South Indian Bank FD Interest Rates 2021
South Indian Bank FD Interest Rates
When it comes to the FD interest rate, the highest rate offered on South Indian Bank FD is 5.65%. Latest South Indian Bank FD interest rate for senior citizens, on the other hand ranges between 4.00% to 6.15%.
| Tenure | FD interest rates | Senior Citizen FD interest rates |
|---|---|---|
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 90 days | 3.75% | 4.25% |
| 91 days to 364 days | 4.75% | 5.25% |
| 1 year to 2 years 364 days | 5.40% | 5.90% |
| 3 years to 4 years 364 days | 5.50% | 6.00% |
| 5 years | 5.65% | 6.15% |
| 5 years to 10 years | 5.50% | 6.00% |
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South Indian Bank Fixed Deposit Features
South Indian Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of South Indian Bank Fixed Deposit are:
South Indian Bank FD Interest Rates Today
Interest rates on South Indian Bank deposits are updated regularly by the Government of India. The following are updated South Indian Bank FD interest rates 2021:
| Tenure | Interest Rate |
|---|---|
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 364 days | 4.75% |
| 1 year to 2 years 364 days | 5.40% |
| 3 years to 4 years 364 days | 5.50% |
| 5 years | 5.65% |
| 5 years to 10 years | 5.50% |
South Indian Bank FD Rates for Senior Citizens
With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, South Indian Bank offers a higher interest rate to senior citizens than the general public. Listed below are the South Indian Bank fixed deposits interest rates for senior citizens 2021:
| Tenure | Interest Rate for senior citizens |
|---|---|
| 7 days to 45 days | 4.00% |
| 46 days to 90 days | 4.25% |
| 91 days to 364 days | 5.25% |
| 1 year to 2 years 364 days | 5.90% |
| 3 years to 4 years 364 days | 6.00% |
| 5 years | 6.15% |
| 5 years to 10 years | 6.00% |
Best FD Plan as per South Indian Bank FD Rates
To invest in South Indian Bank fixed deposit, you must compare South Indian Bank Fixed Deposit Rates for varying tenures. South Indian Bank FD Interest Rates 2021 are best for the deposits with a tenure of 5 years to 5 years, wherein the current South Indian Bank Fixed Deposit Interest Rates is 5.65 p.a.
If you are looking to invest in short term deposits with South Indian Bank, the interest rate of South Indian Bank for FD ranges from 3.50% p.a. to 4.75% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term South Indian Bank Fixed Deposit Rates for senior citizens range from 4.00% to 5.25% p.a.
If you want to invest in long term deposits, South Indian Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.50%.South Indian Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.00% p.a. on long term FDs.
Below-mentioned is some of the benefits of opening an FD account in South Indian Bank:
South Indian Bank Fixed Deposit Rates – Premature Withdrawal
You can close your South Indian Bank FD account prematurely, however South Indian Bank charges a penalty of 0.50% for deposits upto Rs. 15 lakh and 1% for deposits above Rs. 15 lakh for premature withdrawal. Also, The penal provisions for premature closure on South Indian Bank FD are subject to change from time to time and may also vary with deposit schemes.
Loan against Fixed Deposit South Indian Bank
South Indian Bank offers loans up to 90% against its own deposit. Note that South Indian Bank will not give you loan against FD of any other bank. South Indian Bank offers Loan against FD at the rate of 4.5% to 6.65%
Maximum loan tenure is restricted up to the maximum tenure of the FD.
Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in South Indian Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.
FD Account Opening Process at South Indian Bank
To open an South Indian Bank Fixed Deposit, follow the steps as mentioned below:
To open a Fixed Deposit account in South Indian Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the South Indian Bank FD after reading the terms and conditions.
Nomination Facility on South Indian Bank FD
South Indian Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an South Indian Bank FD account. The nominee has to submit his/her identification proof at the time of claim.
FAQs
✅What is the highest fixed deposit interest rate for South Indian Bank?
You can earn a maximum interest of 5.65% on South Indian Bank fixed deposit.
✅Are there any special rates for senior citizens FD of South Indian Bank?
Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.50% to 5.65%. Compared to this, South Indian Bank senior citizens FD are in the range of 4.00% to 6.15%.
✅What are the current South Indian Bank FD interest rates 2021?
Current interest for FD in South Indian Bank ranges between 3.50% - 5.65%.
✅Is there any minimum amount that I have to give for opening a Fixed Deposit with South Indian Bank?
The minimum deposit amount required to book an FD with South Indian Bank is .
✅Is it possible to change the tenure of my existing fixed deposit account with South Indian Bank?
No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.
✅What are the implications of opening an FD bank account without having PAN?
Following are the implications for the customers opening an FD account with South Indian Bank without their PAN card
✅Can a customer open an FD account online in South Indian Bank?
Yes, you can submit your application for opening an FD account on the website of South Indian Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.
✅In how many years FD will double in South Indian Bank?
The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.65%. For South Indian Bank FD the number of years in which your FD will get doubled is; 72/5.65 = 13
✅What is the interest of 1 lakh in the South Indian Bank?
The interest on South Indian Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the South Indian Bank FD interest rate 2021 across different tenures.
| Tenure | Interest Rate |
|---|---|
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 364 days | 4.75% |
| 1 year to 2 years 364 days | 5.40% |
| 3 years to 4 years 364 days | 5.50% |
| 5 years | 5.65% |
| 5 years to 10 years | 5.50% |
- 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%.
