FD Interest Rate Indusind Bank
About IndusInd Bank
IndusInd Bank Limited is a Pune-based new-generation Indian bank. With over 2.5 crore customers, over 5,000 distribution points, and approximately 2,000 branches, the bank has a significant presence across the country. As of March 31, 2020, the bank’s balance sheet was at Rs. 3.07 lakh crores. In FY20, the bank had a profit of Rs 4,458 crores. With such a large banking footprint, IndusInd bank prioritizes sustainability and offers a variety of banking products and services to both individuals and businesses. Personal loans, personal and commercial automobile loans, credit cards, SME loans, and microfinance are examples of these. Numerous government organizations, significant enterprises, and PSUs regard the bank as a preferred banking partner.
IndusInd Bank provides its customers with a variety of fixed deposit options with varying interest rates. IndusInd Bank FDs pay a greater interest rate than their savings account. With a minimum commitment of INR 10,000, one can invest in IndusInd Bank FDs both online and offline. This article goes over the IndusInd Bank FD in detail, including its features and interest rates.
Features of IndusInd Bank FD Rates
- The bank offers deposit terms ranging from seven days to ten years. If you want to invest in short-term deposits, IndusInd Bank’s FD rate ranges from 3.25 percent to 6.15 percent each year, with terms ranging from seven days to less than a year. If you’re seeking a long-term investment, IndusInd FD rates for terms of five to ten years are 6.65 percent. Senior citizens can take advantage of preferential rates on long-term fixed deposits, with interest rates as low as 7.15 percent per year.
- You can choose to receive interest from your IndusInd Bank fixed deposit account monthly, quarterly, half-yearly, annually, or at maturity, depending on the options given by the bank and opted by you.
- You can borrow up to 90% of your fixed deposit as collateral. Loans against FDs range from 4.25 percent to 8%. The maximum loan term is limited to the same amount of time as your fixed deposit.
- All account holders at IndusInd Bank have access to a sweep in/out service. This implies that any balance in your transaction account that exceeds a certain amount is automatically transferred to a term deposit for a set period of time, as per your instructions. The specified sum, on the other hand, will be at the discretion of the bank. The interest rates on the sweep in/out deposit will be the same as the interest rates on fixed deposits.
IndusInd Bank FD Interest Rates 2021
|The interest rate for the general public (p.a.)||The interest rate for senior citizens (p.a.)|
|7 days to 14 days||2.75%||
15 days to 30 days
|31 days to 45 days||3.00%||
46 days to 60 days
|61 days to 90 days||3.75%||
91 days to 120 days
|121 days to 180 days||4.50%||
181 days to 210 days
|211 days to 269 days||5.25%||
270 days or less than 1 year
|1 year to less than 2 years||6.00%||
2 years to less than 3 years
|3 years to below 61 months||6.00%||
61 months and above
Eligibility of IndusInd Bank FD
The following are eligible to invest in an IndusInd Bank Fixed Deposit Scheme:
- Sole proprietorships
- Limited companies
- Partnership firms
- Guardians of minors
Documents required for opening FD in IndusInd Bank
To begin investing in an IndusInd Bank Fixed Deposit Scheme, you’ll need the following documents:
- Proof of Identity:
- PAN card
- Driving license
- Aadhaar card
- Senior citizen ID (if applicable)
- Photo ID card issued by the government
- Proof of Address:
- Utility bills such as electricity bill and telephone bill
- Bank statement along with the cheque
How to Calculate IndusInd Bank FD Rates
A fixed deposit calculator tool is used to estimate the maturity amount that an investor should expect for a specific deposit amount at the current rate of interest at the end of a specified term.
The amount of interest earned on the IndusInd FD can be calculated using a fixed deposit calculator. The deposit amount, FD interest rate, and fixed deposit tenure are used to determine the maturity amount. The amount received at the conclusion of the FD’s term is known as the maturity amount. It is made up of all of the interest produced on the website.
Is it possible for someone to open an online fixed deposit account?
Yes. To start an online fixed deposit account, go to IndusInd Bank's website and fill out an application. The bank representative will contact you after receiving your application for additional processing, which will involve completing the application procedure and providing your KYC-compliant documents
What is IndusInd Bank's highest fixed deposit interest rate?
IndusInd Bank offers the highest FD interest rates of 6.50 percent for domestic, NRO, and NRE accounts, and 7.00 percent for senior citizens' savings. Both rates are applicable to investments with a term of two to three years.
Who is eligible to open a fixed deposit account with IndusInd Bank?
An IndusInd FD account can be opened by individuals, HUFs, sole proprietorships, partnership firms, limited companies, and guardians on behalf of minors. In addition, groups, clubs, trusts, and associations can open an IndusInd FD account.
Is it safe to open a fixed deposit account with IndusInd Bank?
On their fixed-income deposits, IndusInd Bank guarantees a return in the form of interest. Furthermore, the Reserve Bank of India's Deposit Insurance Scheme protects all IndusInd Bank deposits. In addition, all IndusInd Bank deposits up to INR 5,000 are covered by the scheme. As a result, IndusInd Bank FDs are a safe investment.