South Indian Bank NRI Account Interest Rates
November 18, 2013 admin Banking, Banks FD & Saving Interest Rate,
South Indian Bank NRI Account Interest Rates
One of the earliest banks in South India, “South Indian Bank” came into being during the Swadeshi movement. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community on one hand and to free the business community from the clutches of greedy money lenders on the other by providing need based credit at reasonable rates of interest.
Translating the vision of the founding fathers as its corporate mission, the bank has during its long sojourn been able to project itself as a vibrant, fast growing, service oriented and trend setting financial intermediary.
Vision
To emerge as the most preferred bank in the country in terms of brand, values, principles with core competence in fostering customer aspirations, to build high quality assets leveraging on the strong and vibrant technology platform in pursuit of excellence and customer delight and to become a major contributor to the stable economic growth of the nation.
Mission
To provide a secure, agile, dynamic and conducive banking environment to customers with commitment to values and unshaken confidence, deploying the best technology, standards, processes and procedures where customer convenience is of significant importance and to increase the stakeholders’ value.
| DOMESTIC DEPOSITS (Also applicable for NRO Accounts) |
| Interest rate on Domestic Deposits w.e.f August 01st, 2013 |
|
Period
|
Single Deposit less than Rs.100.00 lacs
|
|
General
|
Senior Citizens*
|
| 7 days to 14 days |
—
|
—
|
| 15 days to 45 days |
4.00%
|
4.50%
|
| 46 days to 90 days |
4.50%
|
5.00%
|
| 91 days to 180 days |
7.00%
|
7.50%
|
| 181 days to 299 days |
8.50%
|
9.00%
|
| 300 days |
8.75%
|
9.25%
|
| 301 days to less than 1 year |
8.50%
|
9.00%
|
| 1 year to less than 2 years |
9.00%
|
9.50%
|
| SIB 85 (2 years) |
9.25%
|
9.75%
|
| Above 2 years to less than 3 years |
9.00%
|
9.50%
|
| 3 years to upto & incl. 10 years |
8.75%
|
9.25%
|
| Tax Gain |
8.75%
|
9.25%
|
|
Rates for single deposit of Rs.100 lacs & above and Premature closure penalty thereon to be obtained from Head Office – (Treasury Dept.) on a daily basis.
|
|
| * Special rates for Senior Citizens, applicable only to Residents individually or jointly with another resident citizen.Penalty is applicable for premature closure of deposits for withdrawal as well as for reinvestment of Term Deposits including Recurring Deposits and Daily Savings Deposits at the rate of 0.50% for deposit amounts below Rs.15 lakhs and 1% for deposit amounts of Rs.15 lakhs and above. The effective rate will be the net of applicable rate for the period of deposit remained with bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less. |
| DOMESTIC SAVINGS ACCOUNT(Also Applicable for NRO Accounts) |
|
|
Period
|
Rate
|
| Savings Bank A/c (w.e.f 03.05.2011) |
4.00% per annum
|
|
|
| NRE DEPOSITS |
| Interest rate on NRE Deposits with effect from 26th August 2013* |
|
Period
|
Single Deposit less than Rs.100 lacs
|
| 1 year to less than 2 years |
9.00% p.a
|
| SIB 85 (2 years) |
9.25% p.a
|
| Above 2 years to less than 3 years |
9.00% p.a
|
| SIB NRE Max (3 years to 5 years) |
9.50% p.a
|
| Above 5 years to upto and incl.10 years |
9.00% p.a
|
|
Rates for single deposit of Rs.100 lacs & above and Premature closure penalty thereon to be obtained from Head Office – (Treasury Dept.) on a daily basis.
|
|
| * The revised rates will apply only to fresh deposits and on renewal of maturing deposits. |
No interest will be paid if closed within one year.
No additional interest will be paid for Senior Citizens under NRE Term deposit schemes.
| FCNR(B) DEPOSITS |
| Interest rate per annum on FCNR(B) Deposits with effect from 15th August 2013 |
|
Period
|
USD
|
GBP
|
EURO
|
AUD
|
CHF
|
| 1 year to less than 2 years |
2.67%
|
2.86%
|
2.47%
|
4.48%
|
2.24%
|
| 2 years to less than 3 years |
2.48%
|
2.71%
|
2.56%
|
4.65%
|
2.20%
|
| 3 years to less than 4 years |
4.78%
|
4.87%
|
4.74%
|
6.89%
|
4.34%
|
| 4 years to less than 5 years |
5.17%
|
5.11%
|
4.96%
|
7.19%
|
4.52%
|
| 5 years |
5.56%
|
5.41%
|
5.20%
|
7.42%
|
4.73%
|
* There is no pre closure penalty for FCNR(B) deposits
|
|
| RFC ACCOUNT |
| Interest rate per annum on RFC Deposits with effect from 15th August 2013 |
|
Period
|
USD
|
GBP
|
EURO
|
| 1 year to less than 2 years |
2.67%
|
2.86%
|
2.47%
|
| 2 years to less than 3 years |
2.48%
|
2.71%
|
2.56%
|
| 3 years |
4.78%
|
4.87%
|
4.74%
|
|
|
| RFC SAVINGS ACCOUNT |
|
|
USD
|
GBP
|
EURO
|
| Savings Bank A/c |
0.50%
|
2.00%
|
1.00%
|
|
|
|
| Effective Annualized Rate of Return (Indicative only) |
|
|
In keeping with Reserve Bank of India guidelines to provide information on effective annualized rate of return on deposits of various maturities, the annualized rate of return for the Kalpakanidhi* (KND – Quarterly Compounding) deposits are indicated.
|
|
Annualized Rate of Return at minimum quarterly multiple of the maturity bucket for Kalpakanidhi* (KND – Quarterly Compounding) Domestic Deposits (Also Applicable for NRO KND Deposits)
|
|
(For Single deposits of less than Rs.100 lakhs)
|
|
General
|
Senior Citizen
|
|
Period
|
ROI
|
Annualized Yield
|
ROI
|
Annualized Yield
|
| 7 days to 14 days |
–
|
–
|
–
|
–
|
–
|
–
|
| 15 days to 45 days |
4.00%
|
4.00%
|
( – )
|
4.50%
|
4.50%
|
( – )
|
| 46 days to 90 days |
4.50%
|
4.50%
|
( – )
|
5.00%
|
5.00%
|
( – )
|
| 91 days to 180 days |
7.00%
|
7.00%
|
( – )
|
7.50%
|
7.50%
|
( – )
|
| 181 days to less than 1 year |
8.50%
|
8.68%
|
(3 Q)
|
9.00%
|
9.20%
|
(3 Q)
|
| 1 year to less than 3 years |
9.00%
|
9.31%
|
(4 Q)
|
9.50%
|
9.84%
|
(4 Q)
|
| SIB 85 (2 years) |
9.25%
|
10.03%
|
(8 Q)
|
9.75%
|
10.62%
|
(8 Q)
|
| 3 years to upto and incl. 10 years |
8.75%
|
9.88%
|
(12 Q)
|
9.25%
|
10.52%
|
(12 Q)
|
|
(The period (in quarters) corresponding to which the annualized yield is determined are mentioned in the brackets)
|
|
Annualized Rate of Return at minimum quarterly multiple of the maturity bucket for NRE KND* Deposits
|
|
Period
|
ROI
|
Annualized Yield
|
| 1 year to less than 3 years |
9.00%
|
9.31%
|
(4 Q)
|
| SIB 85 (2 years) |
9.25%
|
10.03%
|
(8 Q)
|
| SIB NRE Max(3 years to 5 years) |
9.50%
|
10.84%
|
(12 Q)
|
| Above 5 years up to and incl.10 years |
9.00%
|
11.21%
|
(60 Q)
|
|
* KND Deposits shall be opened with maturity of quarterly multiples only.
|
|