IndusInd Fixed Deposit Rate
IndusInd Fixed Deposit Rate - FD Rate in India
A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment which provides a higher rate of interest than a regular savings account. It is considered to be a low-risk form of saving. The rewards are proportionately low as well when compared to investing in the stock market, for example, but free from volatility and fluctuation.
Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8% depending on the tenure and amount among other factors. If you have some extra money that you wish to invest, opening an FD is a simple and safe option, with minimal documentation required.
Apart from banks, NBFCs and corporates too offer fixed deposits.
IndusInd Bank deposit rates
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank / NBFC. IndusInd Bank Interest Rates typically ranges from 4%-9% per annum.
The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened. The money deposited earns the same fixed rate of interest throughout the entire FD period (except for certain kinds of floating rate deposits).
IndusInd Bank FD rates
Following is an overview of IndusInd Bank Term Deposit Rates and IndusInd Bank Short-Term Fixed Deposit Interest Rates.
IndusInd Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with IndusInd Bank directly.)
|Rates||Annualized Yield||Rates||Annualized Yield|
|7 days to 14 days||3.50%||3.50%||4.00%||4.00%|
|15 days to 30 days||4.50%||4.50%||5.00%||5.00%|
|31 days to 45 days||5.50%||5.50%||6.00%||6.00%|
|46 days to 60 days||6.00%||6.00%||6.50%||6.50%|
|61 days to 90 days||6.50%||6.50%||6.50%||6.50%|
|91 days to 120 days||6.75%||6.75%||6.75%||6.75%|
|121 days to 180 days||6.75%||6.81%||6.75%||6.81%|
|181 days to 210 days||7.00%||7.06%||7.00%||7.06%|
|211 days to 269 days||7.00%||7.12%||7.00%||7.12%|
|270 days or below 1 year||7.25%||7.38%||7.25%||7.38%|
|1 year to below 1 years 2 months||7.50%||7.71%||7.50%||7.71%|
|1 years 2 months to below 2 years||7.35%||7.69%||7.35%||7.69%|
|2 years to below 2 years 6 months||7.35%||7.84%||7.35%||7.84%|
|2 years 6 months to below 2 years 9 months||7.35%||8.06%||7.35%||8.06%|
|2 years 9 months to below 3 years||7.35%||8.14%||7.35%||8.14%|
|3 years to below 61 months||7.25%||8.32%||7.25%||8.32%|
|61 months and above||7.25%||8.65%||7.25%||8.65%|
|Tax Saver Scheme (5 year)||7.25%||8.65%||N/A||N/A|
For NRE Deposits, the rates of interest are as follows:
|Maturity Period||Rates||Annualized Yield for < 1Cr|
|1 year to below 1 years 2 months||7.50%||7.71%|
|1 years 2 months to below 2 years||7.35%||7.69%|
|2 years to below 2 years 6 months||7.35%||7.84%|
|2 years 6 months to below 2 years 9 months||7.35%||8.06%|
|2 years 9 months to below 3 years||7.35%||8.14%|
|3 years to below 61 months||7.25%||8.32%|
|61 months and above||7.25%||8.65%|
|Tax Saver Scheme (5 year)||N/A||N/A|
Do keep in mind that these interest rates could change at any time. For the most up to date rates, it is best to check with the Bank.
How to Calculate IndusInd Fixed Deposit Interest
You can use online resources to calculate the interest accrued on your IndusInd FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest – the calculator will do the rest. You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate IndusInd FD
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
IndusInd Bank FD Interest Rates for Senior Citizens
A senior Citizen is defined by IndusInd bank as being 60 years of age and above.
IndusInd Bank offers special Senior Citizen FD Rates which is an additional 0.50% over the rates as applicable for normal citizens, for values below Rs.5 crores. However, if the deposit amount is above Rs. 5 crores, and the FD amount is deposited under the interest rates applicable for High Value Deposits, the benefit of additional interest is not levied.
IndusInd Bank FD Premature Withdrawal Penalty
Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds – for example, in case of a medical emergency.
In such cases the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. This is subject to the terms agreed upon at the time of placing the deposit. For such premature withdrawals, the bank typically charges a penalty of 1%.
IndusInd Bank FD – FAQS
For how long can I keep my deposit?
A fixed deposit is for a fixed term as the name suggests. You can open a fixed deposit account for any period ranging from 7 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accrued.
Can I deposit additional amount in my FD account?
No. It is possible to deposit the amount only once- at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.
What are the disadvantages to opening an FD account?
Generally, the savings accrued on interest is lower than other forms of investment. And the interest earned is taxable in line with your income slab.
What is the eligibility for opening an FD account in India?
All resident individuals, including minors, are eligible to open a fixed deposit account.
What is the documentation required to open an FD account in IndusInd?
The documentation generally required is Identity proof, Address proof, Signature proof and Age proof (for senior citizens).