joint holders, only the first holder can get tax benefits. 

How to claim tax benefits?

At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs. 

Tax Deducted at Source (TDS)

  • TDS will be deducted on the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year. 
  • For Resident customers, If you have submitted your PAN card details then the deduction will be at 10% per year on the interest. Without a PAN card, the bank will deduct 20% TDS per year.

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 offered by CSB Bank FD is 7.5% on FDs with 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
444 days
7 days to 90 days91 days to 179 days180 days to less than 1 year1 yearAbove 1 year to less than 444 days444 daysAbove 444 days to 2 yearsAbove 2 years to 5 yearsAbove 5 years to 10 years
7.35 %
Yes
No
Maturity Amount₹1,00,000

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