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IndusInd Bank Fixed Deposit Rate

Fixed deposits (FDs) are the simplest and most popular form of investment. You can deposit a fixed amount of money for a fixed period and earn interest at a rate of 3 to 9% per annum on your investment depending on various factors. The interest is guaranteed so long as the principal amount remains in deposit with the bank. Deposit terms range from 7 days to 10 years. As a general rule, premature withdrawals - withdrawals before the term is up - are discouraged, but if you do want to withdraw you can do so by paying a small penalty.

Fixed deposits are free from the volatility of the stock market and in that sense they are relatively safe investments. There are also many variants of fixed deposit schemes offered by various banks. IndusInd Bank only offers the basic scheme as described below.

IndusInd Bank Fixed Deposit

Indusind Bank Fixed Deposit Rate

IndusInd Bank fixed deposits offer you the flexibility to choose whether to receive the interest every three months, at the end of the year, or to reinvest the amount and maximize your returns. The bank offers interest rates of up to 8% depending on the amount of deposit and term you choose and also based on whether you choose to withdraw your interest or re-invest it.

Deposit Tenure

Tenure is the period for which the amount is deposited with the bank. You can choose a period from 7 days up to 10 years.

Sweep in Facility

IndusInd Bank allows you to link your FD to your savings bank account so that you can make partial withdrawals from your FD account if your savings balance account balance falls below the minimum required amount. Under this facility, the amount withdrawn is inclusive of interest and the remaining amount remains in deposit and continues to earn interest at the stipulated rate. IndusInd Bank charges a small fee for this service.

You can also choose to close the FD account before the end of the term by paying a certain penalty.

Other Terms

Under an IndusInd Bank fixed deposit scheme, if you opt for a term below 6 months, the option for withdrawal of interest is not available. The total accumulated interest will be paid along with principal on maturity.

Tax at 10% will be deducted on interest exceeding INR 10,000 in all cases except where the investor has filled out the declaration in Form 15G or 15H. The tax deducted will be deposited with the income tax department under the Permanent Account Number (PAN) of the investor. If PAN is not available, the deduction of tax will be 20%.

Interest Rate on IndusInd Bank Fixed Deposit

The following are the interest rates paid under IndusInd bank fixed deposits for various terms and deposit amounts. It is advisable to keep in mind that interest rates are subject to change by the bank at any time. Please visit the official website of the bank for the most current rates and terms.

Domestic/NRO/NRE

Rates are effective from October 5th, 2018

Maturity PeriodDOMESTIC(RESIDENT)  DEPOSITS/ NRO DEPOSITSNRE DEPOSITS
<1 crore< 1Cr
Rates p.a. (%)Annualised Yield*Rates p.a. (%)Annualised Yield*
7 days to 14 days3.753.75--
15 days to 30 days4.254.25--
31 days to 45 days5.755.75--
46 days to 60 days6.006.00--
61 days to 90 days6.256.25--
91 days to 120 days6.506.50--
121 days to 180 days6.756.81--
181 days to 210 days7.257.32--
211 days to 269 days7.257.38--
270 days or below 1 years7.507.64--
1 Years to 1 Years 2 Months8.008.248.008.24
Above 1 Years 2 Months to below 2 Years7.758.147.758.14
2 years to below 2 years 6 Months7.508.017.508.01
2 years 6 Months to below 2 years 9 Months7.508.247.508.24
2 years 9 Months to below 3 years7.508.327.508.32
3 years to below 61 month7.508.657.508.65
61 month and above7.258.657.258.65
Indus Tax Saver Scheme (5 years)7.509.00NANA

Interest is compounded quarterly. Annualized yield is effective annual return basis the same.

FD Rates - w.e.f. October 5th, 2018

WithdrawableNon- Withdrawable (Only for Non-Individuals)
FD Amount1 crore to less than 5 crore1 crore to less than 5 crore
Maturity PeriodRate p.a. (%)Annualised Yield*Rate p.a. (%)Annualised Yield*
7 days to 14 days4.504.54.504.5
15 days to 30 days4.754.754.754.75
31 days to 45 days6.506.506.506.50
46 days to 60 days6.506.506.606.60
61 days to 90 days6.506.506.606.60
91 days to 120 days7.007.007.257.25
121 days to 180 days7.257.327.357.42
181 days to 210 days7.507.577.607.67
211 days to 269 days7.607.757.707.85
270 days or below 1 years7.707.857.807.95
1 Years to 1 Years 2 Months8.258.518.358.62
Above 1 Years 2 Months to below 2 Years8.008.418.258.69
2 years to below 2 years 6 Months7.758.307.908.47
2 years 6 Months to below 2 years 9 Months7.758.557.908.73
2 years 9 Months to below 3 years7.758.637.908.82
3 years to below 61 month7.758.987.909.19
61 month and above7.258.657.258.65
Indus Tax Saver Scheme (5 years)NANANANA

The annualized yield is the effective annual rate of return taking into account the effect of compounding interest.

Interest is compounded quarterly.  Annualized yield is effective annual return basis the same.

These rates are available for NR Deposit booking as well -

  • For NRO Deposits all listed tenure are available
  • For NRE Deposits only 1 Year & above tenure are available

FCNR / RFC* Deposits - w.e.f. December 1st, 2018

PeriodUSDGBPEURJPYCADAUD
1yr  < 2 yrs3.901.690.010.082.602.02
2 yrs< 3 yrs3.901.880.010.092.592.10
3 yrs< 4yrs3.791.730.013.052.642.19
4 yrs< 5 yrs3.511.810.140.112.662.44
5 yrs3.401.810.293.082.682.53
  • RFC Deposit Rates are same as that applicable for FCNR deposits. However the same are available only in USD, GBP & Euro
  • RFC Savings Rate is the rate applicable for 1Yr<2 Yrs on FCNR deposits and is available only in USD, GBP & Euro

IndusInd Bank Fixed Deposit Interest Rates for Senior Citizens

In addition to the normal rates of interest available under the fixed deposit scheme, all residents of India above the age of 60 (senior citizens) will get an additional 0.5% interest for amounts below 1 crore. This additional rate is not applicable to NRO / NRE accounts.

The additional rate is also not applicable if the amount of deposit exceeds 1 crore.

How to Calculate IndusInd Bank Fixed Deposit Interest

IndusInd Bank Fixed Deposit Rates

The following formula will give you a fair idea of the amount of interest you can earn on the amount you deposit.

Formula to calculate IndusInd Bank FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

However this may not be accurate since the formulae and terms applied vary from bank to bank. In order to get a more accurate figure, visit the official website of IndusInd Bank and use the interest calculator on the website to compute the interest for various amounts and terms. There are other websites that offer the same feature too.

The following terms apply for computation of interest on IndusInd Bank fixed deposits -

  • Where the term is more than 91 days interest is computed on a quarterly basis and paid out as per the agreement under the account.
  • If the investor chooses to reinvest the interest, it will be added to the principal for computation of future interest.
  • For deposits with term less than 91 days, interest will be computed as a simple interest based on number of days.
  • Where the investor has opted for annual interest pay out, the computation will be on a quarterly basis and the total interest will be released annually.

IndusInd Bank Fixed Deposit Premature Withdrawal Penalty

As a general rule, banks discourage investors from premature withdrawal of FD amount. However, if you so wish, you can withdraw the amount in IndusInd Bank fixed deposit by terminating the FD account before expiry of the term. If you wish to do so, the bank will pay you a slightly less interest than that agreed upon.

The penalty charged for premature withdrawal of FD is 1%. This means that interest at 1% less than the agreed rate will be paid on the amount for the period it remained with the bank. IndusInd Bank will not pay any interest if the FD is withdrawn within 6 months of date of commencement. This is applicable for all FDs except the following -

Premature withdrawal for FDs of more than 1 crore is not allowed unless agreed upon at the time of booking the FD.

Special conditions apply for NRE, FCNR, and RFC term deposits -

  • No interest is payable for FCNR deposits which have remained with the bank for less than 1 year.
  • In addition to the penalty of 1% SWAP (currency conversion) charges will apply for all FCNR deposits which have remained with the bank for more than 1 year.
  • The computations will be based on the prevailing currency exchange rates at the time.

IndusInd Bank FD – FAQS

1. What is the eligibility for opening an FD account with IndusInd Bank?

All India resident individuals can open an FD account with IndusInd Bank irrespective of age. Where the investor is a minor, a guardian must be appointed to transact on his behalf. Firms such as sole proprietorships, partnerships, corporates, HUFs and so on may also open an FD with IndusInd Bank.

2. What is the documentation required for individuals to open an FD account in IndusInd Bank?

The regular KYC documents are required for opening an FD account with IndusInd Bank. However if the investor is an existing customer and is KYC approved, these documents may be waived. In some cases an introduction from a customer who has held an active account for more than 6 months with the bank may be required.

3. For how long can I keep my deposit?

Fixed deposits can be kept for a term ranging from 7 days to 10 years.

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