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IndusInd Bank FD Interest Rates

IndusInd Bank FD Rates 2020

Last Updated 29th Jul 2020

IndusInd Bank is one of most reliable FD providers amongst a number of FD providers in the market. IndusInd Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on IndusInd Bank FD is 7.00%. Latest IndusInd Bank FD interest rate for senior citizens, on the other hand ranges between 3.75% to 7.50%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.25% 3.75%
15 days to 30 days 3.25% 3.75%
31 days to 45 days 3.75% 4.25%
46 days to 60 days 4.10% 4.60%
61 days to 90 days 4.30% 4.80%

IndusInd Bank Fixed Deposit (FD)

IndusInd Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of IndusInd Bank FD are:

  • Deposit Amount: IndusInd Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 2 years 364 days.
  • Interest Rate Range: 3.25% p.a. to 7.00% p.a.
  • Senior Citizens FD Rate: 3.75% to 7.50% p.a.
  • Highest Interest Rate: As per today’s rate, IndusInd Bank’s highest interest rate on FD is 7.00% offered for a tenure of 2 years 364 days.
  • Safety of IndusInd Bank Deposits: IndusInd Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: IndusInd Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

IndusInd Bank Best FD Plan

We need to compare tenure wise latest FD rate of IndusInd Bank to choose the tenure at which it provides the highest interest rate. IndusInd Bank FD rates are best for the deposits with a tenure of 1 year to 2 years 11 months 4 days, wherein the current FD rate of interest is 7.00% p.a

If one is looking to invest in short term deposits with IndusInd Bank, FD interest rates range from 3.25% p.a. to 6.15% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term IndusInd Bank FD rates for senior citizens range from 3.75% to 6.65% p.a.

If one is looking to invest in long term deposits, IndusInd Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 6.65%. Senior citizens are offered special rates from bank with highest deposit rates of 7.15% p.a. on long term FDs.

Fixed Deposits of IndusInd Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in IndusInd Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in IndusInd Bank – Premature Withdrawal

Premature closure of Term Deposit with IndusInd Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on IndusInd Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit IndusInd Bank

IndusInd Bank offers loan up to 90% against its own deposit. Note that IndusInd Bank will not give you loan against FD of any other bank. IndusInd Bank offers Loan against FD at the rate of 4.25% to 8%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in IndusInd Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 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

To open a Fixed Deposit account in IndusInd Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the IndusInd Bank FD after reading the terms and conditions.

Nomination Facility on IndusInd Bank FD

IndusInd Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a IndusInd Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for IndusInd Bank?

You can earn a maximum interest of 7.00% on IndusInd Bank fixed deposit.

Are there any special rates for senior citizens FD of IndusInd Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.25% to 7.00%. Compared to this, the rate of senior citizens FD are in the range of 3.75% to 7.50%.

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.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with IndusInd Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in IndusInd Bank?

Current interest for FD in IndusInd Bank ranges between 3.25% - 7.00%.

Can a customer open a FD account online in IndusInd Bank?

Yes, you can submit your application for opening a FD account on the website of IndusInd Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in IndusInd Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 7.00%. For IndusInd Bank FD the number of years in which your FD will get doubled is; 72/7.00 = 10


IndusInd Bank News - Sep 2020
  • 2020-01-15 : IndusInd Bank Q3 net profit rose by 32%
    Private sector IndusInd Bank reported an increase in profit by 32% to Rs 1300.20 crores for the 3rd quarter of the current financial year. In addition to this, total income for Q3 rose by 25.4% to Rs 9073.93 crores and net interest income increased by 34% to 3074 crores. Total deposits rose to ₹2,16,713 crore in December quarter due to an increase in fixed and recurring deposits
  • 2019-10-31 : IndusInd Bank gains 52% year-on-year profit in Q2
    IndusInd Bank declared a rise in its net profit by 52%, landing it at Rs 1400.96 crores. The private sector lender reported a deterioration in its asset quality due to its gross non-performing assets shifting to 2.19 percent from last years records of 1.09 percent. The bank performed well in terms of investments like deposits that rose to 23.17% to Rs 2.07 trillion.
  • 2019-07-18 : IndusInd Bank witness growth in vehicle loans and CASA deposits
    Private sector lender, IndusInd Bank has posted a 38 percent rise in its net profit to Rs. 1,433 crores for the June quarter, primarily on account of an increase in total income. Also, it has received a significant growth across its vehicle loans, corporate loans, fixed deposits, and savings bank account, which grew by 25% this year.
  • 2019-04-15 : IndusInd Bank launches a campaign to celebrate 25 years
    Private sector lender, IndusInd Bank has announced the launch of a multimedia campaign ‘#Just25’ to commemorate the completion of its journey of 25 years. The campaign showcases how the bank has managed to achieve its goals by helping different individuals over the 25 years of journey. The bank has also highlighted how it has managed to achieve strong growth across its retail loans including personal loans, home loans and fixed deposits.
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