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South Indian Bank Launches 'SIB Quick FD' for Effortless Fixed Deposit Investments.

Banking & Finance | Dated: 18 Feb 2025

On February 14, 2025, South Indian Bank Limited, based in Thrissur (Kerala), introduced 'SIB Quick FD', a new digital service that enables individuals to open Fixed Deposits (FDs) without requiring a savings account with the bank.

🎯 Key Highlights:

  • - This initiative aims to provide a seamless and convenient digital banking experience for both existing and new customers.
  • - The service offers digital-first solutions designed to meet the evolving needs of customers, with minimal setup, affordable entry amounts, and insured deposits, ensuring a secure, simple, and convenient investment experience.
  • - Deposits made through the 'SIB Quick FD' service are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), offering coverage up to Rs. 5 lakh per depositor, ensuring a secure and reliable investment experience for customers.

💡 Other Important Facts:

  • (i) Individuals do not need a savings account with South Indian Bank to open a Fixed Deposit (FD), providing greater flexibility and accessibility for all customers. The entire process is digital and paperless, allowing customers to set up an FD in just 5 minutes.
  • (ii) The UPI fund transfer feature streamlines the payment process, making it more convenient. Only two documents, PAN and Aadhaar, are required to open an FD, and the service is available 24/7, offering customers flexibility to manage their investments at any time.
  • (iii) The minimum investment amount to start an FD is just Rs. 1,000, making it accessible to a wide range of investors. South Indian Bank also offers competitive interest rates on its FDs, with the added benefit of flexibility for premature withdrawals, catering to various customer needs.

📚 Test Your Knowledge:

Recently, South Indian Bank launched which digital service for seamless Fixed Deposit investments?

Correct Answer: SIB Quick FD

🚀 Quick Recap:

About South Indian Bank (SIB) Limited

  • MD & CEO : PR Seshadri
  • Headquarters : Thrissur, Kerala