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South Indian Bank FD Calculator

South Indian Bank Fixed Deposit Calculator 2020

Last Updated 21st Aug 2020

South Indian Bank FDs have tenures ranging from 1 year 5 months 25 days to 1 year 5 months 25 days with maximum rate of interest of 5.90%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.40%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 45 days 3.50% to 4.00% ₹ 1,00,067 - ₹ 1,00,493
46 days to 90 days 4.00% to 4.50% ₹ 1,00,504 - ₹ 1,01,110
91 days 5.20% to 5.70% ₹ 1,01,296 - ₹ 1,01,421
92 days to 360 days 5.20% to 5.70% ₹ 1,01,311 - ₹ 1,05,741
South Indian Bank FD Maturity Calculator
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South Indian Bank Fixed Deposit Calculator

South Indian Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. South Indian Bank offers deposit amount in the range of 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 5.90% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 1 year 5 months 25 days to 1 year 5 months 25 days.
  • 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 1 year 5 months 25 days FD and a rate of 5.90% for a 1 year 5 months 25 days 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
    • 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 tax saving scheme to save tax on fixed deposit.

South Indian Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.
  • 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.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of South Indian Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in South Indian Bank FD for a 5-year tenure at an interest rate of % for depositors below 60 years and % for senior citizens. The maturity amount for this deposit amount is ₹ 1,00,000 and the total interest earned is ₹ 0 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 0 which is higher. 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 % for Citizens below 60 years and at % 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
2020 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2021 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2022 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2023 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2024 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2025 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000

South Indian Bank FD Calculator Formula

Along with 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

FAQs

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

You can earn a maximum interest of 5.90% on South Indian Bank fixed deposit.

How is South Indian Bank FD interest calculated?

The formula to calculate interest on South Indian Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. 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.


South Indian Bank News - Sep 2020
  • 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%.
  • 2019-10-03 : Revised FD rates for South Indian Bank
    With effect from October 1, 2019, South Indian Bank has revised its rate on fixed deposits. The revised FD rate for a period of 7-45 days is 4.00%, for 46-90 days the rate is 6.00%, the interest rate for 91 days is 6.35%, the rate for 92-180 days is 6.50%, for 181 days to less than 1 year the revised interest rate is 6.35% and for 1 year the rate of interest is 6.90%. For longer tenures of more than one year to less than two years the rate is 7.05%, for two years it is 7.15%, and for two to ten years it is 7.00%.
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