South Indian Bank (SIB) is a premier private sector bank that is based out of Thrissur in Kerala. With South Indian Bank fixed deposits (FDs), investors are spoiled for choice. There is a long list of plans that a customer can apply for. The options include SIB Flexi Smart Deposit, Kalpakanidhi, SBI Flexi Deposit, SIB Tax Gain 2006, regular FDs and Fast Cash Deposits.
South Indian Bank Domestic deposit interest rates for amount less than Rs. 2 crore are as follows:
| Tenure | Regular Interest Rate (p.a.) | Senior Citizen Interest Rate (p.a.) |
|---|---|---|
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 90 days | 3.75% | 4.25% |
| 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 3 years | 5.40% | 5.90% |
| 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% |
Note:
The SIB has an FD scheme named ‘SIB Tax Gain Deposit’ which gives the depositor tax relaxations under Section 80C of the Income Tax Act. The interest rates for the tax-saving FD scheme are as follows:
| Tenure | Regular Interest Rate (p.a.) | Senior Citizen Interest Rate (p.a.) |
|---|---|---|
| 5 years | 5.65% | 6.15% |
| Period | Interest Rate (p.a.) |
|---|---|
| 1 year to less than 3 years | 5.40% |
| 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% |
Note:
| Tenure | Regular Interest Rate (p.a.) | Senior Citizen Interest Rate (p.a.) |
|---|---|---|
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 90 days | 3.75% | 4.25% |
| 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 3 years | 5.40% | 5.90% |
| 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% |
Note: The interest rates mentioned above are applicable from 01 October 2021.
| Maturity period/Currency | USD | GBP | EUR | AUD | CHF | JPY | CAD |
|---|---|---|---|---|---|---|---|
| 1 Year to less than 2 Year | 0.84% | 1.04% | 0.07% | 0.25% | 0.00% | 0.16% | 0.61% |
| 2 Year to less than 3 Year | 1.05% | 1.39% | 0.11% | 0.46% | 0.00% | 0.18% | 1.07% |
| 3 Year to less than 4 Year | 1.28% | 1.44% | 0.15% | 0.70% | 0.00% | 0.18% | 1.34% |
| 4 Year to less than 5 Year | 1.51% | 1.53% | 0.18% | 0.98% | 0.13% | 0.19% | 1.53% |
| 5 Year | 1.69% | 1.58% | 0.20% | 1.18% | 0.18% | 0.25% | 1.66% |
Note:
The depositor having an FD at the South Indian Bank can avail a loan of up to 90% of the deposited amount.
Nomination facility is available for the South Indian Bank FD account. This facility allows the depositor’s family to avail the FD benefits in case he dies.
The SIB gives the customers to prematurely withdraw the FD with some penalty charges.
The lowest rate of interest with South Indian Bank is 3.50% for amount below Rs. 2 crore.
The minimum deposit amount for South Indian Bank is Rs.1000.
The senior citizens get an additional interest benefit of 0.50%.
Both the account holders as well as non-account holders can open an FD account with SIB.
You cannot change the tenure of the FD at South Indian Bank, once invested.
The South Indian Bank (SIB) has revised its interest rates for fixed deposits of more than Rs. 1 crore. The change was made on Friday, February 19.
The bank’s fixed deposit for a period of 1 year to less than 15 months, and for more than 15 months to 3 years, are now available at 7.6 percent for general public and 8.1 percent for senior citizens. An FD for 15 months will attract 7.7 percent interest for the general public and 8.2 percent for senior citizens.
Earlier, SIB offered 7.7 percent for a 1-year deposit and 7.6 percent for a deposit of more than 1 year to 3 years.
23 February 2016
Private sectored South Indian Bank has upped its interest rates. This has come into effect following the repo rate cut of the Reserve Bank of India
With effect from October 05, 2015, the interest rates for domestic deposits will be the revised ones for both the general category and senior citizens. The lowest rate of interest available in fixed deposits with South Indian Bank is 4% whereas for senior citizens it is 4.50% per annum. This interest rate is applicable for deposit tenures of 7 days to 45 days, where there is a fractional increase of 0.50%. From 46 days to 90 days, senior citizens will earn a substantially increased rate of 7.50% per annum, while the general deposits will have an interest rate of 7%. From 91 days to less than 1 year, the interest rate offered for senior citizens is 7.75% per annum, as against the rate of 7.25%, offered for general. Deposits that are made, by senior citizens for a period of 1 year and above 1 year to 3 years earn interest rates of 8.40% and 8.30% per annum, respectively. For depositors under 60 years of age, the interest rates for deposits will be 7.90% and 7.80% per annum respectively. From 3 to 10 years, the interest earned by senior citizens is 8.25%, whereas for general category is 7.75%. General category and senior citizens will also have a tax gain of 7.75% and 8.25%, respectively.
12 November 2015
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