South Indian Bank Fixed Deposit Interest Rates
| South Indian Bank Fixed Deposit Interest Rates | |
|---|---|
| Minimum Deposit Amount | Rs. 1,000 |
| Tenure | 7 days to 10 years |
| Interest Rate |
|
South Indian Bank Fixed Deposit Interest Ratesfor NRO and Domestic deposits is between 2.50% and 5.65% for the general public. The same for senior citizens is 3.00% to 6.15%. For NRE term deposits, the rate is from 5.10% to 5.50%. The rate for Non-Callable Domestic/NRO and NRE Deposits is 5.20% for regular customers and 5.70% for senior citizens. All the rates mentioned are for deposits of less than Rs. 2 crores. The interest rate on FDs depends on the amount invested, tenure, type of deposit, age of the account holder, and other factors.
In this post, we will discuss South Indian Bank Fixed Deposit Interest Rate and the features based on the type of FD account, and their features, along with a few frequently asked questions.
Features of South Indian Bank Fixed Deposit Interest Rates
Here is more information:
- The FDs are for short term and long-term investments
- Simple interest is paid quarterly
- There is also a facility for monthly payout at a discounted rate
- You can withdraw the earned interest at intervals and deposit it in an account as per instructions
- Tax Deducted at Source is applicable wherever required
- You can provide instructions for auto-renewal for FD accounts
- Interest rates apply differently for bulk deposits, for which you can contact the bank
Types of South Indian Bank FDs and the Interest Rates
Here are the different types of fixed deposit schemes by the bank and their corresponding rates of interest:
1. South Indian Bank Domestic and NRO Term Deposit Interest Rates
Here are the details:
| Tenure | Single Deposit less than Rs.2 crore, Interest Rate Per Annum | |
|---|---|---|
| Regular Customers | Senior Citizens | |
| 7 days to 30 days | 2.50% | 3.00% |
| 31 days to 90 days | 3.00% | 3.50% |
| 91 days to 180 days | 3.80% | 4.30% |
| 181 days to 270 days | 4.10% | 4.60% |
| 271 days to less than 1 year | 4.50% | 5.00% |
| 1 year to less than 30 months | 5.10% | 5.60% |
| 30 months to less than 3 years | 5.35% | 5.85% |
| 3 years to less than 5 years | 5.50% | 6.00% |
| 5 years | 5.65% | 6.15% |
| Above 5 years to up to and including 10 years | 5.50% | 6.00% |
| Tax Gain (5 Years) | 5.65% | 6.15% |
2. South Indian Bank NRE Term Deposit Interest Rates
Here is more information:
| Tenure | Single Deposit less than Rs.2 crore, Interest Rate Per Annum |
|---|---|
| 1 year to less than 30 months | 5.10% |
| 30 months to less than 3 years | 5.35% |
| 3 years to less than 5 years | 5.50% |
| 5 years | 5.65% |
| Above 5 years to up to and including 10 years | 5.50% |
3. South Indian Bank Non-Callable Domestic/NRO and NRE Deposit Interest Rates
Here are the details:
| Tenure | Single Deposit Over Rs. 15.00 lakhs and Less Than Rs.2 Crore | |
|---|---|---|
| General | Senior Citizens | |
| 15 Months (SIB MAXIMO) | 5.20% | 5.70% |
4. South Indian Bank FCNR(B) Deposit Interest Rates
Here is the information for the interest rate per annum for the said deposit.
| Maturity Period | USD | GBP | EUR | AUD | CHF | JPY | CAD |
|---|---|---|---|---|---|---|---|
| 1 Year to less than 2 Year | 1.13% | 1.45% | 0.10% | 0.54% | 0.00% | 0.10% | 0.69% |
| 2 Year to less than 3 Year | 1.56% | 1.81% | 0.10% | 1.02% | 0.00% | 0.10% | 1.65% |
| 3 Year to less than 4 Year | 1.79% | 1.93% | 0.10% | 1.38% | 0.00% | 0.10% | 1.87% |
| 4 Year to less than 5 Year | 1.89% | 1.94% | 0.10% | 1.65% | NA | 0.10% | 1.93% |
| 5 Year | 1.96% | 1.91% | 0.10% | 1.77% | NA | 0.10% | 1.94% |
5. South Indian Bank RFC Account Interest Rate
Here are the details for the interest rate per annum for the said deposit:
| Maturity Period | USD | GBP | EUR | AUD | CHF | JPY |
|---|---|---|---|---|---|---|
| 1 Year to less than 2 Years | 1.13% | 1.45% | 0.10% | 0.54% | 0.00% | 0.10% |
| 2 Years to less than 3 Years | 1.56% | 1.81% | 0.10% | 1.02% | 0.00% | 0.10% |
| 3 Yeas | 1.79% | 1.93% | 0.10% | 1.38% | 0.00% | 0.10% |
Frequently Asked Questions about South Indian Bank FD Rates
Here are South Indian Bank Fixed Deposit Interest Rate FAQs:
1. What Are the Conditions for NRO and Domestic Term Deposits?
Special rates are applicable for resident individuals (senior citizens). It is also applicable for joint accounts (senior citizen) with another resident citizen. 0.50% is the penalty rate for premature withdrawal for deposits less than Rs. 15 lakhs. If the deposit is more than this amount, then the premature withdrawal penalty is 1%.
2. What Are the Norms for NRE FDs?
For NRE fixed deposits, interest is not paid if you pre-close within 1 year. Also, no preferential rates apply to senior citizens. There are no premature closure charges for deposits less than Rs. 2 crores.
3. Is There Any Penalty for Pre-Closure of FCNR (B) Deposits?
There are no charges for pre-closure in this case.
4. What is the Interest Payment Term If You Close the FCNR (B) Deposit within 366 Days?
The bank will not credit any interest if you close this deposit in one year and one day i.e., 366 days.
5. Do NRO and NRE Senior Citizen Customers Get Preferential Rates on FDs?
The special interest rate for NRE and NRO customers who are senior citizens is not applicable.