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South Indian Bank FD Calculator

South Indian Bank Fixed Deposit Calculator 2022

Last Updated 27th Dec 2021

South Indian Bank FDs have tenures ranging from 5 years to 5 years with maximum rate of interest of 5.65%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.15%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 45 days 3.50% 4.00% ₹ 1,00,067 - ₹ 1,00,493
46 days to 90 days 3.75% 4.25% ₹ 1,00,473 - ₹ 1,01,048
91 days to 364 days 3.80% 4.30% ₹ 1,00,947 - ₹ 1,04,358
1 year to 2 years 364 days 5.20% 5.70% ₹ 1,05,302 - ₹ 1,18,488
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South Indian Bank Fixed Deposit Calculator

South Indian Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in South Indian Bank. Banks may allow a higher interest rate on larger deposits. South Indian Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. South Indian Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by South Indian Bank is 5.65% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years to 5 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.50% for a 5 years FD and a rate of 5.65% for a 5 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.50%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      South Indian Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

South Indian Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, South Indian Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a South Indian Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is South Indian Bank FD Rate Calculated?

South Indian Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

South Indian Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in South Indian Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on South Indian Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in South Indian Bank FD for a 5-year tenure at an interest rate of 5.65% for depositors below 60 years and 6.15% for senior citizens.The maturity schedule of South Indian Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.65% for Citizens below 60 years and at 6.15% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,771 ₹ 1,05,771 ₹ 6,293 ₹ 1,06,293
2023 ₹ 6,104 ₹ 1,11,875 ₹ 6,689 ₹ 1,12,982
2024 ₹ 6,456 ₹ 1,18,331 ₹ 7,110 ₹ 1,20,092
2025 ₹ 6,829 ₹ 1,25,160 ₹ 7,558 ₹ 1,27,650
2026 ₹ 7,223 ₹ 1,32,383 ₹ 8,033 ₹ 1,35,683

South Indian Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on South Indian Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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What is the highest interest earned on South Indian Bank fixed deposit?

You can earn a maximum interest of 5.65% on South Indian Bank fixed deposits.

How many years FD will double in South Indian Bank?

The growth of South Indian Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in South Indian Bank FD.You can also use South Indian Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in South Indian Bank.

What are the minimum and maximum amounts that I can invest in an South Indian Bank FD?

The minimum investment limit in South Indian Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from South Indian Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 0.50% for deposits upto Rs. 15 lakh and 1% for deposits above Rs. 15 lakh of FD amount for premature withdrawal.

How can I calculate South Indian Bank premature FD amount?

To calculate premature FD amount you can use South Indian Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).

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South Indian Bank News - Jan 2022
  • 2021-05-21 : South Indian Bank posts net profit of nearly ₹7 crores in Q4
    South Indian Bank reported a net profit of Rs 6.79 crore for the fourth quarter of FY21, against a loss of Rs 143.69 crore in the year-ago period. For the whole FY21, the bank has reported a net profit of Rs 61.91 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan. The total deposit base at the end of the March quarter is seen higher by 9% y-o-y at Rs 69,827 crore, while advances declined by 9% to Rs 59,418 crore.
  • 2020-02-21 : South Indian Bank revised FD rates
    With effect from 21 February 2020, South Indian Bank revised its FD rates. The fixed deposit rate for 7 to 45 days is 4%, for 46 to 90 days it is 5.50% and it is 5.70% for 91 days. Fixed deposit rates for 92 to 180 days is 5.75%, for 181 days to less than 1 year is 6% and one year to less than 2 years is 6.40%. Further, the FD rate for two years is 6.55% and above two years to up to and including ten years is 6.40%.
  • 2019-11-26 : Revised Fixed Deposit rates by South Indian Bank
    South Indian Bank revised its FD rates with effect from November 22, 2019. The new rate for 7-45 days is 4.00%; for 46-90 days, the rate is 5.50%; the rate for 91 days is 5.90%; it is 6.00% for 92-180 days, and for 181 days to 11 months 29 days the rate is 6.35%. For large tenure of 1-2 years, the rate is 6.60%; the rate for two years is 6.90%, and for 2-10 years the new rate is 6.60%.
  • 2019-11-07 : South Indian Bank revises deposits rates for November
    South Indian Bank revised interest rates on fixed deposits. The new rates for 7-45 days are 4.00%, for 46-90 days the rate is 6.00%, the rate for 91 days is 6.10% for 92-180 days the rate is 6.50%, and for 181 days to less than a year, the rate is 6.35%. For a long period of 1 year to less than two years, the rate is 6.80%, the rate for two years is 7.05%, and for 2-10 years it is 6.80%. The rates have been in effect from November 1, 2019.
  • 2019-10-25 : South Indian Bank revised Fixed Deposits rates
    South Indian Bank revised its interest rates on fixed deposits from October 19, 2019. The rate for 7-45 days is 4.00%; for 46-90 days, the rate is 6.00%, for 91 days the rate is 6.30%, it is 6.50% for 92-180 days, and for 181 to 364 days the rate is 6.35%. The interest rates for 1-2 years is 7.00%, for two years it is 7.15%, and for 2-10 years the rate is 7.00%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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