This Private Sector Bank is offering up to 7.5% on FDs and Additional 0.75% to Senior Citizens

IndusInd Bank, a private sector lender, has raised the interest rate on Fixed Deposits (FD) with effect from March 12. The bank is now giving up to 7.5 percent interest on FDs ranging from Rs 2 crore to less than Rs 5 crore to the general population. Similarly, the interest rate for older persons might reach 8.25%. Here are the latest interest rates of the bank.

IndusInd Bank is guaranteeing 7.5 percent FD interest to the general people if they invest for three years. To put things into perspective, if a consumer deposits Rs 10 lakh, they will receive Rs 12,49,716 at maturity. The bank provides 4.90% interest on bulk fixed deposits maturing in the next 7 to 14 days, and IndusInd Bank now offers 5.00% interest on bulk fixed deposits maturing in the next 15 to 30 days. IndusInd Bank now offers 5.25% on deposits kept on 31 days to 45 days and 5.50% on deposits maintained for 46 days to 60 days.

Savings maturing between 61 and 90 days will now earn 6.00% interest, while those maturing between 91 and 120 days will receive 6.25% interest. The bank is providing an interest rate of 6.50% on bulk fixed deposits maturing in 121 days to 180 days, and an interest rate of 6.60% on those maturing in 181 days to 210 days.

IndusInd Bank presently offers a deposit tenor of 211 days to 269 days at a rate of 6.65%, and a deposit tenor of 270 days to 354 days at a rate of 6.75%. Savings maturing in 355 days to 364 days will earn 6.85%, while deposits maturing in 1 year to 3 years and 3 months would earn a maximum interest rate of 7.50%.

Fixed deposit durations of more than three years and three months but less than 61 months receive 7.25% interest at IndusInd Bank, while those of more than 61 months get 7% interest. Similarly, senior citizens receive 8.25 percent annual return on three-year fixed deposits.

The interest paid on a tax-saving 5-year FD is taxable, but taxpayers can deduct it under section 80C on a 5-year FD. In a fiscal year, a maximum tax deduction of Rs 1.5 lakh can be claimed under Section 80C.

IndusInd Bank FD Tenor	General Public FD rate	Senior Citizen FD rate
7 days to 14 days	4.9	5.4
15 days to 30 days	5	5.5
31 days to 45 days	5.25	5.75
46 days to 60 days	5.5	6.1
61 days to 90 days	6	6.5
91 days to 120 days	6.25	6.75
121 days to 180 days	6.5	7
181 days to 210 days	6.6	7.1
211 days to 269 days	6.65	7.15
270 days to 354 days	6.75	7.25
355 days to 364 days	6.85	7.35
1 Year to 3 years 3 months	7.5	8.25
Above 3 years and 3 months to below 61 month	7.25	7.75
61 month and above	7	7.5