South Indian Bank RD Interest Rates
South Indian Bank offers you the option of opening an recurring deposit account with them. The interest paid by the bank on the RDs is very attractive. You can open an RD account with the bank for a minimum amount of Rs.100. The investment tenure can range between 1 year and 10 years.
In addition to a good rate of return, the bank offers you the facility to remit instalments through internet banking or by setting standing instructions.
You can avail yourself of a loan against the deposit in the RD account.
It needs to be mentioned here that the bank also allows NRE and NROs to open recurring deposits with them.
Interest Rates Offered by South Indian Bank on RDs Depending on the Tenures
Tenure | General Public Interest Rates (p.a.) | Senior Citizens Interest Rates (p.a.) |
180 days (about 6 months) | 4.50% | 5.00% |
181 days to less than a year | 5.00% | 5.50% |
1 year | 6.70% | 7.20% |
1 year and 1 day | 7.00% | 7.50% |
1 year and 2 days to 399 days | 6.50% | 7.00% |
400 days | 7.25% | 7.75% |
401 days to less than 30 months | 6.50% | 7.00% |
30 months | 7.00% | 7.25% |
More than 30 months to less than 5 years | 6.50% | 7.00% |
5 years to less than 66 months | 6.00% | 6.50% |
66 months (Green Deposit) | 6.50% | 7.00% |
Above 66 months to up to 10 years | 6.00% | 6.50% |
Tax Gain (5 Years) | 6.00% | 6.50% |
Note: The Interest rates mentioned in the table may vary according to the bank’s discretion. The interest rates are effective from 11 April 2024 .
South Indian Bank-Short Term RD Interest Rates
Short term RDs are those which are opened for a period of six months to 2 years . South Indian Bank offer general citizens interest in the range of 4.50% to 6.50%. for opening a short-term RD.
Senior citizens are offered additional interest of 0.50% which takes the interest rate to up to the range 5.50% to 7.00%.
South Indian Medium- and Long-term RD Interest Rates
While medium-term RDs are those which are opened for a period of more than 2 years to 5 years, long term RDs are those which are opened for more than 5 years.
The interest offered by the lender when it comes to medium-term RDs is in the range of 5.00% p.a. to 7.00% p.a. Citizens above the age of 60 years avail interest in the range of 5.50% to 7.50% for opening a medium-term RD with South Indian bank.
For long-term RDs, the bank offers 6.00% p.a. to general citizens and 6.50% p.a. to senior citizens.
RD Article Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit
FAQs on South Indian Bank RD Interest Rates
- What is the minimum tenure for NRE RDs for South Indian Bank?
The minimum tenure for NRE RDs is 1 year.
- What happens if an RD is defaulted on for more than 6 months?
No remittance is allowed if an RD is defaulted on for more than 6 months.
- What is the minimum monthly instalment amount to open an RD account with South Indian Bank?
You can open an RD account for a minimum instalment of Rs.100.
- Can I open a joint RD account with South Indian Bank?
Yes, you can open a joint RD account with South Indian Bank.
- Can I remit through internet banking for a South Indian Bank RD?
Yes, you can remit using internet banking.
- Is Income tax deducted at the source of interest for South Indian Bank RD?
No, there is no income tax deduction at the source of interest.
- What % of the outstanding balance can be used as an overdraft facility?
90% of the outstanding balance can be used as overdraft facility.
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