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Fixed Deposit

South Indian Bank offers Fixed Deposit schemes in a multitude of varieties for meeting with the requirements of different individuals. The bank has a solution for every short term deposit or long term deposit, whether flexible scheme or a tax saving fixed scheme. Let us take a look at the various fixed deposit schemes offered by the bank and the features and benefits of each scheme.
 

South Indian Bank FD Rates 2018

FD Tenure

Interest Rates

Regular Citizens Senior Citizens
7 days to 45 days 4.00% 4.50%
46 days to 90 days 5.65% 6.15%
91 days to less than 1 year 6.00% 6.50%
1 year to 2 years 6.75% 7.25%
Above 2 years to up to and incl.10 years 6.50% 7.00%

Note: Rates are applicable on deposits below Rs 1 Crore with effect from 20th June 2017. These rates are subject to change without prior notice.

Types of Fixed Deposit Schemes offered by South Indian Bank

South Indian Bank Kalpakanidhi

Kalpakanidhi is a reinvestment plan which is cumulative in nature yielding a higher amount on maturity. The features and benefits of the scheme are as follows:
 

  • Interest rates are compounded quarterly and reinvested with the principal to earn higher interest rates
  • Deposit can be made for a minimum period of 6 months and a maximum period of 10 years.
  • Deposits will be automatically renewed on maturity
  • Nomination facility is available under the scheme
  • Loans can be availed on the deposit made at up to 90% of the deposit amount
  • Earned interest is exempted from tax if the amount is limited to Rs.10, 000
  • The documents required are 2 passport sized photographs, Passport, Ration Card, Voter ID Card or PAN Card

South Indian Bank Flexi Deposit

A deposit scheme which is linked to the Savings Account of the customer for higher flexibility. The features of the scheme are as follows:
 

  • The deposit account is maintained in units of Rs.1000
  • If the balance in the Savings Account falls short in any month, the units in the deposit account are withdrawn in units of Rs.1000 on a Last-In-First-Out (LIFO) basis to meet the savings account deficit
  • Interest is calculated and paid to the customer every quarter
  • TDS is applicable on interest exceeding Rs.10, 000
  • Nomination facility is available under the scheme
  • Loans can be availed on the deposit made at up to 90% of the deposit amount

South Indian Bank Flexi Smart Deposit

A deposit scheme which is linked to the customers’ existing Current account maintained with the bank offering increased flexibility. The features of the scheme are as follows:
 

  • Deposit account is maintained in units of Rs.10, 000.
  • Minimum amount required to open the account is Rs.50, 000 up to a maximum of Rs.1 crore
  • The balance in the Current Account falls below Rs.25, 000 in any month, the units in the deposit account are withdrawn on a Last-In-First-Out (LIFO) basis to meet the account deficit
  • Interest is calculated and paid to the customer every quarter
  • TDS is applicable on interest exceeding Rs.10, 000
  • Nomination facility is available under the scheme
  • Loans can be availed on the deposit made at up to 90% of the deposit amount

South Indian Bank Tax Gain 2006

A deposit scheme designed specifically to earn tax exemption under Section 80C of the Income Tax Act. The features of the scheme are as follows:
 

  • Minimum amount of deposit is Rs.100 while the maximum amount of deposit is Rs.1.5 lakhs
  • Deposit period will be a minimum period of 5 years
  • Nomination facility is available but will not be applicable for deposits held in a minor’s name.
  • Loan cannot be availed against the deposit or on the deposit
  • Interest will be subject to TDS if it exceeds Rs.10, 000
  • An individual either solely or jointly or a Karta of a HUF can open the account

South Indian Bank Fast Cash Deposit

A deposit scheme designed for a short term with the following features:
 

  • Deposit can be made for 30, 46 or 91 days with both cumulative and non-cumulative options
  • Automatic renewal facility available
  • Partial withdrawal is permitted from the deposit without breaking the deposit
  • Non-existing customers of the bank 2 passport sized photographs, Passport, Ration Card, Voter ID Card or PAN Card

South Indian Bank Fixed Deposit

A simple deposit scheme with the following features:
 

  • Simple interest is calculated on the deposit and paid out quarterly
  • Deposits can be made for a minimum period of 15 days
  • Auto renewal of deposits on maturity
  • TDS is applicable on the earned interest and nomination facility is also available
  • Loan can be availed against the deposit at up to 90% of the loan amount
  • Non-existing customers of the bank 2 passport sized photographs, Passport, Ration Card, Voter ID Card or PAN Card

South Indian Bank Recurring Deposit

A deposit scheme with monthly deposits for a fixed period of time at a fixed monthly installment. The features of the scheme are as follows:
 

  • Deposit can be made for a monthly installment of as low as Rs.100
  • Deposit tenure ranges from 1 year as a minimum to 10 years
  • Overdraft facility can be availed on the deposit at a rate of 90% of the deposit balance
  • Installments can be remitted through internet banking or Standing Instructions placed by customers

South Indian Bank Care

A unique deposit account which pays out interest and a part of the principal as monthly payouts. The features of the scheme are as follows:
 

  • Deposit is fixed and can be chosen for a minimum of 2 years and a maximum of 10 years
  • Equal installments of the monthly interest and a portion of the principal amount will be paid monthly to the customer
  • The amount of deposit can be a minimum of Rs.25, 000 and a maximum of Rs.1 crore
  • For deposits of Rs.1 lakh and above a free Insurance Cover is provided to customers
  • Loan cannot be availed against the deposit

South Indian Bank Freedom

A deposit scheme with a fixed tenure with the following features:
 

  • Deposit is made for a fixed term of 15 months
  • Minimum deposit amount is Rs.1000
  • Options of Cumulative Scheme or a Simple Interest scheme
  • TDS will be applicable on the earned interest
  • Monthly interest can be availed by customers at a discounted rate
  • 0.5% penalty will be levied on amounts up to Rs.15 lakhs and 1% for higher amounts in case of pre-closure of the account