Recurring Deposit South Indian Bank - 2018-2019 StudyChaCha

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Old March 15th, 2016, 11:27 AM
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Default Recurring Deposit South Indian Bank

Hello sir I am here as I want to get the details of the Recurring Deposit scheme of South Indian Bank so will you please provide me the details??
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Old March 15th, 2016, 12:05 PM
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Default Re: Recurring Deposit South Indian Bank

South Indian Bank Limited is a leading private sector bank in India, headquartered in Thrissur City in Kerala. The Bank provides financial services and banking products such as savings, loans, investment, insurance etc.

In Recurring Deposit scheme, individuals can make a fixed monthly investment, instead of a one-time lump-sum investment. Upon maturity, the Bank pays the depositor the invested amount along with the accrued interest.

Thus, you make equal periodic payments, and get it back with interest as a lump-sum at the time of maturity. A monthly instalment of Rs.100/- and above can be made for tenures ranging from a year, up to 10 years.

Special Features

-Remittance as monthly instalments over a period of time.

-Amount remitted plus cumulative interest will be paid on Maturity date.

-Monthly fixed savings promotes regular savings - meant for fixed income/salaried group

-Fixed monthly installment for period ranging from 12 months to 120 months

-facility to remit installment through internet banking

General Features

-Principal and Interest can be repatriated

-Joint accounts are permitted.

-No Income tax deduction at source on interest

-Balance is exempt from wealth tax and interest earned is exempt from Income Tax.

Interest rates
Interest rates SIB offers attractive interest rates for RD that ensures high yield for the depositors. The interest rates vary in accordance with the tenure for which the RD is opened as well as the principal amount.

Interest rates on RD, offered by South Indian bank ranges between 7% and 8.75%

An additional 0.50% is paid out to senior citizens as interest, over and above the interest paid out to regular customers.
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