A regular recurring scheme is offered by South Indian Bank where the customers can deposit small amounts of their income each month and save a significant amount of money. The interest rate provided by South Indian Bank is paid at the time of maturity. The monthly payments are made by the account holders and the minimum deposit amount is 100 rupees. The Recurring Deposit schemes offered by South Indian Bank have tenures ranging from 1-10 years, and the scheme mainly targets the salaried individuals. The South Indian Bank also provides an overdraft facility of 90% of the outstanding balance to its customers. The depositors can make their payments towards the South Indian Bank RD accounts through internet banking or by visiting the bank. South Indian Bank also offers RD facility to Non-Resident Indians at highly competitive rates.
|Period||General (%)||Senior Citizens (%)||NRE (%)|
|7 days to 45 days||4||4.5||-|
|46 days to less than 1 year||6||6.5||-|
|1 year to 2 years||6.75||7.25||6.75|
|Above 2 years to up to and incl.10 years||6.5||7||6.5|
The short-term RD deposit of South Indian Bank is meant for tenures below 1 year and deposits below 100 lakhs, the interest rate applicable is 7%. The same interest rate is also applicable on NRI short term RD schemes.
The tenure for medium and long-term deposits vary from 1-3 years and 3-10 years. Customers can also open a mid-range deposit account with tenure between 1-3 years. The interest rate offered for tenures ranging from 1-3 years is 7.5% and for longer tenures, i.e., 3-10 years, the interest rate applicable is 7.3%. These interest rates are also applicable on South Indian Bank NRO Deposit accounts
South Indian Bank offers recurring deposit schemes to senior citizens at an additional interest rate of 0.50% over the regular deposit rates. Recurring deposit accounts with tenures ranging from 1 year to 3 years carry an interest rate of 8.00%. The interest rate given on a recurring deposit account with a tenure between 3 years and up to 10 years, is 7.80%.
South Indian Bank also offers RD to NRIs for tenures ranging from 1-10 years. The interest rate offered for 1-year tenure is 7.5%. The same interest rate is applicable for a tenure ranging from 1-3 years and the interest rate applicable is7.3%. These interest rates are applicable only on deposits amounting to less than 100 lakhs