South Indian Bank Fixed Deposit

Eligibility Criteria

All individuals and HUFs are eligible to open a fixed deposit account with the South Indian Bank.

Documents Required

Given below are the list of documents that must be submitted to open an FD account with the bank:

1. Application form.
2. Proof of address such as PAN Card, Voter's ID, Ration Card, or Passport.
3. Two passport-sized photographs.
   

Types of Sounth Indian Bank Fixed Deposits

South Indian Bank offers a wide range of fixed deposits that are mentioned below:

1. Kalpakanidhi - This is a reinvestment plan with interest that is compounded quarterly. The deposit period ranges between 6 months and 10 years. There is also an option of auto-renewal if the customer chooses to.
2. SIB Flexi Deposit - This fixed deposit scheme is linked directly to your savings account and has a fixed deposit amount requirement of Rs,1,000 and in subsequent multiples of the same. The interest is paid out quarterly. There is automatic part-closure available to account for deficit in savings account.
3. SIB Flexi Smart Deposit - This fixed deposit scheme is linked directly to your CD Smart account. However, the minimum deposit amount required is Rs.50,000 and the maximum amount is Rs.1 crore.
   

1. SIB Tax Gain 2006 - As the name signifies, this scheme from South Indian Bank is meant for customers who are looking to save tax through their fixed deposit. The maximum amount that can be deposited under this scheme is Rs.1.5 lakh and the deposit period is 5 years. While the investment amount is eligible for tax exemptions, the interest on this deposit is taxable like all other deposit schemes.
2. Fast Cash Deposit - These deposits are very short-term fixed deposits held for 30 days, 46 days, or 91 days and come with cumulative as well as a non-cumulative interest collection options. Partial withdrawals are allowed on these deposits.
3. Fixed Deposits - These are standard fixed deposit schemes that are provided at competitive rates of interest and have a fixed maturity period. The interest earnings on these can be received cumulatively or singularly, as chosen by the customer.
4. FD Vantage - Under this scheme, insurance cover is provided along with the term deposit. The three different variants that are offered under this scheme are Alpha, Beta, and Gamma.

How to Apply for a FD account with South Indian Bank?

Fixed Deposit accounts with South Indian Bank can be opened directly by visiting any of the bank branches. A physical application form needs to be filled in and the required documents need to be furnished.

The deposits are divided into two categories, one for those who have an existing account with the bank and those who do not have an existing savings account with the bank. For the latter, a proper introduction by one of the bank employees is required.

Premature Withdrawal Facility

The premature withdrawal facility is offered by the bank on its FDs. However, the facility will be provided only for certain accounts and a penalty may be levied.