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India's 5th Largest Private Bank Offers 7% Interest Rate On FDs

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IndusInd bank is a leading private sector bank in India with a presence across the country's major cities. The Bank has a widespread banking footprint with over 2.5 crore customers, over 5,000 distribution points and nearly 2,000 branches across the country. The offers a wide range of products and services for its retail customers and corporate customers, which includes microfinance, personal loans, personal and commercial vehicle loans, credit cards, and SME loans. In addition, the bank is also a preferred banking partner for various Government entities, PSUs and large corporates.

 

As per the interest rate offered by the private sector banks, IndusInd is offering the highest Interest rate on FD up to 7% to senior citizens and 6.5% to regular citizens on 5 lock-in periods or tenure. The bank offers FD in 3 categories in which 2 are premature withdrawal allowed, whereas teh other one doesn't allow.

The Fixed Deposit Interest Rates Offered by the Bank are as follows:

Premature Withdrawal Allowed FD Interest Rate On Less Than 2 Crore Deposit

Premature Withdrawal Allowed FD Interest Rate On Less Than 2 Crore Deposit

Domestic/NRO/NRE/Senior Citizen FD Rates w.e.f February 16th, 2022

TenureRegular Interest Rate (P.A %)Senior Citizen Interest Rate (P.A %)
7 days to 14 days2.753.25
15 days to 30 days33.5
31 days to 45 days3.253.75
46 days to 60 days3.54
61 days to 90 days3.754.25
91 days to 120 days44.5
121 days to 180 days4.55
181 days to 210 days4.65.1
211 days to 269 days4.755.25
270 days to 354 days5.56
355 days to 364 days5.56
1 Year to below 1 Year 6 Months66.5
1 Year 6 Months to below 1 Year 7 Months66.5
1 Year 7 Months to below 2 Years66.5
*2 years to below 2 years 6 Months6.57
*2 years 6 Months to below 2 years 9 Months6.57
*2 years 9 months to below 3 years6.57
*3 years to below 61 months6.57
61 month and above66.5
Indus Tax Saver Scheme (5 years)6.57

Note -

1. NRE Deposit Rates applicable only for tenure 1 Year onward.

2. Senior Citizen FD is not applicable for NRE/NRO deposits

3. Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.

 

Premature Withdrawal Allowed FD Interest Rate On 2 Crore To Less Than 5 Crore Deposit
 

Premature Withdrawal Allowed FD Interest Rate On 2 Crore To Less Than 5 Crore Deposit

Domestic /NRO/ NRE Fixed Deposit Rates w.e.f. February 16th 2022

TenureInterest Rates (p.a%)
7 days to 14 days2.75
15 days to 30 days3
31 days to 45 days3.25
46 days to 60 days3.4
61 days to 90 days3.6
91 days to 120 days3.8
121 days to 180 days4
181 days to 210 days4.2
211 days to 269 days4.35
270 days to 354 days4.9
355 days to 364 days4.9
1 Year to below 1 Year 6 Months5.25
1 Year 6 Months to below 1 Year 7 Months5.25
1 Year 7 Months to below 2 Years5.25
*2 years to below 2 years 6 Months5.5
*2 years 6 Months to below 2 years 9 Months5.5
*2 years 9 months to below 3 years5.5
*3 years to below 61 months5.5
61 month and above5

Note -

1. Tax Saver FD scheme is not available under this category

2. Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.

Premature Withdrawal Not Allowed FD Interest Rate On 1 Crore To Less Than 5 Crore Deposit

Premature Withdrawal Not Allowed FD Interest Rate On 1 Crore To Less Than 5 Crore Deposit

Domestic /NRO/ NRE Fixed Deposit Rates w.e.f. February 16th, 2022

TenureInterest Rates (p.a%)
7 days to 14 days2.75
15 days to 30 days3
31 days to 45 days3.35
46 days to 60 days3.5
61 days to 90 days3.7
91 days to 120 days3.9
121 days to 180 days4.1
181 days to 210 days4.3
211 days to 269 days4.45
270 days to 354 days5
355 days to 364 days5
1 Year to below 1 Year 6 Months5.35
1 Year 6 Months to below 1 Year 7 Months5.35
1 Year 7 Months to below 2 Years5.35
*2 years to below 2 years 6 Months5.6
*2 years 6 Months to below 2 years 9 Months5.6
*2 years 9 months to below 3 years5.6
*3 years to below 61 months5.6
61 month and above5

Note - Premature withdrawal is not allowed on Non-Callable FDs (FDs where Premature Withdrawal is Not Allowed) for value greater than equal to 1 cr. Non-Callable FDs are allowed only for Non-Individuals.

Point to Note before making FDs

1.Deposit rates are linked to the rate of inflation and the Interest rates changes with inflation.

2. Prior to banks reducing fixed deposit rates, you may lock in current interest rates by choosing three and five year fixed deposits to earn high returns on investment.

Story first published: Wednesday, May 4, 2022, 14:22 [IST]
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