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South Indian Bank FD - Scheme, Eligibility, Documents

South Indian Bank Fixed Deposit Highlights

Last Updated 25th Jun 2021

South Indian Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.50% to 5.65%
Minimum Tenure 15 days
Maximum Tenure 10 years
Deposit Amount Rs 1000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    South Indian Bank FD

    South Indian Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 15 days to 10 years. Apart from that, South Indian Bank FD offers regular returns on fixed deposits ranging between 3.50% to 5.65%. For senior citizens, the interest rates on fixed deposits range between 4.00% to 6.15%. In addition to that, South Indian Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of South Indian Bank Fixed Deposit Schemes

    Different type of South Indian Bank term deposit products offered to the investors are listed as follows:

    Standard Fixed Deposit

    Description:

    Benefits of South Indian Bank FD

    South Indian Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about South Indian Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, South Indian Bank offers FD rates up to 5.65%. The interest rates offered on South Indian Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, South Indian Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because South Indian Bank fixed deposit allows one to borrow a secured loan against South Indian Bank FD. Benefits of Loan Against FD of South Indian Bank are as follow:
      • Loan against FD of South Indian Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the South Indian Banks flexible repayment options.
      • The processing fee of Loan Against FD in the South Indian Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: South Indian Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. South Indian Bank offers fixed deposit for a minimum tenure of 15 days up to a maximum tenure of 10 years. South Indian Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, South Indian Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 1000. Apart from that, one can invest in the South Indian Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with South Indian Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from South Indian Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of South Indian Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for South Indian Bank FD

    South Indian Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for South Indian Bank FD

    South Indian Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against South Indian Bank FD

    Credit Cards againstSouth Indian Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against South Indian Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in South Indian Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. South Indian Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under South Indian Bank?

    South Indian Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 1000.

    What is the minimum amount for a fixed deposit in South Indian Bank?

    The minimum amount required for a fixed deposit investment in South Indian Bank fixed deposit is Rs 1000.

    What is the current interest rate on FD in South Indian Bank?

    Currently, South Indian Bank offers an interest rate ranging between 3.50% to 5.65% on its fixed deposits.

    What is the penalty for early withdrawal in South Indian Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in South Indian Bank?

    South Indian Bank fixed deposit can be opened with a minimum tenure of 15 days. The tenure of the South Indian Bank fixed deposits ranges from 15 days to 10 years.

    Can I deposit additional amount in my South Indian Bank FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in South Indian Bank?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in South Indian Bank?

    The documents required to open an FD account in South Indian Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the South Indian Bank?

    The time South Indian Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the South Indian Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a South Indian Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in South Indian Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the South Indian Bank safe for FD?

    Yes, the South Indian Bank is one of the safest avenues for any investments. South Indian Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the South Indian Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from South Indian Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    South Indian Bank News - Jul 2021
    • 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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