Fixed Deposits are the most preferred form of investment in India. For those looking for savings and returns over a long period of time, FDs are the best choice. And when choosing a good bank, Indian Bank is a name you can trust.
In this article, we shed light on Indian Bank’s FD rates, their features, benefits and types.
Indian Bank provides FDs with lucrative interest rates (2.80% to 6.50% p.a) for varied tenures starting from 7 days to 5 years. Senior citizens get an additional interest rate of 0.50% additional per annum on deposits of up to ₹10 crores. For Non-Resident Indians, Indian Bank offers reasonable interest rates.
Table of contents
- Short, Medium and Long Term Indian Bank Fixed Deposit Rates
- Indian Bank Fixed Deposit Rates – Less than ₹2 Crore
- Indian Bank FD Rates (Bulk Term) – ₹2 Crore to ₹5 Crore
- Indian Bank Tax Saving FD Rates
- Indian Bank FD Rates for NRI (As of 2021)
- Indian Bank Interest Rates – Foreign Currency Non-Resident (B)
- Indian Bank FD Interest Rate – Benefits and Features
- Different Types of Indian Bank Fixed Deposit Interest Rates
- Essential Documents for Opening an FD at Indian Bank
- Indian Bank Fixed Deposit Interest Rate – Tax Benefits
- FAQ’s:-
Short, Medium and Long Term Indian Bank Fixed Deposit Rates
|
Tenure |
Interest Rates |
|
7 – 45 days |
5.00% – 6.00% per annum |
|
46 – 90 days |
5.25% per annum |
|
91 – 180 days |
5.25% – 5.50% per annum |
|
181 days – less than 1 year |
5.50% – 6.25 per annum |
|
1 year |
6.70% per annum |
|
Above 1 year to less than 3 years |
6.65% – 6.10% per annum |
|
3 years to 5 years |
6.00% per annum |
|
Above 5 years |
6.00% per annum |
Indian Bank Fixed Deposit Rates – Less than ₹2 Crore
A lot of people tend to invest in fixed deposit schemes whenever they have excess funds. One of the major reasons why people prefer Indian Bank FD rates is because of the interest-earning flexibility. You can opt for monthly, quarterly, yearly or end of maturity options.
Here’s the Indian Bank fixed deposit interest rate for investments less than ₹2 crores.
|
Period |
Less than ₹2 Crore |
|
|
Existing (% p.a) |
Revised (% p.a) |
|
|
7 days to 14 days |
2.80 |
2.80 |
|
15 days to 29 days |
2.80 |
2.80 |
|
30 days to 45 days |
3.00 |
3.00 |
|
46 days to 90 days |
3.25 |
3.25 |
|
91 days to 120 days |
3.50 |
3.50 |
|
121 days to 180 days |
3.85 |
3.85 |
|
181 days to less than 9 months |
4.50 |
4.50 |
|
9 months to less than 1 year |
4.75 |
4.75 |
|
Ind Supreme 300 Days (w.e.f 01.07.23 valid upto 31.10.23) |
— |
7.05 |
|
1 year |
6.10 |
6.10 |
|
Above 1 year to less than 2 years |
6.30 |
6.30 |
|
Ind Super 400 Days (w.e.f 20.04.23 valid upto 31.10.23) |
7.10 |
7.25 |
|
2 years to less than 3 years |
6.50 |
6.70 |
|
3 years to less than 5 years |
6.25 |
6.25 |
|
5 year |
6.25 |
6.25 |
|
Above 5 years |
6.10 |
6.10 |
These rates may vary depending on the bank’s latest developments, terms and conditions.
Indian Bank FD Rates (Bulk Term) – ₹2 Crore to ₹5 Crore
If you’re interested in investing in a bulk term deposit, take a look at the Indian Bank fixed deposit interest rate below:-
|
Period |
₹2 crore to ₹5 crore |
|||
|
Callable |
Non-Callable |
|||
|
Existing (% p.a) |
Revised (% p.a) |
Existing (% p.a) |
Revised (% p.a) |
|
|
7 days to 14 days |
2.90 |
5.00 |
2.90 |
5.00 |
|
15 days to 29 days |
5.00 |
5.00 |
5.00 |
5.00 |
|
30 days to 45 days |
5.00 |
6.00 |
5.00 |
6.00 |
|
46 days to 90 days |
5.25 |
5.25 |
5.25 |
5.25 |
|
91 days to 120 days |
5.25 |
5.25 |
5.25 |
5.25 |
|
121 days to 180 days |
5.50 |
5.50 |
5.50 |
5.50 |
|
181 days to less than 9 months |
5.50 |
5.50 |
5.50 |
5.50 |
|
9 months to less than 1 year |
6.25 |
6.25 |
6.25 |
6.25 |
|
1 year |
6.70 |
6.70 |
6.70 |
6.70 |
|
Above 1 year to less than 2 years |
6.65 |
6.65 |
6.65 |
6.65 |
|
2 years to less than 3 years |
6.10 |
6.10 |
6.10 |
6.10 |
|
3 years to less than 5 years |
6.00 |
6.00 |
6.00 |
6.00 |
|
5 year |
6.00 |
6.00 |
6.00 |
6.00 |
|
Above 5 years |
6.00 |
6.00 |
6.00 |
6.00 |
These rates may vary depending on the bank’s latest developments, terms and conditions.
Indian Bank Tax Saving FD Rates
You can also choose a tax-saving fixed deposit at Indian Bank. The interest rate for a period of 5 years is 6.25% per annum.
Indian Bank FD Rates for NRI (As of 2021)
Indian Bank Fixed Rates for NRE
|
PERIOD |
REVISED INTEREST RATE (PER ANNUM) |
||
|
LESS THAN RS. 2 CRORE |
RS. 2 CRORE TO RS. 5 CRORE |
||
|
Callable |
Non – Callable |
||
|
1 year |
6.10% per annum |
6.70% per annum |
6.70% per annum |
|
> 1 year and < 2 years |
6.30% per annum |
6.65% per annum |
6.65% per annum |
|
2 years to < 3 years |
6.70% per annum |
6.10% per annum |
6.10% per annum |
|
3 years to < 5 years |
6.25% per annum |
6.00% per annum |
6.00% per annum |
|
5 years |
6.25% per annum |
6.00% per annum |
6.00% per annum |
|
> 5 years |
6.10% per annum |
6.00% per annum |
6.00% per annum |
These rates may vary depending on the bank’s latest developments, terms and conditions.
Indian Bank Interest Rates – Foreign Currency Non-Resident (B)
The FCNR (B) interest rates at Indian Bank are as follows:-
|
CURRENCY |
PERIOD |
|||||
|
1- 2 Yrs |
2 – 3 Yrs |
3 – 4 Yrs |
4 – 5 Yrs |
5 Yrs |
1- 2 Yrs |
|
|
USD |
5.90 |
5.25 |
4.30 |
3.95 |
3.95 |
3.95 |
|
(5.65) |
(5.25) |
(4.30) |
(3.95) |
(3.95) |
(3.95) |
|
|
GBP |
NA |
4.00 |
3.20 |
3.25 |
3.25 |
3.25 |
|
NA |
(4.00) |
(3.20) |
(3.25) |
(3.25) |
(3.25) |
|
|
EUR |
NA |
2.00 |
1.60 |
1.60 |
1.60 |
1.65 |
|
NA |
(2.00) |
(1.60) |
(1.60) |
(1.60) |
(1.65) |
|
|
JPY |
NA |
0.11 |
0.13 |
0.12 |
0.13 |
0.14 |
|
NA |
(0.11) |
(0.13) |
(0.12) |
(0.13) |
(0.14) |
|
|
CAD |
NA |
4.30 |
4.10 |
3.90 |
3.70 |
3.50 |
|
NA |
(4.30) |
(4.10) |
(3.90) |
(3.70) |
(3.50) |
|
|
AUD |
NA |
1.20 |
1.70 |
2.05 |
2.30 |
2.45 |
|
NA |
(1.20) |
(1.70) |
(2.05) |
(2.30) |
(2.45) |
|
|
CHF |
NA |
0.00 |
0.01 |
0.02 |
0.03 |
0.05 |
|
NA |
(0.00) |
(0.01) |
(0.02) |
(0.03) |
(0.05) |
|
|
SGD |
3.95 |
0.27 |
0.40 |
0.49 |
0.55 |
0.61 |
|
(0.27) |
(0.27) |
(0.40) |
(0.49) |
(0.55) |
(0.61) |
|
Note:- These rates are applicable as of 12 December 2023. However, they may vary depending on the bank’s latest developments, terms and conditions.
Indian Bank FD Interest Rate – Benefits and Features
There are several features and benefits attached to Indian Bank fixed deposit rates. These include:-
- Interest applied monthly or quarterly with a discount.
- No highest limit on the money that can be deposited.
- The minimum requirement for opening a Fixed Deposit is ₹1,000.
- Nomination and auto-renewal facilities are available on Indian Bank’s FDs.
Different Types of Indian Bank Fixed Deposit Interest Rates
- Short-Term or Fixed Term Deposit – Customers who choose fixed or short-term deposits receive consistent interest payment (regular intervals).
- Quarterly or Monthly Term Deposit – Customers who choose this fixed deposit type receive interest amounts monthly or quarterly.
Customers may also select the option of receiving a Fixed Deposit interest amount upon maturity.
Essential Documents for Opening an FD at Indian Bank
To open a fixed deposit at Indian Bank, you will be required to submit the following documents:-
- ID Proof – This includes documents that prove your identity such as PAN Card, Driving License, Voter ID, Passport, Ration Card, Senior Citizen ID, Government ID (if any).
- Address Proof – This involves documents that prove your permanent address, such as utility bills (electricity and telephone), passport, bank statement (+ cheque), ID card or certificate issued by the post office.
Make sure you compare the Indian Bank FD interest rate for different schemes and gather all the documents before opening an FD.
Indian Bank Fixed Deposit Interest Rate – Tax Benefits
To ensure tax saving, Indian Bank provides a term deposit option for ‘Single Holder Type’ and ‘Joint Holder Type’ within a lock-in period of at least 5 years. The option of premature withdrawal is not available in these tax-saving deposits, and the interest percentage of 8.75% per annum. HUFs, minors and individuals are also eligible for this form of term deposit by the Indian Bank. Those seeking tax benefits under Section 80C of the Income Tax Act, 1961, should consider choosing this fixed deposit scheme.
Before that, it is vital to remember that the tax levied on these fixed deposits depends on the tax bracket you belong to. Even the fixed deposit tenure does not matter. For instance, if you earn interest more than ₹10,000, the bank will deduct 10% of tax. You will also receive a TDS certificate once the bank makes this deduction.
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FAQ’s:-
Q1. What is the maximum Indian Bank fixed deposit interest rate available?
Ans: The highest Indian Bank fixed deposit interest rate available is 6.50% annually. However, this rate may fluctuate depending on the marketing or economic conditions.
Q2. What is the minimum Indian Bank FD interest rate?
Ans: The minimum Indian Bank FD interest rate for the general public is 2.80% per annum. It may fluctuate as per the changing market or economic conditions. Any change in the interest rate will be visible on the bank’s official portal or mobile app.
Q3. What is the additional Indian Bank FD interest rate for senior citizens?
Ans: The special or additional fixed deposit interest rate for senior citizens offered by Indian Bank is 0.50% annually. This is on deposits up to ₹10 crore.
Q4. Can you change the tenure of an existing fixed deposit account at Indian Bank?
Ans: No, you cannot change the tenure of an existing Indian Bank Fixed Deposit account. Once you have selected a particular tenure when opening an FD, it will remain the same until its maturity or pre-withdrawal.
Q5. Can I open a tax benefit term deposit plan for a tenure below 5 years?
Ans: No, Indian Bank does not allow customers to open a tax benefit deposit plan for less than five years. For additional information, we advise you to contact an Indian Bank representative.
Q6. How long does it take for a Fixed Deposit investment deposit to double?
Investing in a fixed deposit is the best way to double your money. However, it requires a lot of patience, and the results aren’t quick. It can take up to 8-9 years for a fixed deposit investment to double, in any bank, not just Indian Bank.Ans:
Q7. Can I transfer my account from one branch to another?
Ans: Yes, you can. Gone are the days when transferring an account from one branch to another was a hassle. Today, you can easily request an account transfer online from the comfort of your house or by visiting your nearest brand and filling out a form.
