IndusInd Bank, India's 5th largest private sector bank operating in major cities of the country in recent development post-RBI repo rate hike hiked Fixed Deposit Rates. The Bank has a widespread banking footprint with over 2.5 crore customers and nearly 2,000 branches across the country. The bank offers a wide range of products and services for its retail customers and corporate customers, which includes personal loans, micro-finance, credit cards, SME loans, and commercial & personalvehicle loans.
According to the bank, the revised FD rates are effective from 21st June 2022. Following the adjustment, the bank increased interest rates on several deposit tenors, offering the general public a maximum rate of 6.50 per cent and senior citizens a maximum rate of 7 per cent. The bank offers FD in 3 categories in which 2 are premature withdrawal allowed, whereas one doesn't.
The bank offers the highest on term deposits lasting 61 months & above, an interest rate of 6 per cent on normal deposits and 6.50 per cent for senior citizens. The bank offers a 6.50 per cent to normal deposits and a 7 per cent interest rate to senior citizens for terms of two years to 61 months.
Premature Withdrawal Allowed FD Interest Rate On Less Than 2 Crore Deposit
Domestic/NRO/NRE/Senior Citizen FD Rates effective from June 21st, 2022
|Tenure||Regular Interest Rate (P.A %)||Senior Citizen Interest Rate (P.A %)|
|7 days to 14 days||3.25||3.75|
|15 days to 30 days||3.5||4|
|31 days to 45 days||3.7||4.2|
|46 days to 60 days||3.8||4.3|
|61 days to 90 days||4||4.5|
|91 days to 120 days||4.4||4.9|
|121 days to 180 days||4.5||5|
|181 days to 210 days||4.75||5.25|
|211 days to 269 days||5||5.5|
|270 days or 354 days||5.5||6|
|355 days or 364 days||5.5||6|
|1 Year to below 1 Year 6 Months||6||6.5|
|1 Year 6 Months to below 1 Year 7 Months||6.25||6.75|
|1 Year 7 Months to below 2 Years||6.25||6.75|
|2 years to below 2 years 6 Months||6.5||7|
|2 years 6 Months to below 2 years 9 Months||6.5||7|
|2 years 9 Months to below 3 years||6.5||7|
|3 years to below 61 month||6.5||7|
|61 month and above||6||6.5|
|Indus Tax Saver Scheme (5 years)||6.5||7|
Please Note - Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.
Point to Note before making FDs
1. Deposit rates and interest rates fluctuate in tandem with the pace of inflation.
2. By selecting three and five-year fixed deposits, FD investors can lock in current interest rates before banks lower fixed deposit rates.