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Top Private Sector Lender Hikes FD Interest Rates To 8.25% Now
Leading private sector lender, IndusInd Bank hiked interest rate on fixed deposits amounting less than Rs 2 crore. The new rates have already become effective beginning from January 19, 2023.
After the hike, senior citizens will get maximum interest rate at 8.25% for Fixed Deposits maturing in 2 years 6 Months to below 2 years 9 Months. For general public, the bank is now offering maximum interest rate at 7.50% for FDs maturing in 2 Years up to 2 Years 1 Month.
The bank's minimum interest rate for general public begins from 3.50% for FDs for the tenure of 7 days to 14 days. Meanwhile senior citizens' fd interest rate begins from 4% for the tenure of 7 days to 14 days.
The bank's highest tenor is 61 months and above. In this tenor, regular citizens can earn an interest rate of 7.25% while senior citizens will be eligible to receive an interest rate of 8.00%.
According to the bank's official 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tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and basis the actual run period (tenure).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."
Here are the detailed interest rates offered by IndusInd Bank:
| Less than 2 Cr* (Domestic /NRO/NRE deposits) | Less than 2 Cr* (Senior Citizen) Not applicable for NRE/NRO deposits | |
|---|---|---|
| Tenure | Rate | Rate |
| 7 days to 14 days | 3.5 | 4 |
| 15 days to 30 days | 3.5 | 4 |
| 31 days to 45 days | 4 | 4.5 |
| 46 days to 60 days | 4.5 | 5 |
| 61 days to 90 days | 4.6 | 5.1 |
| 91 days to 120 days | 4.75 | 5.25 |
| 121 days to 180 days | 5 | 5.5 |
| 181 days to 210 days | 5.75 | 6.25 |
| 211 days to 269 days | 5.8 | 6.3 |
| 270 days to 354 days | 6 | 6.5 |
| 355 days to 364 days | 6.25 | 6.75 |
| 1 Year to below 1 Year 6 Months | 7 | 7.5 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.25 | 7.75 |
| 1 Year 7 Months to below 2 Years | 7.25 | 7.75 |
| 2 Years up to 2 Years 1 Month | 7.5 | 8.25 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.5 | 8.25 |
| 2 years 6 Months to below 2 years 9 Months | 7.5 | 8.25 |
| 2 years 9 Months to 3 years 3 months | 7.5 | 8.25 |
| Above 3 years 3 months to below 61 month | 7.25 | 8 |
| 61 month and above | 7 | 7.75 |
| Indus Tax Saver Scheme (5 years) | 7.25 | 8 |
