South Indian Bank provides a wide range of FD schemes with attractive interest rates for both the general public and senior citizens. For the general public, the FD interest rates range from 2.90% to 7.40% per annum, depending on the tenure, which can be as short as 7 days or as long as 10 years. Senior citizens enjoy slightly higher interest rates, ranging from 3.40% to 7.50% per annum for the same tenure options.
The bank also offers tax saving FDs, which provide a fixed interest rate of 6.00% per annum for the general public and 6.50% per annum for senior citizens. These tax-saving FDs have a specific tenure of 5 years.
South Indian Bank FD Rates on Domestic Term Deposits w.e.f 21st July 2023
| Period | Single Deposit less than Rs.2 crore | ||
| General | Senior Citizens | ||
| 7 days to 30 days | 2.90% | 3.40% | |
| 31 days to 90 days | 3.50% | 4.00% | |
| 91 days to 99 days | 4.50% | 5.00% | |
| 100 days | 6.00% | 6.50% | |
| 101 days to 180 days | 4.50% | 5.00% | |
| 181 days to less than 1 year | 5.00% | 5.50% | |
| 1 year | 6.60% | 7.10% | |
| 1 year 1 day | 7.00% | 7.50% | |
| 1 year 2 days to 499 days | 6.50% | 7.00% | |
| 500 days (SIB 94 Plus) | 7.40% | 7.40% | |
| 501 days to less than 30 months | 6.50% | 7.00% | |
| 30 months | 7.00% | 7.25% | |
| Above 30 months to less than 5 years | 6.50% | 7.00% | |
| 5 years to less than 66 months | 6.00% | 6.50% | |
| 66 months (Green deposit) | 6.50% | 7.00% | |
| Above 66 months to upto and including 10 years | 6.00% | 6.50% | |
| Tax Gain ( 5 Years ) | 6.00% | 6.50% | |
What is the Eligibility for South Indian Bank’s FD Account?
To create an FD account in the South Indian Bank, the candidate must fulfil certain eligibility criteria, without which they won’t be able to create an account:
- Individuals who are residential as well as non-residential Indians, including minors.
- Hindu Undivided Families (HUF)
- Public or private companies
- Government departments
- A minor of any age
What Documentation is Required for a South Indian Bank FD Account?
Without the necessary documentation, it is not possible to create an account. The documents which are required to create a South Indian Bank FD Account are as follows:
- Passport-size photograph of the applicants.
- Any kind of identity proof of the applicant, like an Aadhaar card, passport, etc.
- Address proof of the applicant, like ration card, voter’s card, etc.
- PAN card of the applicant.
- Application form of the applicant along with details and signature.
What are the FD Rates for NRE/ Domestic Account Holders?
The South Indian bank interests differ for different periods and people. The table below shows the various South Indian bank FD interest rates for NRE/domestic account holders:
| Period | Interest Rate (% p.a.) |
| 1 year | 6.60 |
| 1 year 1 day | 7.00 |
| 1 year 2 days to 499 days | 6.50 |
| 500 days (SIB 94 Plus) | 7.40 |
| 501 days – 30 months | 6.50 |
| 30 months | 7.00 |
| 30 months – 5 years | 6.50 |
| 5 years – 66 months | 6.00 |
| 66 months (Green deposit) | 6.50 |
| 66 months – 10 years | 6.00 |
What are the FD Rates for NRI Accounts?
There are various South Indian bank NRE FD rates for NRI accounts and the following table shows the various FD rates for the same:
| Period | Rate of interest |
| 1 year | 6.60 |
| 1 year 1 day | 7.00 |
| 1 year 2 days | 6.50 |
| 500 days | 7.40 |
| 501 days to less than 30 months | 6.50 |
| 30 months | 7.00 |
South Indian Bank FCNR (B) Interest Rates 2023
| Maturity period/Currency | USD | GBP | EUR | AUD | CHF | JPY | CAD | |||
| Amount | Upto 2.50L | 2.50L to less than 10L | 10L & above | |||||||
| 1 Year to less than 2 Year | 5.50% | 5.60% | 5.90% | 4.00% | 1.00% | 4.20% | 0.05% | 0.20% | 3.50% | |
| 2 Year to less than 3 Year | 4.65% | 4.65% | 4.65% | 3.75% | 1.00% | 3.50% | 0.00% | 0.20% | 3.50% | |
| 3 Year to less than 4 Year | 3.75% | 3.75% | 3.75% | 2.45% | 1.00% | 3.00% | 0.00% | 0.05% | 3.15% | |
| 4 Year to less than 5 Year | 3.00% | 3.00% | 3.00% | 2.45% | 1.00% | 3.20% | NA | 0.05% | 3.20% | |
| 5 Year | 3.00% | 3.00% | 3.00% | 2.45% | 1.00% | 3.45% | NA | 0.05% | 3.25% | |
South Indian Bank RFC Account Interest Rates 2023
| Maturity period/Currency | USD | GBP | EUR | AUD | CHF | JPY | |||
| Amount | Up to 2.50L | 2.50L to less than 10L | 10L & above | ||||||
| 1 Year to less than 2 Year | 5.50% | 5.60% | 5.90% | 4.00% | 1.00% | 4.20% | 0.05% | 0.20% | |
| 2 Year to less than 3 Year | 4.65% | 4.65% | 4.65% | 3.75% | 1.00% | 3.50% | 0.00% | 0.20% | |
| 3 Year | 3.75% | 3.75% | 3.75% | 2.45% | 1.00% | 3.00% | 0.00% | 0.05% | |
How to Avail of a Loan Against Your FD?
To avail loan against your FD, one needs to follow the step-by-step guide mentioned below. This guide will HELP the customers while they avail of their loan against their FD:
- Login to SIBerNet and then go to the service request.
- The next step is to go to and click on the “Loan Against Deposit Online” option.
- In the third step, select the deposit against which the loan is to be availed. The maximum amount of loan available will be displayed.
- Select the required loan amount and enter the account number of the account to which the loan needs to be transferred.
- It will be further authenticated with OTP and a transaction password.
What Happens On Premature Withdrawal of Funds?
Whenever a premature withdrawal of funds occurs, various penalty charges may be incurred. These charges are imposed in various ways and consist of various types. The penalty charges that occur on premature withdrawal of funds are:
- The penalty is imposed on premature closure of the deposits done for the withdrawal and reinvestment of FDs.
- A penal rate of 0.50% is charged for deposit amounts that are less than Rs. 15 lakhs and a 1% penal rate for the deposits of Rs. 15 lakhs or more than that.
- Interest is paid after the penal rate is deducted from the applicable rate. The applicable rate and interest rate are the same, and the interest rate would be applicable for the period of deposit for which the FD was with the bank.
Who is Eligible to avail the Nomination Facilities?
Nomination facilities cannot be availed by all. They can only be availed by particular people and organisations. Only the following are eligible to avail of the nomination facilities:
- It is available for all kinds of deposit amounts, including a proprietorship account.
- It cannot be obtained by accounts that are held in a representative capacity as the holder of any kind of office.
- Nomination is usually done in favour of only one candidate. If the candidate is a minor, then a candidate who is an adult must be appointed so that they can receive the amount during the minority period of the candidate.
South Indian Bank FD Rates FAQ’s :-
The minimum and maximum periods for South Indian Bank fixed deposit accounts may vary. However, the available tenure options typically range from 7 days to 10 years.
An additional 0.50% of South Indian bank FD interest rates for senior citizens exists. The additional interest rate may vary over time, but senior citizens typically enjoy higher rates than regular customers.
Senior citizens who are residents or non-residents of India are eligible to avail of South Indian bank fixed deposit schemes. They need to meet the bank’s criteria for age, documentation, and other requirements as specified by the bank.
The important documents required as proof of address to avail of a fixed deposit with South Indian bank can include any of the following: ration card, voter’s card, Aadhaar card, passport, utility bills (electricity, water, telephone, etc.), bank statements, or any other valid government-issued address proof document.
