IndusInd Bank Revises FD Rates, Earn As High As 8.25% On 1-2 Year FDs

IndusInd Bank has made an announcement on interest rate revision on fixed deposits (FDs) of less than Rs 2 Cr. The bank revised its FD rates ahead of the RBI MPC meeting. IndusInd Bank is now promising interest rates ranging from 3.50% to 7% for the general public and 4.25% to 7.75% for senior citizens on tenors of 7 days to 10 years. On a deposit tenor of 1 to 2 years, the bank is promising a maximum standard rate of 7.50% and 8.25% to senior citizens.

IndusInd Bank FD Rates

'The bank is giving a 3.50% interest rate on fixed deposits that mature within the next 7 to 30 days, and a 3.75% interest rate on deposits maturing in the next 31 to 45 days, according to IndusInd Bank. For deposits with a term of 46 to 60 days, IndusInd Bank is giving 4.25% interest, and for deposits with a term of 61 to 90 days, 4.60%. Deposits maturing between 91 and 120 days from now on will earn interest at a rate of 4.75%, while deposits that mature between 121 and 180 days from now on will earn interest at a rate of 5.00%.

The bank is providing an interest rate of 5.85% on FDs maturing in 181 days to 210 days, whereas IndusInd Bank is promising an interest rate of 6.10% on FDs that mature in 211 days to 269 days. With a deposit tenor of 270 to 364 days, IndusInd Bank promises an interest rate of 6.35%, while with a tenor of 1 to 2 years, it promises an interest rate of 7.50%. Deposits maturing from more than two years to 61 months will now earn 7.25% interest, and deposits maturing in 61 months or more will now earn 7% interest. IndusInd Bank offers a standard rate of 7.25% on 5-year tax-saving FDs and an 8% rate for elderly persons.

"Please note the additional 0.75% over and above card rates applicable for Term Deposits of Senior Citizens (age 60 years and above) for value below Rs 2 Cr (Callable) (Not applicable for NRO/NRE Deposits)," mentioned IndusInd Bank on its website.

"In the event of Premature withdrawal before the specified tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and basis the actual run period (tenure). Additionally, penal interest of 1% shall be levied on the premature withdrawal, if applicable," said IndusInd Bank on its website.

In the first quarter of FY24, IndusInd Bank posted a standalone net profit of Rs 2,123.6 crore, up 32.5% from Rs 1,603.29 crore in the same quarter last year. Net interest income (NII) grew 18% in the first quarter of FY24, from Rs 4,125.3 crore to Rs 5,862.5 crore. The gross non-performing assets (GNPA) at the end of the June quarter were at Rs 5,941.12 crore, up just 2% from Rs 5,826.21 crore at the end of the March 2023 quarter.

The total value of Net Non-Performing Assets (NNPA) in the first quarter of FY24 grew slightly (by 1.9% QoQ ) from the previous quarter to Rs. 1,746.93 crore. While the Net NPA ratio climbed to 0.58% from 0.59% QoQ, the Gross NPA ratio reduced by 4 basis points to 1.94% from 1.98%. The private lender's Basel III Capital Adequacy Ratio was 18.40% in Q1FY24 as opposed to 17.86% in Q4FY23 and 18.14% in Q1FY23.