Shape memory alloys (SMAs) have been widely used many applications because of its unique characteristic. Among various kinds of SMAs, an Fe-based alloy indicates the excellent formability, machinability and weldability. Furthermore, its production cost is lower than other alloys. Therefore, the alloy attempts to be applied to structural members such as the joint. When the Fe-based alloy is used as structural members, it is conceivable to deform at higher deformation rate because of earthquake. Thus, it is important to investigate the rate sensitivity of the alloy. In this study, three-point bending test is conducted at various deformation rate by using thin plate of Fe-Mn-Si system. The rate sensitivity of its bending deformation during loading and shape memory effect by heating after unloading are investigated. The experimental result shows that the positive rate sensitivity, which means the stress level increases with increasing in the deflection rate, can be observed in the alloy. However, it is hard to conclude that shape recovery deflection depends on rate deflection rate clearly.