South Indian Bank (SIB) is a premier private sector Indian bank based out of Thrissur in Kerala. The bank has considerable experience in serving NRIs. South Indian Bank NRI savings account, fixed deposits, NRI personal loan, insurances, etc. are some of the top services provided by the bank to Non-Residents and Overseas Citizens of India (OCIs). South Indian Bank NRE FD rates are listed below.
South Indian Bank NRE FD Rates 2023
Listed below are South Indian Bank NRE FD rates for deposits less than Rs. 2 cr:
| 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 | 7.20% |
| 501 days to < 30 months | 6.50% |
| 30 months | 7.00% |
| More 30 months to <5 years | 6.50% |
| 5 years to <66 months | 6.00% |
| 66 months (Green deposit) | 6.50% |
| More than 66 months to up to 10 years | 6.00% |
Note: Interest rates are subject to periodic change
Important points related to South Indian Bank NRE FD Rates
- The current rates will apply only on a fresh FD and on renewal of a maturing fixed deposit.
- Interest shall not be paid in case an NRE FD is closed within one year.
- Premature withdrawal of NRE fixed deposits opened/ renewed from 01.06.2022 will be penalized at the rate of 0.50% for deposits below Rs. 5 lakh and 1% for deposits worth Rs. 5 lakh and above.
- South Indian Bank doesn’t offer additional interest for senior citizens under NRE term deposit schemes.
Features and benefits
- SIB NRE deposits are available for a period ranging from 1 year to 10 years.
- Interest is paid on a quarterly basis.
- You can open the account with another NRI or OCI.
- Both principal and interest are fully repatriable to a bank account abroad.
- NRIs can also enjoy monthly payout at discounted rates.
- Interest earned can be withdrawn periodically or transferred to other accounts as per rules and regulations.
- Balance and interest earned thereon are exempt from income tax in India.
- You can also get loans against the deposited amount.
South Indian Bank NRO FD Rates 2023
South Indian Bank NRO FD rates for 2023 are as under:
| Period | Interest Rate (p.a.) |
|---|---|
| 7 to 30 days | 2.90% |
| 31 to 90 days | 3.50% |
| 91 to 99 days | 4.50% |
| 100 days | 6.00% |
| 101 days to 180 days | 4.50% |
| 181 days to less than 1 year | 5.00% |
| 1 year | 6.60% |
| 1 year 1 day | 7.00% |
| 1 year 2 days to 499 days | 6.50% |
| 500 days (SIB 94 plus) | 7.20% |
| 501 days to less than 30 months | 6.50% |
| 30 months | 7.00% |
| 30 months to < less than 5 years | 6.50% |
| 5 years to <66 months | 6.00% |
| 66 months (Green deposit) | 6.50% |
| Above 66 months to up to and including 10 years | 6.00% |
| Tax Gain (5 years) | 6.00% |
- Penalty at the rate of 0.50% for deposit amount below Rs. 15 lakh and 1% for deposit amount Rs. 15 lakh and above will be applicable for premature withdrawal of deposits opened/ renewed up to 31st May 2022.
South Indian Bank FCNR (B) rates 2023
South Indian Bank FCNR deposit interest rates for 2023 are listed below:
| Maturity Period | USD | GBP | EUR | CAD | AUD | CHF | JPY |
|---|---|---|---|---|---|---|---|
| 1 Year to less than 2 Year | 5.50 – 5.90% | 4.00% | 1.00% | 3.50% | 4.20% | 0.05% | 0.20% |
| 2 Year to less than 3 Year | 4.65% | 3.75% | 1.00% | 3.50% | 3.50% | 0.00% | 0.20% |
| 3 Year to less than 4 Year | 3.75% | 2.45% | 1.00% | 3.15% | 3.00% | 0.00% | 0.05% |
| 4 Year to less than 5 Year | 3.00% | 2.45% | 1.00% | 3.20% | 3.20% | NA | 0.05% |
| 5 Year | 3.00% | 2.45% | 1.00% | 3.25% | 3.45% | NA | 0.05% |
Note:
- There is no pre-closure penalty for FCNR deposits.
- No interest will be paid if a deposit is closed within one year and one day (366 days).
South Indian Bank RFC deposit rates 2023
| Maturity Period | USD | GBP | EUR | AUD | CHF | JPY |
|---|---|---|---|---|---|---|
| 1 Year to less than 2 Year | 5.50 – 5.90% | 4.00% | 1.00% | 4.20% | 0.05% | 0.20% |
| 2 Year to less than 3 Year | 4.65% | 3.75% | 1.00% | 3.50% | 0.00% | 0.20% |
| 3 Year to less than 4 Year | 3.75% | 2.45% | 1.00% | 3.00% | 0.00% | 0.05% |
Documents required
Customer will need to submit the following documents when applying for a South Indian NRE Bank FD account:
- Duly filled FD account opening form
- Self-attested photographs
- Current passport
- Certificate for resident status (work permit/valid Visa)
- Indian address proof (whenever applicable)
- PIO or OCI card (if applicable)
- Nominee application (if applicable)
- Specimen signature of the account holder
- Other miscellaneous documents as required by the bank
How to apply for South Indian Bank NRE Fixed Deposit Account
You can download the SIB NRE FD KYC form and send the filled application form along with required documents to the bank.
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SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific aspects including NRI FD schemes.
To get end to end assistance with NRE Account Opening and booking other Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.
FAQs
What is the interest rate for NRE fixed deposit in South Indian Bank?
- You can find the latest interest rates for NRE FD and Savings Account in South Indian Bank on our blog. The table is updated every month.
Is NRE FD a good investment?
- Unlike other investment options, NRI Fixed Deposit offers guaranteed returns that are not affected by market fluctuations. As a result, you earn guaranteed returns, even as your principal amount grows steadily, without risk. For NRIs seeking smart investment avenues, NRI FD is the best option.
Which bank gives the highest interest rate on NRE FD?
- You can check out the latest NRE FD and Savings Account Interest Rates and choose the best bank for yourself.
What are the current FD rates in South Indian Bank?
- You can find the latest interest rates for NRE FD and Savings Account in South Indian Bank on our blog. The table is updated every month.
Can we have 2 NRE accounts?
- Yes. NRIs can open multiple NRE savings bank accounts.
