One of the earliest banks in South India, the South Indian Bank, came into being during the Swadeshi movement. In 1946, it became the first private-sector bank in Kerala to become a scheduled bank. This bank was the first to open an NRI branch in November 1992. It was also the first in Kerala to develop an in-house fully-integrated branch automation software. Currently, the South Indian Bank has 933 branches and 1156 ATMs nationwide.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 30 days||2.65%||3.15%|
|31 days to 90 days||3.25%||3.75%|
|91 days to 99 days||4.25%||4.75%|
|101 days to 180 days||4.5%||5%|
|181 days to less than 1 year||5%||5.5%|
|1 year 1 day||7%||7.5%|
|1 year 2 days to 499 days||6.5%||7%|
|500 days (SIB 94 Plus)||7.4%||7.4%|
|Note: All interest rates are updated as of 18th May 2023|
SIB Flexi Smart Deposit
It is a fixed deposit that is linked to your CD Smart account.
SIB Flexi Deposit
This is a fixed deposit that is linked to your savings account.
SIB Tax Gain 2006
If you invest in this FD, you are eligible for a tax deduction of up to ₹1.5 lakhs in a given year under Section 80C of the Income Tax Act of 1961.
Fast Cash Term Deposit Scheme
This scheme helps depositors to invest in ultra short-term fixed deposits with auto-renewal facilities.
FD Vantage is a bundled term deposit product that earns you interest and secures your life with insurance coverage.
Fixed Deposit Scheme
Kalpakanidhi Term Deposit
This is a non-callable deposit from South Indian Bank.
Individuals or entities satisfying the following criteria can apply for a fixed deposit at South Indian Bank:
Here are the documents required to invest in a fixed deposit with South Indian Bank:
Here are the steps that you should follow to open an FD in South Indian Bank if you already have a savings bank or current account with the bank:
Step 1: Download the FD application form from the South Indian Bank's official website.
Step 2: Submit the duly filled application forms with your savings bank or current account number.
If you do not have a South Indian Bank savings bank or current account, here are the steps to follow to open a fixed deposit account with this bank:
Step 1: Download the FD application form.
Step 2: Fill in the form and sign the requisite details.
Step 3: Bring the filled-up form along with 2 passport-size photographs and the other required documents like a voter ID card, Aadhaar card, ration card and PAN card.
According to 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:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
There are several notable features of Flexi deposits. It is a fixed deposit linked to a savings bank account. This deposit is maintained in units of ₹1,000. The fixed deposit is broken automatically, and minimum units are transferred to the savings bank account when the balance goes below the threshold.
Senior citizens are entitled to an additional interest of 0.5% on their fixed deposits.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to South Indian Bank FD.
No, at present, reverse sweeping is not permitted in flexi deposits.
When your current deposit account balance goes below ₹25,000, the bank will break your FDs in multiples of ₹10,000 to bring the deposit amount to ₹25,000. However, if the deposit amount in FDs is below ₹50,000, the deposit will be closed and credited to your current deposit account.
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.