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South Indian Bank Fixed Deposit Rates

Fixed Deposit (FD) is one of the means by which people make investments and make their money grow. It is, by far, the least risky and guaranteed returns method available in our country and therefore, is the most popular amongst all financial instruments.

The South Indian Bank Fixed Deposit tenure varies from 15 days to 10 years. One can open a fixed deposit account with a minimum of Rs.100 and go up to a much higher amount depending on the scheme you opt for. The easiest way to book your fixed term deposit is to visit the nearest bank branch.

There are different schemes of the fixed term deposit available with the South Indian Bank. These are SIB Flexi Smart Deposit, SIB Tax Gain 2006, Recurring Deposit, Kalpakanidhi, Fast Cash Deposit, SIB Care, SIB Flexi Deposit, Fixed Deposits and SIB Maximo-Non callable deposits.

SIB Flexi Smart Deposit

South Indian Bank Fixed Deposit Rate

This is a fixed deposit scheme that is linked to your CD smart account. One needs to maintain FD in units of Rs. 10,000/-with a minimum deposit of Rs. 50,000/- up to a maximum of Rs. 1 Crore. In this scheme, the interest is paid on a quarterly basis and TDS is applicable on the earnings.

SIB Tax Gain 2006

One can make a deposit of up to Rs. 1.5 Lakhs with a minimum of Rs. 100/- and multiples of it. This scheme calculates interest under the Fixed/Compound Interest method for 5 years and is made eligible for tax exemption for Income Tax under Section 80C of IT Act, 1961. Amount deposited in the name of the individual or joint holder (1st holder) or HUF (Karta) not exceeding Rs. 1.5 lac in a financial year is eligible for tax exemption. Maturity period is fixed at 5 years

Kalpakanidhi

This fixed deposit scheme functions as a reinvestment plan with interest compounded quarterly. The tenure ranges from 6 months to 10 years. There is a provision for automatic renewal at the time of maturity. Effectively, one receives higher returns as the interest is compounded quarterly.

Fast Cash Deposit

A short term fixed deposit scheme that also has automatic renewals. The general tenure of these fixed deposits are 30, 46 or 91 days with cumulative or non-cumulative option. Partial withdrawal is allowed under this scheme and interest rate as applicable to fixed deposits.

SIB CARE

This is a relatively new scheme made for those who want to have a fixed return for a fixed period on their deposit. It is targeted at the young and pensioners who prefer having a fixed amount. The tenure ranges from 2 to 10 years. At the end of the tenure, one gets a credit of the equal instalments to the account on deposit dates from the very next month onwards.

SIB Flexi Deposit

This FD is directly linked to your Savings account. It needs to be maintained in the units of Rs. 1000/-. It is possible to link any fresh flexi deposit to your savings bank account. This FD can be broken automatically on a Last In First Out basis and minimum units are transferred to savings bank account when the account balance falls deficit. The interest is credited on a quarterly basis.

Fixed Deposits

Fixed Deposits are calculated on a simple interest basis and the interest is paid on a quarterly basis. A monthly interest pay-out scheme is also available. This can be a long term or short term investment. The tenure ranges from 15 days to 10years. Interest is allowed to be withdrawn periodically or transferred to another account.

SIB MAXIMO-Non Callable Deposits

In this scheme, one needs to deposit a minimum of Rs. 15,00,001/- and a maximum deposit to be Rs.1 Crore. The period is fixed at 15 months. This deposit cannot be closed prematurely unless there are eventualities like court/statutory attachments, death or insolvency. A pre-closure penalty is charged higher than other schemes at 2%. This deposit is made available in cumulative as well as simple interest basis.

South Indian Bank Fixed Deposit rates

South Indian Bank Fixed Deposit Rates

South Indian Bank offers competitive rates for its Fixed Deposit scheme in the market. It is important to note that the interest rates are subject to change by the bank at any time. Hence, it is prudent to check prevailing interest rates before booking a term deposit. An overview of their interest rates have been mentioned below:

Interest Rate on Domestic Term Deposits

Period Single Deposit less than Rs.100.00 lacs
  General Senior Citizens* 
7 days to 45 days 4.00% 4.50% 
46 days to 91 days 6.00% 6.50% 
92 days to 499 days 6.90% 7.40% 
500 days 7.60% 8.10% 
501 days to upto and incl. 3 years 7.10% 7.60% 
Above 3 years to up to and incl.5 years 7.00% 7.50% 
Above 5 years to up to and incl.10 years 6.50% 7.00% 
Tax Gain 6.50% 7.00% 

Special rates are applicable only to Senior Citizens, residents individually or joint account basis with another resident citizen.

Interest Rate on NRE Term Deposits

South Indian Bank FD Interest Rates for Senior Citizens

South Indian Bank offers special Senior Citizen FD Rates which are generally marginally higher than the rates applicable for a regular FD. It provides seniors with that extra buffer for their retirement years. As of now, the South Indian Bank Senior Citizen FD rate of interest is 0.50% higher than a regular FD.

Period Single Deposit less than Rs.100 lacs 
1 year to 499 days 6.90% p.a 
500 days 7.60% p.a 
501 days to upto and incl 3 years 7.10% p.a 
Above 3 years to up to and incl.5 years 7.00% p.a 
Above 5 years to up to and incl.10 years 6.50% p.a

Interest Rate on Non-Callable Domestic/NRO and NRE Deposits

Period Single Deposit above Rs. 15.00 lakhs and less than Rs.100.00 lakhs 
General Senior Citizens* 
15 Months ( SIB MAXIMO) 6.95% 7.45% 
*Special interest rate for Senior Citizens is not applicable to NRO and NRE customers.

How to Calculate South Indian Bank Fixed Deposit Interest

The bank has created an interest calculator and is available on the bank website. It is a very simple tool to use and helps you calculate interest on your deposit for any amount and period. The calculator compounds quarterly and assumes deposits are made at the beginning of the month. You only need to enter the Monthly Deposit Amount, Interest Rate Applicable and the Deposit Tenure to arrive at the Maturity Amount and Interest Earned

South Indian Bank Fixed Deposit Premature Withdrawal Penalty

There are times when you need immediate liquidity to meet financial exigencies. It is possible to break your fixed deposits, however, the terms and conditions laid out by the bank will be applicable. A penalty is applied for the premature closure of your deposit and reinvestment of Term Deposits including Recurring Deposits and Daily Savings Deposits at the rate of 0.50% for deposit amounts below Rs.15 lakhs and 1% for deposit amounts of Rs.15 lakhs and above. The bank calculates the effective rate as the net of the applicable rate for the deposit period remaining with the bank or the net of the original contracted rate whichever is less.

South Indian Bank FD – FAQS

1. What are the privileges offered for Senior citizens for fixed deposits?

The senior citizens are entitled for an additional rate of 0.50% on all terms deposits.

2. What are the special features of a SIB Flexi Deposit?

Special features include linkage to your Savings Bank Account with the same ID. The FD needs to be maintained in units of Rs. 1000/-. The FD is broken automatically and minimum units are transferred to the savings bank account when the balance below the required level.

3. What is the tax liability applicable on term deposits?

If the interest earned exceeds Rs. 1 Lakh in a financial year, then the deduction of TDS (Tax Deduction at Source) is applicable.

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