Rate of Interest on South Indian Bank NRE FD Account Deposits
South Indian Bank provides a variety of interest rates for NRE FDs across different tenures. The Fixed Deposit Interest Rates received on South Indian Bank NRE FD single deposit amounting to less than 3 crores are as follows:
| Period |
Single Deposit less than Rs.3 crore (% p.a.) |
| 1 year |
6.80% |
| Above 1 year to 1 year 6 days |
6.50% |
| 1 year 7 days |
7.25% |
| 1 year 8 days to less than 18 months |
6.50% |
| 18 months |
7.05% |
| Above 18 months to 30 months |
6.50% |
| Above 30 months to less than 39 months |
6.70% |
| 39 months |
7.00% |
| Above 39 months to less than 5 years |
6.70% |
| 5 years to less than 66 months |
6.00% |
| 66 months (Green deposit) |
6.50% |
| Above 66 months up to 10 years |
6.00% |
Note: Interest rates are effective from April 2025. South Indian Bank NRE FD rates are subject to change without prior notice. Minimum tenor is 1 year.
What are the Benefits of a South Indian Bank NRE FD Account?
The South Indian Bank NRE FD account offers its customers various benefits, including:
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South Indian Bank NRE FD offers simple interest payment on quarterly basis.
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The Bank’s NRE FD provides monthly interest at a discounted rate.
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South Indian Bank NRE FD is maintained in Indian rupees, saving the funds from foreign exchange rate fluctuations.
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At South Indian Bank, interest can be paid out at regular intervals or moved to your other accounts, following the relevant rules.
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Joint accounts can also be opened at South Indian Bank.
What Are the Eligibility Criteria for a South Indian Bank NRE FD Account?
In order to invest in the South Indian Bank NRE FD account, the following conditions must be fulfilled:
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The applicant must fall under one of the NRI, PIO, foreign national, foreign national students or OCI categories.
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The customer must have valid ID proof, including an Indian passport or a PIO card.
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Required to show authentic overseas address proof.
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Must present valid proof, including a student visa or employment visa.
How to Open a South Indian Bank NRE FD Account?
To open an account and get good South Indian Bank NRE FD rates, the following steps are to be followed:
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For Existing South Indian Bank Customers
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Get the Form: Download the application form from the link.
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Fill with Account Info: Complete the form, including your SB/CA account number in the introduction section. No other documents needed.
Documents Required to Open South Indian Bank NRE FD Account
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For New South Indian Bank Customers
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Download the Form: Get the NRE FD application form from the provided link.
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Complete and Sign: Fill in all the necessary details and sign the form.
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Provide Introduction: For proper introduction details, you may contact the bank’s nearest branch.
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Visit Branch with Documents: Take the completed form, two passport photos, and address proof (Passport/Ration card/Voter's card/PAN card) to the bank’s branch.
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Optional Value-Added Services: You can also register for value-added services by filling out the relevant forms.
You may contact the bank’s nearest branch for further assistance.
Documents Required to Open South Indian Bank NRE FD Account
To open the South Indian Bank’s NRE FD account, the following general documents by new customers are to be submitted by you for the bank to review before opening your NRE FD account:
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Duly filled application form
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ID proof: Passport
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Address proof (India & overseas)
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Two Passport-size photographs
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Initial remittance by way of DD issued by a foreign bank or an exchange company abroad or cheque drawn on a foreign bank in your country of residence
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Any other document required by the bank
Conclusion
The South Indian bank NRE FD rates are higher than those of its counterparts, making it a viable choice for NRIs seeking a reliable and secure best investment options in India. Interest earned on NRE FD deposits is exempt from tax deductions. The amount invested and the interest earned on it can be transferred back to your overseas account without any interruptions. With complete knowledge of the South Indian Bank NRE FD rates, you can invest in a plan that aligns best with your financial aspirations to attain your personal and professional goals.
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