How to Open South Indian Bank Fixed Deposit Account
Updated on: Aug 29th, 2023
In the realm of banking, Fixed Deposits (FDs) have always held a prominent position, providing a haven for savings with attractive interest rates. South Indian Bank, with its rich legacy and commitment to customer service, makes opening an FD account seamless and efficient.
Whether you're a seasoned investor or taking your first step into the world of FDs, this guide is designed to walk you through the procedures and requirements to open an FD account with South Indian Bank. Dive in as we simplify your journey, ensuring a smooth banking experience.
Opening an FD Account through various Modes
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.
South Indian Bank FD Eligibility Criteria
Individuals or entities satisfying the following criteria can apply for a fixed deposit at South Indian Bank:
- Individuals who are residents of India
- Non-Resident Indians (NRIs)
- Hindu Undivided Family (HUF)
Documents Required for South Indian Bank FD Account
Here are the documents required to invest in a fixed deposit with South Indian Bank:
- Duly filled-up fixed deposit application form
- Two passport-size coloured photographs
- Address proof: Voter ID card, PAN card, passport, ration card (anyone)
- Identity proof: Aadhaar card, PAN card, voter ID card, passport or driving licence.
- Proof of date of birth: PAN card, birth certificate, voter ID card, Aadhaar card or discharge certificate
What are the special features available in Flexi Deposits?
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.
What privileges will senior citizens get on fixed deposit schemes in South Indian Bank?
Senior citizens are entitled to an additional interest of 0.5% on their fixed deposits.
Is the ₹5 lakhs DICGC insurance cover applicable on South Indian Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to South Indian Bank FD.
Is reverse sweeping permitted in Flexi Deposits?
No, at present, reverse sweeping is not permitted in flexi deposits.
When does South Indian Bank break the Flexi Smart Deposit?
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.
returns on FD
Lock in returns as high as
8.35% before they go down
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Understanding Fixed Deposit
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