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IndusInd Bank FD - Scheme, Eligibility, Documents

IndusInd Bank Fixed Deposit Highlights

Last Updated 25th Jun 2021

IndusInd 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 2.75% to 6.50%
Minimum Tenure 7 Days
Maximum Tenure 10 years
Deposit Amount Rs 10,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    IndusInd Bank FD

    IndusInd 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, IndusInd Bank FD offers regular returns on fixed deposits ranging between 2.75% to 6.50%. For senior citizens, the interest rates on fixed deposits range between 3.25% to 7.00%. In addition to that, IndusInd Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of IndusInd Bank Fixed Deposit Schemes

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

    Standard Fixed Deposit

    Description:

    Benefits of IndusInd Bank FD

    IndusInd Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about IndusInd Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, IndusInd Bank offers FD rates up to 6.50%. The interest rates offered on IndusInd 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 fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, IndusInd 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 an FD scheme is not only a reliable investment option but can also act as an asset. This is because IndusInd Bank fixed deposit allows one to borrow a secured loan against IndusInd Bank FD. Benefits of Loan Against FD of IndusInd Bank are as follow:
      • Loan against FD of IndusInd Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the IndusInd Banks flexible repayment options.
      • The processing fee of Loan Against FD in the IndusInd Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: IndusInd Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. IndusInd Bank offers fixed deposit for a minimum tenure of 7 Days up to a maximum tenure of 10 years. IndusInd Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, IndusInd Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 10,000. Apart from that, one can invest in the IndusInd Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with IndusInd 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 IndusInd 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 IndusInd Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for IndusInd Bank FD

    IndusInd 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 IndusInd Bank FD

    IndusInd 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.

    Credit Card Against IndusInd Bank FD

    Credit Cards againstIndusInd Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against IndusInd Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in IndusInd Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. IndusInd 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 IndusInd Bank?

    IndusInd Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 10,000.

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

    The minimum amount required for a fixed deposit investment in IndusInd Bank fixed deposit is Rs 10,000.

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

    Currently, IndusInd Bank offers an interest rate ranging between 2.75% to 6.50% on its fixed deposits.

    What is the penalty for early withdrawal in IndusInd Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. 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 IndusInd Bank?

    IndusInd Bank fixed deposit can be opened with a minimum tenure of 7 Days. The tenure of the IndusInd Bank fixed deposits ranges from 7 Days to 10 years.

    Can I deposit additional amount in my IndusInd Bank 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.

    What documents are required to open an FD account in IndusInd Bank?

    The documents required to open an FD account in IndusInd Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the IndusInd Bank?

    The time IndusInd Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the IndusInd Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a IndusInd Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in IndusInd Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the IndusInd Bank safe for FD?

    Yes, the IndusInd Bank is one of the safest avenues for any investments. IndusInd Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the IndusInd Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from IndusInd Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    IndusInd Bank News - Jul 2021
    • 2021-06-14 : IndusInd bank revised its FD rates for the month of June
      With effect from June 04, 2021, IndusInd revised its FD rates. The FD rate for 7 to 30 days is 2.75%, for 31 to 45 days the rate stands at 3%, for 46 to 60 days the rate stands at 3.5%. The rate for 61 to 90 days is 3.75%, for 91 to 120 days the rate stands at 4% and 4.5% for 121 to 180 days. It is 5% for 181 to 210 days. Further, the rate for 211 to 269 days is 5.25%, for 270 days to 364 days it is 5.50% and stands at 6.% for 1 to 2 years. From 2 years to 3 years the interest rate is highest at 6.5%. Further, the rate for long tenure of 5 to 10 years stands at 6%.
    • 2021-02-26 : IndusInd Bank to grow loan book by 15-18%
      IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
    • 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
      IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits.
    • 2020-12-31 : IndusInd revised its FD rates
      With effect from 31 December 2020, IndusInd revised its FD rates. The FD rates for 7 to 30 days is 3% for 31 to 45 days the rate stands at 3.40%, for 46 to 60 days the rate stands at 3.75%. The rate for 61 to 90 days is 4%, for 91 to 120 days the rate stands at 4.25% and it is 5.25% for 181 to 210 days. Further, the rate for 211 to 269 days is 5.50%, for 270 days to 364 days it is 5.75% and stands at 6.50% for 1 to 5 years. Further, the rate for long tenure of 5 to 10 years stands at 6.25%.
    • 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
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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