MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Indian Bank Fixed Deposit

Indian Bank FD Scheme

Last Updated 25th Jan 2021

Indian Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.90% to 5.15%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 100
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Indian Bank FD

    Indian Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Indian Bank FD offers regular returns on fixed deposit ranging between 2.90% to 5.15%. For senior citizens, the interest rates on fixed deposits range between 3.40% to 5.65%. In addition to that, Indian Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Indian Bank Fixed Deposit Schemes

    Different type of Indian Bank term deposit products offered to the investors are listed as follows:

    Re investment plan

    Description:

    • This is a term deposit which reinvests all earned dividends, capital gains, and interest back into buying units or shares, rather than paying out in physical cash.
    • Availability of auto renewal facility
    • Nomination facility available
    • Interest on deposit is compounded quarterly
    • Loan facility upto 90 per cent is available on the deposit
    • Interest earned on deposit is subject to TDS

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
    Regular Fixed Deposit

    Description:

    • This deposit scheme allows the depositor to make investment into the deposit to earn higher returns along with a flexibility and liquidity.
    • Automatic renewal facility for equal period
    • Nomination facility available
    • Earn interest with ease liquidity

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

    Benefits of Indian Bank FD

    Indian Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Indian Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Indian Bank offers FD rates up to 5.15%. The interest rates offered on Indian Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Indian Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Indian Bank fixed deposit allows one to borrow a secured loan against Indian Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Indian Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Indian Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Indian Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Indian Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Indian Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 100. Apart from that, one can invest in the Indian Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Indian Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Indian Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Indian Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Indian Bank FD

    Indian Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Indian Bank FD

    Indian Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Indian Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Indian Bank?

    Indian Bank FD can be availed with a minimum deposit of Rs. 100.

    What is the minimum amount for a fixed deposit in Indian Bank?

    The minimum amount required for a fixed deposit investment in Indian Bank fixed deposit is Rs. 100.

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

    Currently, Indian Bank offers an interest rate ranging between 2.90% to 5.15% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Indian Bank?

    Indian Bank fixed deposit can be opened with a minimum tenure of 7 days.


    Notification ×
    • Home Loan

      Home Loan starting at 7.55%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

      Apply Now
    • Personal Loan

      Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

      Check Offers
    • Fixed Deposit

      AAA rated FDs with returns as high as 6.95%.

      Invest Now
    • Demat Account

      Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

      Apply Now
    • DBS Savings Account

      Open Account Online and Cashback of up to ₹ 4,800.

      Open Account
    • Gold Loan

      Instant Gold Loan starting at 9.90% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

      Apply Now
    • Loan Against Property

      Best Loan Against Property Offers starting @ 12.25%. Cashback of up to ₹ 1,000*.

      Apply Now
    • Credit Card

      Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

      Apply Now
    Indian Bank News - Jan 2021
    • 2020-02-11 : Revised FD rates for Indian Bank
      Indian Bank changed its fixed deposits rate. FD rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 5% and 91 to 120 days it is 5.50%. The fixed deposit rate for 121 days to 364 days is 5.75%. Further, the FD rate for one year is 6.40%, above one year to less than two years it is 6.30% and for and above two years it is 6.25%. The revised rates will be effective from 10 February 2020.
    • 2020-01-06 : New FD rates for Indian Bank
      With effect from January 3, 2020, Indian Bank revised its interest rates on FD on certain tenors by 5-25 basis points. The rate is reduced by 25 basis points for a period of 91-120 days to 5.50%, and for 121 days to less than a year it is set at 5.75%. For a period of one year the FD rate is reduce by 5 basis points to 6.40%. In addition to that, the rate is reduced by 20 basis points above 1 to 2 years and by 25 basis points for 2 years and above. For tenors of 7-90 days the rates remain unchanged.
    • 2019-11-06 : New FD rates for Indian Bank for certain tenures
      Valid from November 4, 2019, Indian Bank revised its fixed deposit rates on certain tenures. The rates remain the same for some periods. For 7-45 days, the interest rate remains at 4.50%; for 46-90 days, the rate is 5.00%, rate for 91-120 days is 5.75%, and for 121 days to 1 year, the fixed deposit rate is unchanged at 6.00%. In addition to that, for one year, the new rate is 6.45%, and for 1-2 years, the revised rate is 6.50%. Even for 2-5 years and for five years and above the rates remain unchanged at 6.50% and 6.30% respectively.
    • 2019-09-04 : Indian Bank revises its FD rates
      Indian Bank revises its FD rates with effect from September 4, 2019, on certain tenures. For a tenure of 91 days, the rate has been revised to 5.75 percent from 6.25 percent; the tenure for 121 days to 1 year has been revised as 6 percent from 6.50 percent; for 1 year the rate is 6.60 percent which earlier was 6.75 percent. For longer tenure of 3-5 years, the revised rate is 6.50 percent and for 5 years and above the tenure is 6.30 percent. The previous rate for these yearly tenures was 6.75, 6.90, and 6.50 percent, respectively.
    • 2019-02-18 : Indian Bank raises interest rates on term deposits
      Public sector lender, Indian Bank has revised interest rates on domestic term deposits with immediate effect. Indian Bank announced upward revision in the interest rate on domestic term deposits by 50 bps to 90 bps for an amount less than Rs. one crore across various tenors from three years to less than five years, five years and above five years.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
    Loader
    Please wait while your information is being processed...