IndusInd is one of the leading private sector banks in India. The bank provides a wide range of term deposit schemes for regular individuals as well as senior citizens. In this post, I am going to tell you about IndusInd Bank Fixed Deposit scheme.
- Indusind Bank Fixed Deposit Rates
- Indusind Bank Fixed Deposit Rates 2019
- What Is The Interest Rate On Fd In Indusind Bank
- Indusind Bank Fixed Deposit Rates For Senior Citizens
IndusInd Bank Fixed Deposit (FD)
IndusInd Bank fixed deposit on a short term basis has a tenure of a maximum of 30 days, and the short term fixed deposit rates in IndusInd bank is 4.50% per annum, which is compounded annually. As for long-term fixed deposits in IndusInd Bank, the maximum term of the deposit is from 1 to 5 years. IndusInd Bank Limited, 2401 Gen. Thimmayya Road (Cantonment), Pune-411 001, India Tel: + 1600-609 CIN:L65191PN1994PLC076333. For any Shareholder's queries or grievances contact Mr. Raghunath Poojary at investor@indusind.com.
An IndusInd Fixed Deposit is a guaranteed-return investment. The interest rates are competitive so that your money can work for you. There are various types of term deposit schemes provided by IndusInd.
IndusInd Bank Fixed Deposit Rate Fixed deposits (FDs) are the simplest and most popular form of investment. You can deposit a fixed amount of money for a fixed period and earn interest at a rate of 3 to 9% per annum on your investment depending on various factors. Fixed Deposit (FD) Interest rates for regular & senior citizens from top banks & non-banking finance companies in India. Invest online in best & highest FD rate 2021.
The bank provides both short term fixed deposits and long term fixed deposits. Each term deposit scheme is designed keeping in mind the different needs of customers.
Features of IndusInd Fixed Deposit
1. You can open FD account with an amount as low as Rs.10000.
2. The flexible tenure ranges between 7 days to 120 months.
3. Multiple FD schemes.
4. Flexible interest payable (monthly, quarterly, half-yearly, annually, or at maturity).
5. Partial withdrawals are allowed.
6. Auto-renewal and nomination facilities are available.
7. Convenient deposit booking through Indusnet or phone banking.
8. IndusInd Bank FD Interest Rate ranges between 3.25% p.a. to 7.00% p.a.
9. IndusInd Bank Fixed Deposit Rates for senior citizens ranges between 3.75% to 7.50% p.a.
10. You can open IndusInd Fixed Deposit online in a matter of minutes, wherever you are.
11. Open an account online by pulling funds from other bank accounts.
Safety of your Money
The deposit is insured by the DICGC of RBI for up to Rs.5 lakhs.
Eligibility Criteria
The account can be opened by individuals, HUFs, sole proprietorships, limited companies, partnership firms, societies, clubs, trusts, associations, and guardians on behalf of minors.
Documents required
If you are eligible, you need some basic documents and your application to get processed in no time. The eligibility documents include:
1. Identity proof such as PAN Card, Aadhaar card, driving license, passport, government ID, or senior citizen.
2. Address proof such as passport, electricity bill, telephone bill, bank statement with the cheque.
IndusInd FD Rates
Indusind Bank Fixed Deposit Rates
IndusInd Bank FD Rates today ranges between 3.25% p.a. to 7.00% p.a. Senior citizens will get an additional interest rate of 0.50%. This is over and above the card rates is applicable for Term Deposits for value below Rs.2 Crore. So, interest rates for senior citizens ranges between 3.75% to 7.50% p.a.
IndusInd Bank FD Interest Rates Today. Click here for IndusInd Bank rate of interest for FD.
IndusInd Bank FD Calculator
Find out IndusInd FD Calculator by clicking here.
How to open IndusInd Fixed Deposit?
Before you apply, do check your eligibility and have the essential documents at hand.
Existing Customers
Follow the below steps to apply for an account if you are an existing customer:
Internet Banking
1. First of all, login to IndusInd Net Banking using your internet banking ID and password.
2. Next, choose the deposit option.
3. Click on the “Create Fixed Deposit” option, fill out the form precisely.
4. On successful submission, the amount is transferred from your savings account.
5. The details are sent to your registered email Id instantly if you have registered for an e-statement. If not, a physical copy will be sent to your registered address.
Click here to open IndusInd Bank FD online.
Mobile Banking
1. Select the deposit option on your mobile banking account.
2. Next, click on the “Open FD” option and fill your details.
3. Select the amount you wish to add to your FD from your savings account.
4. The details sent to your registered email Id if you have registered for an e-statement. If not, a physical copy sent to your registered address.
Bank Branch
Visit any of our bank branches near you, along with relevant documents. The bank representatives will guide you through a simple application process.
New Customers
To open an FD account, you do not need a savings account with IndusInd. Just follow the below-mentioned steps to apply for an account if you are a new customer:
1. Visit the IndusInd Bank official website. Click here.
2. Fill out the online application form and submit it.
3. The bank representative will then get in touch with you to pick up the required KYC documents.
4. On the successful submission of the documents, your FD account will be opened.
5. The minimum FD amount for new customers is Rs.25000. If you register with an email ID, an e-statement mailed to you each month.
Click here to open IndusInd Bank Online FD.
Bank Branch
Alternatively, new customers can also visit any IndusInd branches. Also carry relevant documents with you. The bank representatives will guide you through a simple application process.
Final Thoughts
An IndusInd Bank Fixed Deposit is a guaranteed-return investment. The interest rates are competitive to give your savings a smart push. There are various types of term deposit schemes provided by the bank. So choose a scheme that is best suitable for you and enjoy great returns.
Related post: Senior Citizen Savings Scheme (SCSS): Features, Benefits & Eligibility
Related post: Top 6 Best Safe Investment Options in India
Related
As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.
Indusind Bank FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Indusind Bank FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Indusind Bank_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.
You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Indusind Bank FD for a tenure of 5 years or more.
Following table provides you Indusind Bank FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Indusind Bank FD for different tenures by clicking on the 'calculate' button provided in the table.
Indusind Bank Fixed Deposit Interest Rates (as on 06 Mar 2021)
| Maturity Period | Interest Rate (p.a.) | Calculate Interest Rate |
|---|---|---|
| 30 Days | 3.25% | |
| 45 Days | 3.75% | |
| 60 Days | 4.10% | |
| 90 Days | 4.30% | |
| 120 Days | 4.50% | |
| 6 Months | 5.03% | |
| 9 Months | 6.15% | |
| 12 Months | 7.00% | |
| 2 Years | 7.00% | |
| 3 Years | 6.75% | |
| 4 Years | 6.75% | |
| 5 Years | 6.75% | |
| 10 Years | 6.65% |
Features & Benefits: Indusind Bank Fixed Deposit
- Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
- FD account can be opened online or by visiting your nearest Indusind Bank branch.
- No cap on the Maximum Amount of FD
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
- Part withdrawal facility and auto-renewal facilities are also available
- Senior citizens can enjoy higher interest rate as compared to regular citizens
- NRE, NRO and FCNR deposit facility is offered by the bank
Who is Eligible for Indusind Bank Fixed Deposit
Any of the following persons is eligible to invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Important Things to Know Before Investing in Fixed Deposits
- Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
- The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
- Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
- You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
- If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
- Don't forget to make nomination in your FD account.
- If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
- When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.
Calculation of Interest on FD of Indusind Bank
Interest on FD for different tenures is calculated in following manner:
- Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
- Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
- Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
- In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate
Indusind Bank FD Interest Calculator
Indusind Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.
Automatic Renewal of Bank FD
Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.
You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.
Bank FD News Mar 2021
13-01-2020: SBI revised FD interest rate
SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.
Indusind Bank Fixed Deposit Rates 2019
09-01-2020: Axis Bank reduced FD interest rate
Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.
07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019
The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..
24-12-2019: HDFC Bank revised FD interest rate
The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.
01-12-2019: PNB cuts off FD rates
With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.
12-11-2019: ICICI Bank reduces FD interest rate
The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.
Public Sector Banks FD Interest Rates
What Is The Interest Rate On Fd In Indusind Bank
| Allahabad Bank | Andhra Bank | Bank Of Baroda |
| Bank Of India | Bank Of Maharashtra | Canara Bank |
| Central Bank Of India | Corporation Bank | Idbi Bank |
| Indian Bank | Indian Overseas Bank | Oriental Bank Of Commerce |
| Punjab National Bank | Syndicate Bank | Uco Bank |
| Union Bank Of India | United Bank Of India | Vijaya Bank |
| State Bank Of India | State Bank Of Mysore | State Bank Of Patiala |
| State Bank Of Travancore | State Bank Of Bikaner And Jaipur | Punjab And Sind Bank |
Private Sector Banks FD Interest Rates
Indusind Bank Fixed Deposit Rates For Senior Citizens
| Axis Bank | Bandhan Bank Limited | Catholic Syrian Bank Limited |
| City Union Bank Limited | Dcb Bank Limited | Dhanalakshmi Bank |
| Federal Bank | Hdfc Bank | Icici Bank Limited |
| Idfc Bank Limited | Jammu And Kashmir Bank Limited | Indusind Bank |
| Karnataka Bank Limited | Karur Vysya Bank | Kotak Mahindra Bank Limited |
| Laxmi Vilas Bank | The Nainital Bank Limited | Rbl Bank Limited |
| South Indian Bank | Tamilnad Mercantile Bank Limited | Yes Bank |
| Equitas Small Finance Bank Limited | Ujjivan Small Finance Bank Limited | Utkarsh Small Finance Bank |
| Suryoday Small Finance Bank | Au Small Finance Bank Limited | Capital Small Finance Bank Limited |
| Esaf Small Finance Bank Limited | North East Small Finance Bank Limited | Fincare Small Finance Bank Ltd |