The latest dated South Indian Bank schedule available for this guide is effective 19 June 2026. For deposits below ₹3 crore, it lists general-public rates from 2.90% for 7–30 days to 6.80% for 30 months; eligible resident senior citizens generally receive an additional 0.50 percentage points. Rates can change without notice, so confirm the effective date and exact product row immediately before booking.
For a retail rupee term deposit opened or renewed on or after 26 March 2026, premature closure uses a 1-percentage-point penalty in the interest-rate calculation. Deposits must also satisfy minimum holding periods, and non-callable domestic bulk deposits of ₹3 crore or more cannot be broken early. DICGC insurance covers eligible deposits up to ₹5 lakh per depositor per bank, combining principal and interest held in the same right and capacity.
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What the 19 June 2026 rate schedule actually tells you
Do not rely on a search-result snippet or an undated screenshot when checking an FD rate. South Indian Bank places an effective date above its interest-rate table and states that rates are subject to change without notice. The date, deposit category, amount band and tenor together determine the applicable number.
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| Item | Published figure or rule |
|---|---|
| General resident/NRO deposits below ₹3 crore | 2.90% for 7–30 days at the low end of the listed range |
| General resident/NRO deposits below ₹3 crore | 6.80% for a 30-month tenor at the high end of the listed range |
| Eligible resident senior citizens | Generally 0.50 percentage points above the corresponding regular rate |
| Domestic rupee and NRO minimum tenor | Seven days |
| NRE and FCNR(B) minimum tenor | One year |
| Non-callable domestic bulk deposit | ₹3 crore or more; no premature-withdrawal facility |
The 2.90% and 6.80% figures are endpoints of the published range, not a promise that every tenor earns one of those rates. The table may include exact periods such as 372 days, 18 months, 30 months and 66 months. Match your intended period exactly rather than rounding it to a nearby row.
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Which column applies to you
- Domestic resident or NRO: use the relevant rupee-deposit section and the amount band containing your principal.
- NRE: use the separate NRE section; its minimum tenor is one year.
- FCNR(B): use the currency-specific FCNR(B) section; its minimum tenor is one year.
- Callable versus non-callable: verify whether the product permits early closure. A non-callable bulk deposit of ₹3 crore or more does not provide that facility.
- Senior citizen: the bank says the special rate applies to eligible resident senior citizens holding the deposit individually or jointly with another resident citizen. Confirm eligibility and the required documents before accepting the quote.
Save the rate sheet, deposit advice or booking confirmation issued on the day you place the FD. It records the rate and terms that applied then, which is important if the public table changes later.
How to check the rate before booking
- Open the bank’s official interest-rate page. Read the effective date printed above the table. If the date is older than your booking date, treat the number as a reference and seek the current sheet.
- Select the product category. Choose domestic resident/NRO, NRE or FCNR(B), and then callable or non-callable where the page provides that choice.
- Choose the amount band. Rates can differ by deposit size. The quoted range of 2.90% to 6.80% applies to the listed general rates for deposits below ₹3 crore; it should not be transplanted to a bulk-deposit row.
- Match the exact tenor. Enter or select the precise number of days or months. Check special rows such as 372 days, 18 months, 30 months and 66 months instead of assuming a one-year or two-year rate.
- Check senior-citizen eligibility. Compare the senior column only if the depositor meets the bank’s resident-citizen condition. A joint account is eligible only where the other holder is also a resident citizen under the bank’s stated condition.
- Confirm payout and maturity instructions. Verify whether interest is paid periodically or at maturity, how the deposit will renew, and what instruction is recorded for the principal. Ask the bank for the applicable tax-withholding treatment for your circumstances.
- Keep the evidence. Download or print the dated table and retain the advice, receipt and nomination details with your account records.
How South Indian Bank’s premature-closure rule works
The opening or renewal date controls which rule applies. For retail rupee term deposits opened or renewed from 26 March 2026, the bank states a 1% penalty for all tenors and deposit amounts. This is a reduction in the interest rate used for the calculation; it is not a flat 1% subtraction from your principal.
The rate comparison
For a qualifying deposit, the bank compares two rates:
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- the rate applicable to your amount for the period the money was actually held, less one percentage point; and
- your original contracted rate, less one percentage point.
The lower result is used. In shorthand, the effective annualized rate is the lower of the “actual holding-period rate” and “contracted rate,” with one percentage point deducted from that lower rate. The bank then calculates interest for the period the deposit was open under its deposit policy.
What the 1% does not mean
- It is not automatically 1% of the deposit principal.
- It does not guarantee that the original FD rate will be used.
- It does not override the minimum-tenor rule or a non-callable designation.
- It is not automatically the rule for every historical deposit. The bank distinguishes deposits opened or renewed before 1 June 2022, from 1 June 2022, and from 26 March 2026 onward, so older receipts must be checked against the policy and contract that applied on their date.
The policy also says early closure is allowed at the bank’s discretion. Charges are deducted subject to a maximum of the interest portion, rather than being taken from principal as a separate penalty charge. Ask the branch or service channel to quote the closure value before authorising the break.
Worked example: a two-year FD closed after ten months
Suppose a customer books a two-year retail rupee FD and requests closure after ten months. The example demonstrates the method, not a rupee payout:
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- Identify the amount band and the rate for a ten-month holding period on the closure date.
- Identify the original contracted two-year rate shown on the deposit advice.
- Subtract one percentage point from each applicable rate.
- Use whichever adjusted rate is lower.
- Calculate interest for the ten months actually held, subject to the bank’s policy and any minimum-period condition.
The exact amount cannot be determined without the principal, booking rate, opening or renewal date, amount band and the bank’s calculation of days and interest. Request a written premature-closure quotation before breaking the deposit.
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Domestic rupee and NRO deposits
The policy sets a seven-day minimum tenor. If you withdraw before the applicable minimum period, no interest is paid. A deposit opened for a longer period does not avoid this rule when it is closed almost immediately.
NRE and FCNR(B) deposits
These deposits have a one-year minimum tenor. Withdrawal before that minimum period earns no interest under the stated policy. Check the currency, repatriation and account terms in the product documentation as well as the rate table.
Non-callable domestic bulk deposits
A non-callable domestic bulk deposit of ₹3 crore or more has no premature-withdrawal facility. Do not assume that paying a penalty will create an exit option; the product itself may prohibit early closure. Confirm “callable” status before transferring a large amount.
Checklist before you break an FD
- Record the deposit number, principal, opening date and any renewal date.
- Read the advice to identify whether the FD is domestic, NRO, NRE or FCNR(B), and whether it is callable.
- Check whether the deposit has completed seven days (domestic/NRO) or one year (NRE/FCNR(B)).
- Ask for the rate applicable to the amount and actual holding period.
- Ask the bank to show the original contracted rate, the one-percentage-point adjustment and the resulting interest calculation.
- Confirm that the requested closure is permitted for this product and that the proceeds will be credited to the intended account.
- Compare the net proceeds with alternatives such as leaving the FD until maturity or using another source of funds. Include any loss of future interest in the comparison.
- Keep the closure advice and revised interest certificate with your tax and banking records.
How DICGC deposit insurance applies
The Deposit Insurance and Credit Guarantee Corporation (DICGC) states: “Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity.”
That is a combined ceiling, not ₹5 lakh for principal plus another ₹5 lakh for interest. Eligible savings, fixed, current and recurring deposits at the same bank are aggregated when held in the same right and capacity. The Ministry of Finance describes the same principal-and-interest limit and confirms the framework across commercial banks, foreign-bank branches, local-area banks and regional rural banks.
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What “same bank” and “same capacity” mean in practice
Several South Indian Bank accounts held by one depositor in the same ownership capacity count toward one ₹5 lakh limit. For example, ₹4,80,000 of principal plus ₹30,000 of accrued interest totals ₹5,10,000; the insured maximum is ₹5,00,000, leaving ₹10,000 outside the limit. A second FD does not create a second ₹5 lakh allowance merely because it has a different account number.
Legal ownership capacity can affect aggregation. Individual, joint and other legally distinct capacities may be treated differently under DICGC rules, but the correct result depends on how the accounts are titled and recorded. Anyone holding more than ₹5 lakh should ask South Indian Bank or DICGC to confirm the treatment of the exact account structure rather than relying on an informal assumption.
Insurance does not change the FD’s withdrawal terms
DICGC cover protects eligible deposits if an insured bank fails, subject to the ₹5 lakh aggregate limit. It does not make a non-callable deposit breakable, remove the one-percentage-point premature-closure adjustment, or guarantee interest when a deposit is closed before its minimum tenor.
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A headline rate is only one part of the decision. Compare each bank using the same amount, tenor, depositor status and payout instruction:
- Effective annual rate: use the exact tenor and effective date, not a promotional maximum.
- Senior-citizen uplift: check the percentage-point addition and the bank’s residency and joint-holding conditions.
- Premature closure: identify the penalty, the rate-comparison method and whether the product permits withdrawal at all.
- Minimum tenor: verify the no-interest threshold for the relevant deposit category.
- Callable status: especially important for bulk deposits of ₹3 crore or more.
- Payout frequency and maturity instructions: confirm when interest is credited and what happens at maturity.
- Deposit insurance: apply the ₹5 lakh DICGC ceiling per depositor per bank, aggregated by ownership capacity.
Compare net outcomes over the period you actually expect to keep the money. A slightly higher headline rate can be less useful if you may need access early and the product imposes a larger interest reduction or does not permit closure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Common mistakes and how to avoid them
Using an undated rate
Problem: rates change without notice, so an old screenshot may not describe today’s offer.
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Fix: read the effective date above the live table, save it with your booking documents and obtain confirmation if the date changes between quotation and funding.
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Problem: a customer expects 99% of the principal after closure.
Fix: understand the penalty as a one-percentage-point reduction in the applicable interest-rate calculation. Request the bank’s written computation.
Ignoring the opening or renewal date
Problem: the 26 March 2026 rule is applied automatically to an older FD.
Fix: check the receipt and renewal history. Deposits from earlier policy periods may have different terms.
Breaking a deposit before the minimum period
Problem: the customer expects at least some interest after a very short holding period.
Fix: verify seven days for domestic/NRO or one year for NRE/FCNR(B) before submitting a closure request; the stated policy pays no interest before the applicable minimum.
Assuming every large FD is liquid
Problem: a ₹3 crore or larger domestic bulk FD is treated like a callable retail deposit.
Fix: confirm callable status before booking. Non-callable bulk deposits do not provide a premature-withdrawal facility.
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Counting insurance by account number
Problem: several accounts are assumed to have separate ₹5 lakh protection.
Fix: aggregate principal and interest in the same right and capacity at the same bank, and obtain advice on any different legal ownership capacity.
A practical record to keep
For every FD, retain the dated rate sheet, deposit advice, amount band, tenor, customer status, callable designation, opening or renewal date, maturity instruction and nomination details. If you later consider early closure, add the bank’s written quote showing the actual holding-period rate, contracted rate, one-percentage-point adjustment and final interest. This file lets you verify both the payout calculation and your aggregate DICGC exposure without guessing from a current web table.
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