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 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.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 90 days||3%||3.5%|
|91 days to 179 days||3.5%||4%|
|180 days to less than 1 year||4.25%||4.75%|
|Above 1 year to less than 444 days||5.5%||6%|
|Above 444 days to 2 years||5.5%||6%|
|Above 2 years to 5 years||5.75%||6.25%|
|Above 5 years to 10 years||6%||6.5%|
|Note: All interest rates are updated as of 1st Aug 2023|
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.
General Fixed deposit (Income Scheme)
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-
CSB bank has introduced Acharya Deposits with the purpose to protect the interests of senior citizens. The following are its features:
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:
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:
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.
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.
To invest in CSB Bank Fixed Deposits, the following are eligible:
The following documents are required to invest in CSB Bank Fixed deposits:
Fixed deposit accounts can be opened in both online and offline methods:
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.
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.
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:
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)
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.
Currently, the highest rate offered by CSB Bank FD is 7.5% on FDs with tenure of 444 days.
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on CSB bank FD.
The minimum deposit amount is ₹100.
Bank offers monthly, quarterly, half-annual, yearly, and at-maturity interest payout choices for its FD plans.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.