Fixed Deposit Details
Bank Name
CSB Bank
Eligibility
The scheme is likely open to resident individuals.
Interest Rate
3.00% - 7.50%
Tenure
The maximum period for which term deposits are accepted is 10 years
Fixed Deposit Type
Regular
General Fixed deposit (Income Scheme)
Tax Benefits
Not Provided
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Interest is paid quarterly at the full value of interest. The same is paid monthly at the discounted value of interest. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
Minimum amount for opening account is Rs.100/-. Accounts may also be opened in odd sums. Deposits are accepted for periods of 7 days. Interest is paid quarterly at the full value of interest. The same is paid monthly at the discounted value of interest. The maximum period for which term deposits are accepted is 10 years Nomination facility available
Minimum Investment Amount
Minimum amount for opening account is Rs.100/-. Accounts may also be opened in odd sums.
Features & Benefits
Pros
Low minimum deposit
Flexible tenure
Regular income
Interest is compounded quarterly, which allows your money to grow faster over time.
Cons
Lower interest rate compared to non-cumulative options
Early withdrawal penalty
Pros & Cons
Account Opening Procedure
How to Open?
Visit a CSB Bank Branch: This is the traditional method. Here's what you'll need to do:Locate your nearest CSB Bank branch.
Ask for a General Fixed Deposit (Income Scheme) account opening form.
Fill out the form with your details.
Provide the required documents, which typically include:Identity proof (Aadhaar card, PAN card, etc.)
Address proof (electricity bill, bank statement, etc.)
Recent passport-sized photograph
Choose your deposit details:Deposit amount: Minimum Rs. 100 (odd sums are also accepted).
Tenure: Choose a lock-in period between 7 days and 10 years.
Select your interest payout option:Quarterly: Interest is compounded quarterly and paid along with the principal amount at maturity. This is the standard option for this scheme.
Monthly: You can opt for monthly interest payouts, but the interest rate will be discounted compared to the standard rate offered for quarterly compounding.
Finalize the account opening:Discuss any questions you may have with a bank representative.
Once everything is clear, submit the form and documents along with your deposit amount.
You will receive a Fixed Deposit Receipt (FDR) as confirmation.
Open an Online Fixed Deposit (if you're an existing CSB Net Banking customer): This is a faster option, but requires a CSB Net Banking account.
Application Procedure
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