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Indian Bank FD Interest Rates 2020

Indian Bank is one of the nationalized banking and financial services in India. It provides various FD schemes with attractive rates under different tenures to choose the best investment options. Indian banks offer tax-saving schemes to claim tax benefits on their savings and gains for their customers. From 1st April 2020, Allahabad Bank combined with Indian Bank and it makes the seventh-largest bank in the country.

Indian Bank provides digital products and also deposits and loans to its retail and commercial customers. Indian Bank FD interest rates are a good saving solution for retail customers.

Features & Benefits Of Indian Bank FD Rates

Here are the features & benefits of Indian Bank FD Rates-

  • Offers high-interest rates of 0.50% for amounts up to Rs.10 crore for senior citizens 
  • It provides Loans up to 90 % of the FD amount.
  • Offers a variety of fixed deposit schemes for its different customers. 
  • The minimum and the maximum tenure is seven days to 10 years.
  • The minimum amount is Rs.1,000 for the deposit.
  • Available quarterly and monthly interest payout options
  • Provide nomination facilities 
  • Auto-renewal facilities provide by Indian Bank
  • Earned taxable interest 

Indian Bank Fixed Deposit Rates

Deposit Tenure Interest Rates for General Customers (% p.a.)* Interest Rates for Senior Citizens (% p.a.)*
7 days to 14 days 2.90

3.40

15 days to 29 days

2.90 3.40
30 days to 45 days 2.90

3.40

 

46 days to 90 days

3.25 3.75
91 days to 120 days 3.95

4.45

121 days to 180 days

3.95 4.45
181 days to 269 days 4.40

4.90

9 months to 364 days

4.40 4.90
1 year 5.00

5.50

1 year 1 day to 1 year 364 days

5.10 5.50
2 years to 2 years 364 days 5.10

5.60

3 years to 5 years

5.25 5.75
5 years 5.25

5.75

Above 5 years

5.15

5.65

Types Of Indian Bank FD Rates

Here are the different types of Indian Bank Fixed Deposits –

  • Regular Fixed Deposit
  • Reinvestment Plan
  • Money Multiplier Deposit
  • Indian Bank Tax Saver Scheme
  • Motor Accident Claim Tribunal Deposit( MACAD)

Who is Eligible for Indian Bank Fixed Deposits?

Following are eligible to invest in Indian Bank 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

 

How To Calculate Indian Bank FD Rates

Indian Bank FD Interest Calculator is an online calculator that allows you to check the maturity value of your fixed deposit at the interest rate offered by an Indian bank. The amount of Indian Bank FD interest rate of deposit tenure and compounding frequency shows the maturity amount of the FD at the end of the tenure. 

It calculates interest of Each quarter, cumulative/reinvestment interest, and resulting in Interest being accrued on interest received the previous quarter added to the Principal, as well. Interest is measured quarterly and charged monthly at a discount to the regular FD rate in the case of a monthly deposit scheme.

Factors Affecting Indian Bank Fixed Deposit Rates

Here are the factors that affect Indian Bank FD Rates-

  1. With short-term FD rates, Indian Bank holds the tenure of one month at the interest rate of 4.5% per annum, and for the holding period of two and three months, it goes a percentage point higher to 4.5% per annum. Further, for the tenure of four months, it is increased to 5.25% and for the holding period of six months, it becomes 5.75%. Moreover, for the tenure of nine months, the highest interest rate of 6.25% per annum can be credited.
  2. The tenures range between 1-3 years for mid-term and long-term FD rates and can avail the interest of 6%-6.5% per annum.
  3. Indian Bank provides an extra 0.5% of interest rates for senior citizens. Therefore, the short-term rates range between 5%-7% per annum for the senior citizens whereas, tenures range between one year and can avail 7% for the mid and long-term FDs, and for the tenure of three years the rate is 6.5%. 

FAQs:

What is the Indian Bank FDs highest interest rate?

The highest interest rate of Indian Bank FDs is 5.25 %.

What is the minimum amount in Indian Bank FDs?

In Indian Bank FDs, the minimum amount of FD is Rs 1000.

Is the facility of the locker provided by Indian Bank?

Indian Bank provides safe deposit lockers facilities in its many branches. Every branch knows the details about these lockers.

What is the minimum and maximum period for facility deposit in Indian Bank?

Indian Bank provides the deposit facility of the minimum period is 1 year and the maximum period is 3 years.

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