IndusInd Bank Fixed Deposit Interest Rates

The FDs of Induslnd Bank feature various options on the time period, payout, interest reinvestment, interest rates and amount deposited thereby benefiting the account holder. These plans are mainly made to meet the demands of the customers depending on capital protection and liquidity.

  • The minors/individuals who fulfil the customer requirements can open an FD with the Bank. NRIs can also deposit in the Bank in the form of NRO and NRE deposits.
  • The bank features a number of FD plans for its customer namely senior citizen scheme, young saver deposit and sweep in/out deposits. These schemes reach numerous customers and offer high returns with security. CRISIL has rated the bank A+ on the basis of its certificate for the deposit program.

The minimum amount required to open a Sweep In/Out account for both savings and current depends upon the respective precise account held.

The minimum amount to be deposited is ten thousand rupees for the senior citizen FDs while that for young saver deposit is eleven rupees only.

The remaining details can be enquired from the nearest branch of the bank.

The minimum tenure is seven days and the maximum tenure is hundred and twenty months for the senior citizens FD. Likewise, the minimum tenure is thirty days and maximum tenure is twenty four months for the sweep in/out deposits.

Either through online process or by approaching the nearest branch of the bank, FDs can be opened. The customers simply need to fulfil the Know your customer rules and deposit the needed cash.

The bank offers various interest rates based on the deposit term which depends upon two varying slabs. The interest rates vary for different tenures of FDs below fifteen lakh and in between fifteen lakh to one crore. The rates range in between 3.5%p.a. to 8.75%p.a. on holdings of short-term, 8.5%p.a. to 9%p.a. for holdings of both medium and long term over a year.  

The rates of interest which are fixed for particular deposit tenure can be changed. This is applicable at the time of opening a new ACCOUNT and renewing one. The changes are subject to market movements and are done at the discretion of the bank.

The bank features tax saver account known as Indus Tax Saver which offers lock-in tenure of five years and gives interest of 8.75%p.a., cumulatively it being 10.83%. Under Sec 80C of Income Tax Act, benefits are offered by the plan.

Under the Income Tax Act, taxes are applicable on the interest gained on the bank’s FDs.  If the total interest on the FDs of each depositor in each financial year in each branch is more than ten thousand rupees, then tax needs to be paid by the depositor.  Under the current guidelines, tax benefits are applicable under the bank’s Tax Saver scheme. PAN details needs to be provided by the customers when they are opening an account. In case of they don’t possess the PAN details; they need to mention it in the form provided by the bank.

The bank’s FDs feature easy liquidity, good and secured returns, loans against FDs as well as premature withdrawal options.

For term deposits of the senior citizens aged above sixty, an extra rate of interest of over 0.50%p.a. and beyond the card rates is being applied. However, this scheme doesn’t apply to NRO deposits and the senior citizens having deposits higher than five crore.

The bank provides credit cards in forms of Visa or Master card against FDs having a minimum amount of one lakh. The cards have a limit up to ninety percent of the amount of the FD.

The corporation bank allows premature withdrawal of the FDs. However, a penalty of 1%p.a. is applicable on the renewed and fresh deposits. For deposits amounting to one crore and above, premature withdrawal penalty is not fixed and moreover, the bank has the right to allow or not allow such a withdrawal

The bank features special FDs for its NRI deposit holders allowing them to deposit in their preferable currency which have different interest rates. Here enlisted are the types of NRI FDs which the bank offers

  1. NRE accounts(Non Resident External ACCOUNT is held in Indian currency
  2. Non Resident Ordinary ACCOUNTs are either funded through traveller’s cheques or by conventional payment)
  3. Foreign Currency Non Resident Account can be held in foreign currency
  4. Resident Foreign Currency ACCOUNTs can be held in foreign currency even if the holder has shifted to India permanently

Listed below is the interest rates featured for different NRI ACCOUNTs offered by the bank:

FD Type

Interest rates

NRO

9 % p.a.

NRE

9.1 % p.a.

FCNR

3.26 % p.a.

Premature withdrawals are offered to the customers at a certain penalty the rates of which are informed when the FD account is opened. However, penalty is not applicable on sweep-out facility and premature withdrawals of ACCOUNTs held for less than seven days will earn no interest.

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