South Indian Bank announces its new FD scheme – ‘SIB: Eighty Plus’
By Neelima Shankar
Jan 12, 2009
Print    Email    RSS   

Private sector South Indian Bank has announced a fixed deposit scheme as a New Year gift for its customers. The scheme named as ‘SIB: Eighty Plus' offer attractive returns of 11% when most banks in the industry are offering relatively lower interest rates on fixed deposits.

Under this scheme, investors can avail 11% interest rate at a minimum deposit of Rs 50,000 parked for 39 months. Besides there is an additional benefit of free death insurance cover up to Rs 1lakh.

Commenting at the launch of this scheme, CEO and Managing Director of the bank, Dr. V.A. Joseph said: "This new year gift from South Indian Bank which is completing 80 years of trusted service to the nation on 29/01/09 is the outcome of the Banks' search for value -addition to the customers of the bank who opt for the bank deposits which are safe and give a reasonably good yield, at the time of the present financial crisis."

Also the bank offers an additional 25 basis points to the senior citizens investing in the scheme.

It has been evaluated that when a deposit of Rs 50,000 will mature after 36 months, it would yield Rs 71,143 which means a yield of 13.01%. Further the yield for senior citizens would be 13.36% to Rs 71,707.

The scheme is valid for both domestic and non-resident ordinary accounts and would be accepted only till March 31st, 2009.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Infrastructure bonds: another tax saving...
Things you should know while filing income...
Haven’t filed a return of your income?...
Gold ETFs or Gold Funds: Which One Should...
FDs or Equity? Which suits you best?

MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive