IndusInd Bank FD Interest Rates

IndusInd Bank FD Interest Rates

For regular deposit holders, IndusInd Bank offers competitive interest rates on Fixed Deposits (FDs) that range from 3.00 percent per annum to 6.50 percent per annum. Senior citizens should also take advantage of discounted rates. The IndusInd bank offers a variety of IndusInd Fixed Deposit schemes, with interest paid monthly, quarterly, half-yearly, annually, or at maturity, depending on your preference.

IndusInd Bank Fixed Deposit Features

Fixed Deposits from IndusInd Bank are a powerful savings tool that can help people generate revenue. The following are some of its most notable features:

  • It can be opened for a period of time ranging from seven days to ten years.
  • FD interest is paid on a monthly, quarterly, half-yearly, annual, or maturity basis.
  • The auto-renewal feature is available with the FD account.
  • It has a feature that allows for early withdrawal and nomination.

Individuals may, however, be required to meet additional requirements in order to open an FD account with IndusInd Bank.

IndusInd Bank FD Interest Rates 

Investment Tenure Bank FD Rates for Regular Customers (%) Bank FD Rates for Senior Citizens (%)
7 days – 14 days 3.00% 3.50%
15 days – 30 days 3.00% 3.50%
31 days – 45 days 3.40% 3.90%
46 days – 60 days 3.75% 4.25%
61 days – 90 days 4.00% 4.50%
91 days – 120 days 4.25% 4.75%
121 days – 180 days 4.50% 5.00%
181 days – 210 days 5.25% 5.75%
211 days – 269 days 5.50% 6.00%
270 days – 364 days 5.75% 6.25%
61 months – 10 years 6.25% 6.75%
1 year – 1 year 2 days 6.50% 7.00%
1 year 3 days – 1 year 2 months 6.50% 7.00%
1 year 2 months 1 day – 1 year 5 months 29 days 6.50% 7.00%
1 year 6 months – 1 year 6 months 29 days 6.50% 7.00%
1 year 7 months – 1 year 364 days 6.50% 7.00%
2 years – 2 years 5 months 29 days 6.50% 7.00%
2 years 6 months – 2 years 8 months 29 days 6.50% 7.00%
2 years 9 months – 2 years 364 days 6.50% 7.00%
3 years – 60 months 29 days 6.50% 7.00%

Types of IndusInd Bank Fixed Deposit Schemes

  • Provides a nomination facility.
  • The customers get the flexible tenure option that ranges from 7 days to 10 years.
  • The interests the payable every month, half-yearly basis, quaterly basis and yearly basis or at the maturity of the fixed deposit.
  • The facility of pre-mature and partial withdrawal is offered.
  • The fixed deposit scheme comes with the facility of auto-renewal.

IndusInd Bank Fixed Deposit Rates – Premature Withdrawal

Premature termination of a Term Deposit with IndusInd Bank is accompanied by a 1% lower interest rate than the agreed rate. The penalties for premature closing of an IndusInd Bank FD are subject to change and may vary depending on the deposit scheme.

Loan against Fixed Deposit IndusInd Bank

IndusInd Bank offers loans up to 90% secured by its own deposits. Please keep in mind that IndusInd Bank will not lend you money if you have an FD with another bank. IndusInd Bank proposes a loan against a fixed deposit (FD) at a rate of 4% to 7.5 percent.

The maximum loan tenure is limited to the FD’s maximum term.

Illustration :- Mr. Rahul has opened a two-year fixed deposit of Rs. 1,000,000 with IndusInd Bank. Later, the borrower decided to take out a loan against his FD. The bank has approved a 90 percent credit limit against his FD, at a ten percent interest rate. Now, if the creditor takes out a loan for $90,000 on the first of the month and repays it on the first of the following month, he must pay interest on the $90,000 borrowed for one month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at IndusInd Bank

You can visit the official website of IndusInd Bank and login to your account to open a Fixed Deposit account. Select Fixed Deposit from the menu, then the Type of FD you want to open and click Next. After that, fill in the deposit amount and, if you are over 60, select the ‘Senior Citizen’ option. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the IndusInd Bank FD.

Nomination Facility on IndusInd Bank FD

IndusInd Bank provides a nomination facility on Fixed Deposits, which allows the depositor’s family to claim the money in the event of the depositor’s death. A nominee may be appointed by an individual, a single account holder, or a joint account holder. No more than one person may be named as a nominee. When you open a fixed deposit with IndusInd Bank, you can fill out nominee information. At the time of claim, the nominee must provide identification evidence.

IndusInd Bank News Snippets

IndusInd Bank to grow loan book by 15-18%

Under its fifth planning cycle, IndusInd Bank expects to expand its loan portfolio by 15-18 percent year on year for the next two financial years. Year-on-year growth in advances, which includes home, personal, LAP, two-wheeler car, and gold loans, as well as enterprise and mudra loans, was flat at Rs 2.07 trillion until December 2020. Its deposits increased by 10% to Rs 2.39 trillion, including fixed and recurring deposits.

IndusInd Bank reported 11% growth in Q3 deposits

In the December quarter, IndusInd Bank saw a 3.2 percent increase in net advances, which include home, personal, car, two-wheeler, gold, and education loans, as well as enterprise and mudra loans. Furthermore, the bank’s deposits, which include fixed and recurring deposits, increased by 5% daily.

IndusInd Bank revised its FD rates

IndusInd has revised its FD rates, which will take effect on December 31, 2020. For 7 to 30 days, the FD rate is 3%; for 31 to 45 days, the rate is 3.40 percent; and for 46 to 60 days, the rate is 3.75 percent. For 61 to 90 days, the rate is 4%, for 91 to 120 days, it is 4.25 percent, and for 181 to 210 days, it is 5.25 percent. Furthermore, the rate is 5.50 percent for 211 to 269 days, 5.75 percent for 270 to 364 days, and 6.50 percent for 1 to 5 years. Furthermore, the rate for long-term employment of 5 to 10 years is 6.25 percent.

IndusInd Bank Fixed Deposit Interest Rates – FAQs

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in IndusInd Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with IndusInd Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

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