This Private Sector Bank Is Offering Up To 6% Interest On 1 Year FD On Less Than 2 Cr Deposit

Fixed deposits (FDs) are a secure investment choice that offers stable interest rates, special rates for elderly citizens, a variety of interest payment methods, no market risk, and income tax benefits. FDs are one of the smartest investment alternatives for consumers who want to earn consistent returns without exposing themselves to variable market risk. The 1-year tenure is one of the short-term tenures that give an excellent rate of return for fixed deposits. FDs provide a higher rate of return than savings accounts.

IndusInd Bank FD

The IndusInd bank is one of the private sector bank in the country that is offering the highest interest rate on 1 year fixed deposit. Last month, February 16, the had revised the FD interest rate. The bank offers various banking services such as savings accounts, salary accounts for Defence, and Corporate. Bank offers up to 4% interest on a daily balance of Rs 10 lakh and 5% on a balance above Rs 10 Lakh.

The bank offers up to 6% interest rate FD for 1 year to below 1 year 6 months tenure. This interest rate is applicable for less than 2 Crore for Domestic/NRO/NRE deposits. However, the NRE deposit rate is applicable only for Tenure 1 year onwards.

An additional interest rate of 0.50% over and above the regular interest rate is applicable for fixed deposits of Senior citizens age 60 years and above. This additional 0.50% interest rate is not applicable for NRO/NRE deposits. Premature withdrawal is allowed in this FD.

Fixed Deposit Interest Rate on less Than 2 Cr Deposit

The interest rate is applicable w.e.f 16th February 2022

Tenure	Regualr FD Interest Rate	Sebior Citizen FD Interest Rate
7 days to 14 days	2.75%	3.25%
15 days to 30 days	3.00%	3.50%
31 days to 45 days	3.25%	3.75%
46 days to 60 days	3.50%	4.00%
61 days to 90 days	3.75%	4.25%
91 days to 120 days	4.00%	4.50%
121 days to 180 days	4.50%	5.00%
181 days to 210 days	4.60%	5.10%
211 days to 269 days	4.75%	5.25%
270 days to 354 days	5.50%	6.00%
355 days to 364 days	5.50%	6.00%
1 Year to below 1 Year 6 Months	6.00%	6.50%
1 Year 6 Months to below 1 Year 7 Months	6.00%	6.50%
1 Year 7 Months to below 2 Years	6.00%	6.50%
*2 years to below 2 years 6 Months	6.50%	7.00%
*2 years 6 Months to below 2 years 9 Months	6.50%	7.00%
*2 years 9 months to below 3 years	6.50%	7.00%
*3 years to below 61 months	6.50%	7.00%
61 month and above	6.00%	6.50%

Tax Saving FD (5 Year)

Regualr FD Interest Rate	Senior Citizen FD Interest Rate
6.50%	7.00%

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