IndusInd Bank, a private sector lender, has raised interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the higher interest rates will take effect on August 12, 2022. Following the change, the bank now offers fixed deposits with maturities ranging from seven days to ten years, with interest rates ranging from 3.50% to 6.75% for the general public and 4.25% to 7.50% for senior citizens.
FD Rates at IndusInd Bank
The bank increased the interest rate on fixed deposits maturing in 7 to 14 days from 2.75% to 3.50%, a 75 basis point increase, and fixed deposits maturing in 15 to 30 days from 3.00% to 3.50%, a 50 basis point increase. Fixed deposits maturing in 31 days to 45 days will now offer an interest rate of 4.00%, up from 3.50% previously, a 50 basis point increase, and fixed deposits maturing in 46 days to 60 days will now offer an interest rate of 4.00%, up from 3.65% previously, a 35 basis point increase.
IndusInd Bank raised its interest rate from 3.75% to 4.25%, a 50 basis point increase, on fixed deposits maturing in 61 days to 90 days, and from 4.00% to 4.50%, a 50 basis point increase, on fixed deposits maturing in 91 days to 120 days. The bank increased the interest rate on fixed deposits maturing between 121 and 180 days from 4.50% to 4.75%, a 25 basis point increase, and on fixed deposits maturing between 181 and 210 days from 4.75% to 5.00%, a 25 basis point increase.
Fixed deposits maturing in 211 days to 269 days will now pay 5.25% instead of 5.00%, a 25 basis point increase, while deposits maturing in 270 days or 354 days will continue to pay 5.50%. Fixed deposits maturing in 355 days or 364 days will continue to earn an interest rate of 5.50%, while fixed deposits maturing in 1 Year to less than 1 Year 6 Months will earn an interest rate of 6.25%, a 25 basis point increase.
The bank increased the interest rate on fixed deposits maturing in one year, six months, or less than two years from 6.00% to 6.75%, a 75 basis point increase. IndusInd Bank raised interest rates on fixed deposits maturing in 2 years to less than 61 months from 6.50% to 6.75%, and from 6% to 6.25% on deposits maturing in 61 months or more. The bank increased the interest rate on the Indus Tax Saver Scheme (5 years) from 6.50% to 6.75%, a 25 basis point increase.
According to IndusInd Bank’s website, “in the event of a premature withdrawal before the specified tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and based on the actual run period” (tenure). In addition, if applicable, penal interest of 1% will be levied on the premature withdrawal.”
According to IndusInd Bank’s website, “An additional interest rate of 0.75% over and above the card rates is applicable for Term Deposits of Senior Citizens (Age 60 years & above) for value less than Rs. 2 cr” (Not applicable for NRO deposits). However, if the senior citizen chooses to deposit more than or equal to 2 Cr, the benefit of additional interest will not be available.”