South Indian Bank Flexi Fixed Deposit

Explore Guaranteed Return Plans

Guaranteed return plans provide assured returns and the security of life insurance. These plans are an excellent option for risk-averse investors, as they are not affected by market fluctuations.

What is a South Indian Bank Flexi Deposit?

South Indian Bank Flexi Deposit is a sweep-in and sweep-out facility that combines the benefits of a savings or current account with those of a fixed deposit. Surplus funds above ₹3,00,000 are swept into the fixed deposits in multiples of ₹10,000 for up to 92 days. If the account balance falls below ₹25,000, funds are swept out to maintain the required level. The Flexi Fixed Deposit starts from ₹50,000 and can go up to just under ₹3 crore, making this a secure and flexible investment.

South Indian Bank Flexi FD Interest Rates 

Flexi Fixed Deposit Interest Rates offered by South Indian Bank are similar to South Indian Bank FD rates. Below is an interest rate table for South Indian Bank’s Flexi Fixed Deposit:

For Deposits Less Than ₹3 Crores

*South Indian Bank FD interest rates w.e.f. June 10, 2025

To explore comparative options, check the FD interest rates in India.

Key Features of South Indian Bank Flexi Deposit 

The South Indian Bank Flexi Fixed Deposit has several benefits, making it a practical choice for customers who maintain steady balances. Some of these include:

• Attractive Interest Rates: Flexi FD earns interest at regular fixed deposit rates, significantly higher than standard savings account rates. The rates can increase to 6.70% for general citizens and 7.20% for senior citizens, helping your surplus funds grow more efficiently.
• Easy Auto Withdrawal: In the Flexi Fixed Deposit, the most recent deposit is withdrawn first when money is needed. The Last In First Out system closes the most recent deposits first, allowing older deposits to keep earning interest.
• Quarterly Interest Payout: With the Flexi Fixed Deposit, interest is paid out quarterly. This gives you regular earnings without waiting till maturity.
• Part-Closure Interest Calculation: Only the withdrawn portion is recalculated for interest based on the period it remained deposited. A penalty of 0.5% applies for withdrawals up to ₹5 lakh and 1% for amounts above ₹5 lakh.
• No Loan or Lien Facility: Flexi deposits cannot be used for loans, and liens cannot be marked, keeping the funds reserved for savings and liquidity.
• Additional SIB RUBY Perks: Holders of a linked SIB RUBY account receive personal accident insurance of ₹10 lakh, unlimited RTGS and NEFT, and premium debit cards. They also enjoy demand draft fee waivers up to ₹1,00,000 per month, a 25% locker rent discount in the first year, and concessions on loan processing fees.

How to Open a South Indian Bank Flexi Fixed Deposit?

You can open a South Indian Bank Flexi Fixed Deposit both online and offline. Existing South Indian Bank customers can simply complete the Flexi Smart Deposit booking, while new customers must first open a savings account and then link it to their Flexi Fixed Deposit.

1. Online FD Account Opening

   You can book a South Indian Bank FD online. Just log in, fill out the form, and book the FD amount from your savings account.

   • NetBanking or Mobile App: Log in to South Indian Bank NetBanking with your credentials or open the SIB Mirror+ app.
   • Go to ‘Fixed Deposit’: Navigate to the 'Deposits' section and select the 'SIB Flexi Deposit' option.
   • Select FD Amount: Select your account and enter the amount, starting from ₹5,000.
   • Select FD Type: Choose the deposit option that links your savings or current account.
   • Maturity Instructions: Select options like auto-renewal, interest payout frequency, or payout at maturity.
   • Review & Confirm: Check all details, accept the terms & conditions, and submit.
   • FD Receipt: An e-receipt for your Fixed Deposit will be generated instantly.

2. Offline FD Account Opening

   If you find the offline process more convenient, just visit your nearest South Indian Bank branch to book an FD.

   • Visit South Indian Bank Branch: Visit a branch with your PAN/Aadhaar and a cheque or cash.
   • FD Form: Fill out the Term Deposit form at the South Indian Bank branch.
   • Submit Documents: Submit the required KYC proofs if you are a new customer.
   • Fund Transfer/Deposit: Deposit the FD amount (minimum ₹5,000) digitally, through a cheque, or cash.
   • Tenure & Interest Options: Choose the tenure (1 year to 5 years) and interest payout frequency.
   • Get the FD Receipt: South Indian Bank will issue a Term Deposit Receipt (TDR) as confirmation.

Difference Between Flexi Fixed Deposits and Regular Fixed Deposits

Here’s a quick comparison of the key features between South Indian Bank’s Regular Fixed Deposits and Flexi Fixed Deposits:

Key Takeaways

South Indian Bank Flexi Fixed Deposit, offered as SIB Flexi Smart Deposit, suits customers who want higher interest without locking in their entire balance. These may include salaried individuals, self-employed professionals, and business owners who maintain steady balances. Flexi deposits are a smart option for growing your money, as they offer higher returns than standard fixed deposits. Balances above ₹3,00,000 are converted into deposits in multiples of ₹10,000 and swept out when needed, avoiding South Indian Bank FD premature withdrawal penalties.