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IndusInd Bank FD Rates: How to Get the Best Returns on Your Savings

Fixed deposits (FDs) are one of the most popular and safe investment options in India. They offer guaranteed returns, security, and flexibility to the investors. However, not all FDs are the same. Different banks offer different interest rates, tenures, and features on their FDs. Therefore, it is important to compare and choose the best FD that suits your needs and goals.

One of the banks that offers attractive FD rates is IndusInd Bank. IndusInd Bank is a private sector bank that was established in 1994 and has over 2000 branches across India. It offers a range of banking products and services, including deposits, loans, cards, insurance, investments, and more.

In this article, we will look at the IndusInd Bank FD rates, features, benefits, and how to open an FD account online with IndusInd Bank.

IndusInd Bank FD Rates 2023

The interest rates on IndusInd Bank FDs vary depending on the amount, tenure, and type of deposit. The bank offers different rates for regular customers, senior citizens, and tax saver FDs. The following table shows the latest IndusInd Bank FD rates for deposits below Rs. 2 crore as of October 2023¹.

TenureRegular RateSenior Citizen Rate
7 days to 14 days3.50%4.25%
15 days to 30 days3.50%4.25%
31 days to 45 days3.75%4.50%
46 days to 60 days4.25%5.00%
61 days to 90 days4.60%5.35%
91 days to 120 days4.75%5.50%
121 days to 180 days5.00%5.75%
181 days to 210 days5.85%6.60%
211 days to 269 days6.10%6.85%
270 days to 354 days6.35%7.10%
355 days to 364 days6.35%7.10%
1 year to below 1 year 6 months7.50%8.25%
1 year 6 months to below 1 year 7 months7.85%8.25%
1 year 7 months up to 2 years7.50%8.25%
Above 2 years up to below less than or equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal to than equal2 years1 month7.25%8.00%
Above2 years1 monthto below2 years6 months7.25%8.00%
2 years6 monthsto below2 years9 months7.25%8.00%
2 years9 monthsto3 years3 months7.25%8.00%
Above3 years3 monthto below61 month7.25%8.00%
61 monthand above7.00%7.75%

As you can see from the table, the highest IndusInd Bank FD rate is 7.85% for regular customers and 8.25% for senior citizens for a tenure of 1 year6 monthsto below1 year7 months.

The bank also offers a tax saver FD scheme that has a lock-in period of5 yearsand an interest rate of 7.25% for regular customers and 8.00% for senior citizens¹.

The interest rates on IndusInd Bank FDs are subject to change from time to time without prior notice¹. Therefore, it is advisable to check the latest rates before investing.

Features and Benefits of IndusInd Bank FD

IndusInd Bank FDs offer several features and benefits that make them an attractive investment option. Some of them are:

  • Hassle-free online booking: You can open an IndusInd Bank FD account online in just 3 easy steps. You only need your PAN and Aadhaar details to verify your identity and complete the video KYC process. You can fund your FD from any bank account using NEFT, RTGS, or UPI².
  • Flexible tenure: You can choose a tenure ranging from 7 days to 10 years as per your convenience and financial goals¹.
  • Flexible interest payout: You can opt for monthly, quarterly, half-yearly, yearly, or cumulative interest payout as per your preference.
  • Auto-renewal option: You can choose to renew your FD automatically at the prevailing interest rate for the same tenure at the time of maturity.
  • Premature withdrawal facility: You can withdraw your FD before the maturity date subject to a penalty of 1% on the applicable interest rate¹. However, premature withdrawal is not allowed for tax saver FDs.
  • Loan against FD: You can avail a loan of up to 90% of your FD amount at a competitive interest rate in case of any emergency or financial need.
  • Nomination facility: You can nominate a person to receive the FD amount in case of your demise¹.

How to Open an IndusInd Bank FD Account Online

Opening an IndusInd Bank FD account online is a simple and quick process. You can follow these steps to open an FD account online:

  • Visit the IndusInd Bank website and click on ‘Apply Online’.
  • Select ‘Fixed Deposit’ from the drop-down menu and click on ‘Apply Now’.
  • Enter your PAN and Aadhaar details and verify them with OTP.
  • Fill in your personal and FD details such as name, address, contact number, email ID, deposit amount, tenure, interest payout option, etc.
  • Complete the video KYC process by following the instructions on the screen.
  • Fund your FD from any bank account using NEFT, RTGS, or UPI.
  • Confirm your details and submit your application.
  • You will receive a confirmation message and an e-receipt on your registered email ID and mobile number.

You can also open an IndusInd Bank FD account through the Indus Mobile or Indus Net app by logging in with your internet banking credentials and following the similar steps.

FAQs on IndusInd Bank FD Rates

Q1. What is the minimum and maximum amount that I can invest in an IndusInd Bank FD?

The minimum amount that you can invest in an IndusInd Bank FD is Rs. 10,000. There is no maximum limit on the amount that you can invest in an IndusInd Bank FD.

Q2. What are the documents required to open an IndusInd Bank FD account online?

To open an IndusInd Bank FD account online, you only need your PAN and Aadhaar details. You do not need to submit any physical documents as the verification is done through video KYC.

Q3. How can I check the status of my IndusInd Bank FD account online?

You can check the status of your IndusInd Bank FD account online by logging in to your internet banking or mobile banking account. You can also visit the IndusInd Bank website and click on ‘Track Application’ to check the status of your FD application.

Q4. How is the interest on IndusInd Bank FD calculated?

The interest on IndusInd Bank FD is calculated using the following formula:

Interest = Principal x Rate x Time / 100

Where,

Principal = The amount invested in FD

Rate = The interest rate applicable on FD

Time = The tenure of FD in years

For example, if you invest Rs. 1 lakh in an IndusInd Bank FD for 1 year at an interest rate of 7.50%, then the interest earned will be:

Interest = 1,00,000 x 7.50 x 1 / 100

Interest = Rs. 7,500

Q5. Is the interest earned on IndusInd Bank FD taxable?

Yes, the interest earned on IndusInd Bank FD is taxable as per your income tax slab rate. The bank will deduct TDS (tax deducted at source) at 10% if your interest income exceeds Rs. 40,000 in a financial year (Rs. 50,000 for senior citizens). However, if you do not provide your PAN to the bank, then TDS will be deducted at 20%. You can also claim a refund of TDS if your total income is below the taxable limit by filing your income tax return¹..

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