IndusInd Bank Fixed Deposit Rates

From various fixed deposit options to different interest rates, the IndusInd Bank fixed deposit rates have a lot to bring to the table for investors. As you decide to start an FD, you look for options that unfold attractive rates and pave a feasible set of options to carry out the process. With IndusInd, you can open fixed deposits via offline and online channels at an investment as competitively low as Rs 10,000. This section discusses IndusInd Bank FDs in detail. Keep on reading. 

IndusInd Bank Fixed Deposit Rates for Regular Citizens & Senior Citizens 

IndusInd Bank FD Interest Rates for Deposits of Above Rs. 2 crores to Below Rs. 5 crores (Premature Withdrawal Allowed)

IndusInd Bank FD Interest Rates for Deposits of Above Rs. 1 crore to Below Rs. 5 crores (Premature Withdrawal Not Allowed)

IndusInd Bank NRI FD Rates

Interest Rates for NRE Deposits – 2 crore to less than 5 crores

IndusInd Bank – FCNR/ RFC FD Interest Rates

Features of IndusInd Bank FDs

You are rewarded with the following features of IndusInd bank fixed deposits if you opt to book a deposit with the bank:-

1. IndusInd Fixed Deposit Tenure: The tenure of an IndusInd FD goes from seven days to ten years which is pretty flexible. Note that you won’t be able to commence any change in your IndusInd Bank FD tenure once it has started.
2. IndusInd bank FD Rates: IndusInd Bank offers FD interest rates of 3.50% – 7% p.a. for regular deposit holders and 4.00% – 7.5% p.a. for senior citizens on tenures ranging from 7 days to 61 months and above. The interest rate on IndusInd Bank Tax Saving FDs is 7.25% p.a. for the general public and 7.75% p.a. for senior citizen depositors for tenures of 5 years It also offers special rates for senior citizens. IndusInd Fixed Deposit schemes give you various options of interest payable monthly, quarterly, half-yearly, annually or at maturity as per your convenience. 
3. Minimum/Maximum Limit of Investment: The minimum investment limit in IndusInd Bank FD is Rs. 10,000, while there is a cap in the face of the maximum amount of investment in the bank.
4. Premature Withdrawal: One of the best features of IndusInd Bank FDs is that you can withdraw them prematurely. This does not apply to the case of the tax-saving FD. Note that the bank charges a fee for withdrawing the investment prematurely, which is 1% of the contracted interest rate.
5. Nomination Facility: IndusInd Bank provides the nomination facility to its fixed deposit investors to nominate beneficiaries for the same.
6. Loan against FD: Key features of Loan against fixed deposit with IndusInd Bank include eligibility for any FD holder, borrowing up to 90-95% of the FD amount as loan, fixed deposit lien, and a loan tenure matching the FD tenure. 
7. Additional payments: You cannot deposit an additional amount in your IndusInd Bank FD after it has come into effect. However, the bank gives you the option to start another IndusInd Bank FD.
8. Auto-renewal option: It is one of the notable features of IndusInd bank fixed deposit rates which allows you to go for the auto-renewal of your IndusInd Bank FDs.
9. Safe and Secure: Security is, of course, a prime concern when it comes to opting for an FD with any bank. Know that the Deposit Insurance Scheme of RBI covers the IndusInd Bank deposits. The scheme takes care of all IndusInd Bank deposits up to Rs 5,00,000.

Types of IndusInd Bank Fixed Deposit Schemes

1. Fixed Deposit/ Term Deposit

The Fixed Deposit or Fixed Term Deposit is a type of IndusInd FD scheme with a guaranteed return investment with attractive benefits. In this type of IndusInd bank fixed deposit scheme, the minimum deposit amount is Rs. 10,000, and the investment tenure ranges between 7 days and 120 months. 

The scheme features competitive interest rates and offers individuals quite flexible payout options based monthly, annually or at the time of maturity. Apart from that, it also provides partial withdrawal, auto-renewal, and nomination facilities to the depositors. They can seamlessly book a deposit using IndusInd net banking or phone banking.

IndusInd Bank Fixed Deposit is offered to individuals, guardians on behalf of minors, partnership firms, limited companies, sole proprietorships, clubs, HUFs, societies, trusts, and associations.

2. Tax Saver Fixed Deposit Scheme

The IndusInd bank offers another Fixed Deposit scheme: the Indus Tax Saver FD scheme. This scheme is special because it allows an entry pass to enjoy tax deductions under Section 80C of the Income Tax Act. The minimum deposit required in this scheme is Rs. 100, and it comes with a lock-in period of 5 years.

Besides that, the Indus Tax Saver scheme does not give you the option to make partial or premature withdrawals. This type of IndusInd FD is open for resident individuals, Hindu Undivided Families sole proprietorship, partnership firm, and limited companies can invest in IndusInd FDs. Guardians on behalf of minors, Societies, Clubs, Trusts, and Associations can also invest in IndusInd FDs.

3. Sweep In/ Sweep Out Deposit

IndusInd Bank’s sweep in/sweep out is a deposit scheme that promises the safety of funds and ensures they are there in case of any urgent financial needs zero cost. This scheme allows an automatic transfer of funds to direct to term deposits for a certain period. 

The minimum deposit amount depends on the depositor’s savings or current account, and the investment tenure ranges between 30 days and 24 months. This fixed deposit scheme is best used for individuals and corporations who receive a continuous float in CA/SB. It allows them to enjoy premature closure of the account and an option of nomination.

4. Young Saver Deposit

IndusInd Young Saver Deposit is a fixed deposit scheme that invites children to start with savings. This scheme encourages youngsters to invest and offers them high returns on savings. In this scheme, the savings account is linked with the Flexi recurring deposit, which the guardian of the minor operates.

This scheme starts with a minimum deposit amount of Rs. 11. The tenure ranges from 6 months to 120 months. Apart from that, the scheme is open for premature closure of the account, and it also provides a nomination facility to the individuals. A guardian can start the young saver deposit on behalf of the minor.

5. IndusInd Bank Senior Citizen Scheme

This IndusInd deposit scheme is dedicated to senior citizens, and it offers a 0.50% higher deposit interest rate than all the other schemes. In this scheme, the minimum deposit amount is Rs. 10,000, with the deposit tenure ranging from 7 days to 120 months. Know that the IndusInd fixed deposit for senior citizens also features the option of premature closure of the fixed deposit account and has a nomination facility.

How to Open an IndusInd Bank FD Account?

Ready to open your FD account with IndusInd bank? 

The good part is that the bank allows you to pick among multiple modes to open an IndusInd FD deposit account. These options are:-

• Offline
• Internet banking
• IndusInd bank mobile app

Let’s check out how this process is carried out in the case of each of these modes.

Open IndusInd FD Account Offline

If you want to open an IndusInd Bank FD offline, you need to reach out to the nearest IndusInd Bank branch. The bank representative will give you the IndusInd Bank FD application form. You have to fill in and submit all the necessary documents and the deposit amount. Once your application is processed successfully, the bank will provide an FD receipt.

Open IndusInd FD Account via Internet banking

You need to follow the below-mentioned steps to open an IndusInd Bank fixed deposit account through internet banking:

Step 1: First, you have to log into the IndusInd Bank NetBanking account.

Step 2: Now, you will choose the type of fixed deposit option you want to go with. After that, you can hit the “Create Fixed Deposit” option.

Step 3: You need to fill in the application form with the correct details in the next step. Once your application is successful, the amount will be transferred from your savings account.

Step 4: You will receive the fixed deposit receipt and other details to your registered email address. Alternatively, the bank communicates the physical copy of the details to your address.

Open IndusInd FD Account via IndusInd Bank Mobile App

Another option to open an IndusInd fixed deposit account is this. Super feasible and a time-saver, you can opt to open your IndusInd FD account through the IndusInd mobile app. Mentioned below are the steps explaining how you can do that:-

Step 1: Click on the “Fixed Deposit” option from the list of products. 

Step 2: Now, select the fixed deposit scheme option, and then click “Create Fixed Deposit”.

Step 3: After that, you have to fill in the IndusInd FD account application form with the correct details. Once your application is successful, the amount will be transferred from your savings account.

Step 4: You will receive the fixed deposit receipt and other details to your registered email address. Alternatively, the bank communicates the physical copy of the details to your address.

Documents Required for IndusInd Bank FDs

Mentioned below are the documents required to open a fixed deposit with IndusInd bank:-

•    ID proof: PAN card, Aadhar card, government ID, passport, driving licence or senior citizen ID.
•    Proof of Address: Passport, Aadhar card, telephone bill, bank statement with cheque or electricity bill.

IndusInd Bank FD Eligibility Criteria

Here are the eligibility standards to open IndusInd bank fixed deposit:-

• Individuals (it includes guardians on behalf of minors)
• Limited companies
• Sole proprietorships
• Partnership firms
• HUFs, trusts, clubs, societies, and associations

IndusInd Bank Recurring Deposits

With IndusInd Bank Recurring Depits save your money and enjoy returns all at once. With a minimum Investment of 500, the tenure ranges between 12 to 120 months and you’ll enjoy a rate of interest of 7.50%.

Some key details include the following:-

• IndusInd Bank offers Recurring Deposit (RD) with minimum opening balance of Rs 500.
• The deposit tenure of RD can range from 12 to 120 months.
• Nomination facility is available for RD. 
• Interest rate of RD would be applicable to term deposits, including benefits of senior citizens.
• Tax Deduction at Source (TDS) would be applied as per current income tax regulations.
• RD accounts can be booked in multiples of 100.
• Premature closure is allowed for RD accounts.
• A fixed monthly installment will be remitted to your Recurring Deposit account, either through standing order, ECS mandate, or direct remittance.

IndusInd Bank Fixed Deposit Tax 

If you have an investment in the IndusInd Bank Tax Saver FD, then you are eligible to enjoy tax-saving benefits of up to Rs. 1,50,000 per annum. There are no tax-saving benefits in the case of other FDs by IndusInd Bank. Know that the interest income earned from IndusInd Bank FD is taxable as per the tax slab rates for investors’ income. Besides, it is subject to 10% TDS if the FD’s income exceeds Rs 40,000 per annum. This limit is Rs. 50,000 per annum for senior citizens. You must also note that the TDS will be 20% if you don’t share your PAN card details with the bank.

Conclusion

So, this is all that you need to know about the IndusInd FD rates. If you’d like to open an FD account with the bank or dig for more information, you can reach out to the bank.

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