South Indian Bank has rolled out a new service, ‘SIB Quick FD’, which allows individuals to start a fixed deposit without needing to open a savings account with the bank. This new feature provides a hassle-free digital banking experience for both existing customers and non-customers alike.
The process is entirely paperless, and users can make their fixed deposits via UPI transactions. All that is required for documentation is the individual’s PAN and Aadhaar details. With no need for traditional paperwork or in-person visits, the service promises to be a convenient and accessible way for anyone to invest in fixed deposits.
The minimum amount for starting a fixed deposit through ‘SIB Quick FD’ is Rs. 1000, and the service is available 24/7. Additionally, the bank assures that all fixed deposits made through this service will be covered by DICGC insurance, up to Rs. 5 lakh, depending on the amount invested. Interest rates on the deposits are also said to be competitive, though specific rates can be checked on the bank’s platform.
This initiative is in line with South Indian Bank’s commitment to offering simple and efficient digital banking solutions to the public.
For more details, interested individuals can visit the bank's website at SIB Quick FD.
