Catholic Syrian Bank FD Interest Rates

Catholic Syrian Bank Fixed Deposit Rates

 
 

Catholic Syrian Bank was established as early as 1920 in Thrissur. The bank provides numerous options when it comes to fixed deposits (FDs). The various types of FD schemes offered include the General FD Income Scheme, Family Welfare Account, Acharya Deposits, CSB Tax Savings Support, and Cumulative Deposits. All term deposits can be opened with minimal paperwork and through the bank’s net banking facility. The interest rates paid begin from 3.00% p.a. and goes on till 7.00% p.a.

Listed in the table below are the latest interest rates offered on Catholic Syrian Bank fixed deposits for regular and senior citizens in 2022:

Tenure

Interest Rate for Below Rs. 2 crore

7 days to 90 days

3.00%

91 days to 179 days

3.50%

180 days to less than 1 year

4.25%

1 year

5.00%

Above 1 year to less than 400 days

5.50%

400 days*

6.00%

Above 400 days to less than 555 days

5.50%

555 days*

7.00%

Above 555 days to 2 years

5.50%

Above 2 years to less than 750 days

5.75%

750 days

7.50%

Above 750 days to 5 years

5.75%

Above 5 years to 10 years

6.00%

Note: Interest rates are effective from 02 November 2022.

Catholic Syrian Bank Tax Saving FD scheme

  • The deposits made with CSB are eligible for tax deductions under Section 80C of the Income Tax Act. The tax-saving fixed deposit scheme by CSB is called ‘CSB Tax Savings Support’.
  • The minimum amount invested should be Rs.100 to a maximum of Rs.1.5 lakh per financial year.
  • The period of deposit is 5 years.
  • The applicable rate of interest is same as the interest rate for domestic term deposits given by the bank.
  • The senior citizens will get benefit of additional interest rate.
  • The tax benefit on this scheme will be as per the 80C IT Act.
 

Catholic Syrian Bank NRI FD Rates

The Interest Rate for Catholic Syrian Bank NRE FD are as follows

Tenure

Interest Rate for Below Rs. 2 crore

1 year

5.00%

Above 1 year to less than 400 days

5.50%

400 days

6.00%

Above 400 days to less than 555 days

5.50%

555 days

7.00%

Above 555 days to 2 years

5.50%

Above 2 years to less than 750 days

5.75%

750 days

7.50%

Above 750 days to less than 5 years

5.75%

Above 5 years to 10 years

6.00%

Note: Interest rates are effective from 02 November 2022.

The Interest Rate for Catholic Syrian Bank NRO FD

Tenure

Interest Rate for Below Rs. 2 crore

7 days to 90 days

3.00%

91 days to 179 days

3.50%

180 days to less than 1 year

4.25%

1 Year

5.00%

Above 1 year to less than 400 days

5.50%

400 days*

6.00%

Above 400 days to less than 555 days

5.50%

555 days*

7.00%

Above 555 days to 2 years

5.50%

Above 2 years to less than 750 days

5.75%

750 days

7.50%

Above 2 years to 5 years

5.75%

Above 5 years to 10 years

6.00%

Note: Interest rates are effective from 02 November 2022.

 

The Interest Rate for Catholic Syrian Bank FCNR (B) FD

Maturity Period

USD

GBP

EUR

YEN

CAD

AUD

12 months to less than 24 months

5.00

1.50

0.17

0.70

1.14

1.09

24 months to less than 36 months

5.00

1.86

0.36

0.70

2.20

1.57

36 months to less than 48 months

5.00

1.98

0.51

0.69

2.42

1.93

48 months to less than 60 months

4.00

1.99

0.61

0.70

2.48

2.20

60 months only

4.00

1.86

0.57

0.61

2.39

2.22

Features and Benefits of Catholic Syrian Bank FD scheme:

  • The FD can be opened for amount as small as Rs.100 and tenure as less as 7 days.
  • The monthly interest paid is at discounted interest value and the quarterly interest paid is at full value.
  • The CSB bank gives nomination facility along with FD scheme.
  • The maximum tenure for an FD is 10 years.
 

Types of Catholic Syrian Bank Fixed Deposit Schemes:

  1. General Fixed Deposit Scheme:
    1. The minimum amount for this FD scheme is Rs.100 and minimum period is 7 days.
    2. The interest accumulated in this scheme is paid either monthly at discounted interest value or quarterly at full interest value.
  2. Acharya Deposits:
    1. This scheme is specially designed for Senior Citizens and gives higher rate of interest on deposits.
    2. The minimum deposit amount for this scheme is Rs. 5000 and the minimum tenure is 6 months.
    3. The applicant should be minimum 60 years of age and an Indian resident to be eligible for this scheme.
  3. CSB Tax Savings Support:
    1. Deposits made under ‘CSB Tax Savings Support’ are eligible for tax benefits under Section 80C of the Income Tax Act.
    2. The minimum period of deposit is 5 years and the applicable interest rate is the same as that for domestic term deposits.
 

Catholic Syrian Bank Premature Withdrawal Facility

  • The term deposit opened under individual capacity can be closed via Net Banking through ‘e-closure’ link provided under the ‘Deposits’ menu.
  • The bank allows instant closure and process credit immediately to the same account which was used to fund.
  • For joint accounts, closure of term deposit will be done automatically if the customer has ‘Auto Closure’ while creating deposit.

Nomination Facility on Catholic Syrian Bank FD

  • The CSB gives nomination facility with the FD scheme.
  • For ‘CSB Tax Saving Support Scheme’, nomination can be made either jointly or individually and can be in favour of a single person.
  • The nomination can be made during the tenure of the deposit or on the date of FD creation.
  • The nomination application on behalf of the minor shall be denied.

Catholic Syrian Bank Loan Against FD

  • The CSB allows customers to avail of a loan or overdraft against the FD. However, you will have to visit the CSB branch with the required KYC documents and a copy of e-receipt to complete loan formalities.

FAQs on Catholic Syrian Bank FD Rates

  1. What is the highest and lowest rate of interest on FD schemes by the Catholic Syrian Bank?

    The highest interest rate for CSB domestic deposit is 7.00% and the lowest interest offered is 3.00%.

  2. What is the minimum deposit amount?

    The minimum deposit amount is Rs.100.

  3. What is the special rate of interest for senior citizens?

    The Acharya Deposit scheme by CSB is specifically designed for senior citizens offers higher rate of interest.

  4. Can a customer open an FD account online in Catholic Syrian Bank?

    Yes, you can open an FD account online in CSB if you’re an individual or joint account holder. You can use your Net Banking facility for FD creation.

  5. Is it possible to transfer the FD maturity amount to any of my accounts?

    No, the FD maturity amount will get processed only in the account from which it was funded.

 

 
 

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