The online South Indian Bank FD calculator will essentially assist you in estimating the maturity value of your fixed deposit investment. With a South Indian Bank fixed deposit, you can select a term between 7 days and 10 years. The interest rate on these deposits starts at 2.65% for regular people, and senior citizens are also eligible for an additional 0.50% per year interest. Depending on the tenure you choose, the interest rate will change. A shorter time, for instance, results in a lower interest rate, and vice versa.
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Features of South Indian Bank Fixed Deposit
- Nomination facility: There is a nomination option available for all fixed deposit accounts in the South Indian Bank. Any close relative, friend or apparent heir can be appointed as a nominee for a fixed deposit. This helps in securing the fixed deposits in the right hands.
- Tax Deducted at Source: From April 1, 2019, interest up to Rs.40,000 for ordinary residents and Rs.50,000 for senior citizens is exempted from Tax Deducted at Source (TDS).
- Loan facility: Up to 90% of the deposit amount may be borrowed against the fixed deposits by the depositors. This becomes helpful in case of emergencies. The interest charged on these loans is lower than other schemes.
- Tax exemption: Under Section 80C of the Income Tax Act of 1961, investments made through the “SIB Tax Gain 2006” program are completely tax-free.
- Auto renewal facility: For depositors, there is an option for auto-renewal of the fixed deposits. This can be done after the tenure of a particular fixed deposit ends.
Benefits of South Indian Bank Fixed Deposit Interest Calculator
The following are some significant advantages of using the South Indian Bank FD calculator that every investor needs to be aware of:
- Quick Results: The automatic nature of the online South Indian bank fixed deposit interest rates calculator makes it easier to quickly find out the maturity amount. It gives immediate results and eliminates the dangers involved with manual calculations. It gives a convenient and hassle-free experience to the investors.
- Customisation options: The South Indian Bank fixed deposit interest rates calculator provides opportunities for customising the rates. You can change your fixed deposit rates in South Indian banks and other variables by using this online FD calculator. This is one of the major benefits of the calculator. It can be used as many times it is needed to calculate an estimate.
- Make a comparison between other funds: You can easily compare the returns from various South Indian Bank fixed deposit schemes by using the FD calculator. This will help you in shortlisting the best fund to meet your financial goals. This is important to wisely plan your investments to meet your financial goals.
How is South Indian Bank FD Interest Rate Calculated?
The maturity amount and interest generated from the fixed deposit are calculated using a precise formula by the South Indian Bank FD calculator. However, the user-friendly interface of this online FD calculator makes it easy to use. You simply need to input certain amounts to get the desired results.
Here is a step-by-step tutorial for individuals who need help using this internet device:
- Enter the deposited sum of money in the “Total Investment” box as specified in the calculator.
- Input the investment tenure or period in the given space or use the slider available there to adjust the tenure.
- Insert the interest rate next in the South Indian Bank FD calculator.
- The final section of the screen, on the right, will display the total value and estimate.
There are two forms of fixed deposits: Compound interest fixed deposits and simple interest fixed deposits.
Compound interest:
The formula for finding out compounding interest is:
A = P {(1 + r/n)} N*T.
The maturity amount is denoted by the letter “A.”
The interest rate on fixed deposits offered by South Indian Bank is indicated by “R.”
The fixed deposit tenure is represented by the letter “t.”
The letter “P” stands for the deposited amount of money.
The quantity “N” indicates how frequently interest is compounded.
On the other hand, the following equation is used for calculating simple interest:
Simple interest:
M = P+ {(PXRXT/100)}, and
The maturity amount is represented by the letter “M.”
The letter “P” stands for the investment sum.
The letter “T” stands for the investment’s term or period and
The letter “R” stands for interest rate.
These calculating procedures can be challenging and time-consuming for the depositors. Therefore, using an online South Indian Bank FD calculator is important.
What are South Indian Bank FD Interest Rates?
South Indian Bank fixed deposit rates for the year 2024:
Tenure of the deposits | Interest rates of fixed deposits below the rate of 2 crores |
7-30 days | 2.65 |
31-90 days | 3.25% |
91-99 days | 4.25% |
100 days | 5.50% |
101-180 days | 4.25% |
181-less than a year | 4.60% |
1 year or 12 months | 6.60% |
1 year and 1 day | 7.00% |
1 year, 2 days- 499 days | 6.50% |
500 days | 7.40% |
501 days to 30 months | 6.50% |
30 months | 7.00% |
More than 30 months and 5 years | 6.50% |
5 years- less than 66 months | 6.00% |
66 months | 6.50% |
More than 66 months and less than 10 years | 6.00% |
South Indian Bank FD Calculator : FAQs
The minimum period is 7 days, and the maximum period for fixed deposit accounts of a South Indian Bank is 10 years.
Yes, up to 90% of the deposit amount can be borrowed against the fixed deposit account by the depositors. The interest charged on these loans is lower than other loan schemes.
Yes, a depositor can prematurely close the South Indian Bank fixed deposit. The fixed deposits come with the facility of easy withdrawals. However, exceptions can be there for a tax saver fixed deposits with a five-year lock-in tenure.
Yes, the South Indian Bank FD calculator is reliable and provides accurate results in computing the interest rates of the fixed deposit.