South Indian Bank is one of the oldest banks in South India which was established during the reign of Swadeshi Movement. When few entrepreneurs from Thrissur, Kerala joined their hands together to help the merchant community of the district, South Indian Bank was its outcome.
With numerous branched and ATMs set all over the country, the bank is known for providing best in class services to the customers spread all across the globe. South Indian Bank is offering the customers with cumulative and non-cumulative fixed deposit schemes of different tenures and return rates.
The bank is currently offering the clients with varying returns from 4%-7.90% on their fixed deposits. Returns are at 4% for the deposit periods of 15-45 days. Moreover, it ranges from 3% to 7% for the tenure of 46-90 days. The highest short-term FD rate is 7.25% for the tenure of three months to less than one year.
The highest rate for the long-term deposit is at 7.9% per annum for the holding period of one year. When it comes to the holding period of one year, and above to less than fifteen months and above fifteen months to less than three years, the rate of interest is calculated at 7.8%. The highest holding period of 3-10 years can avail the interest of 7.75% per annum.
On the other hand, the bank offers tax savers deposits for the customers which can be pegged at 7.75% per annum.
For the citizens above 60 years the bank offers the customers with additional 0.5% on the mentioned rates.