Indian Bank Fixed Deposit
Public Sector
AA+
DICGC
5.75%
Interest for 3 years
Indian Bank FD Interest Rates Oct 2022
Note: All interest rates shown below are as on 1st Oct 2022
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 7 days - 14 days | 2.8% | 3.3% |
| 15 days - 29 days | 2.8% | 3.3% |
| 30 days - 1 month 14 days | 3% | 3.5% |
| 1 month 15 days - 2 months 29 days | 3.25% | 3.75% |
| 2 months 30 days - 3 months 28 days | 3.5% | 4% |
| 3 months 29 days - 5 months 29 days | 3.75% | 4.25% |
| 5 months 30 days - 8 months 26 days | 4% | 4.5% |
| 8 months 27 days - 11 months 29 days | 4.4% | 4.9% |
| 1 year - 1 year | 5.45% | 5.95% |
| 1 year 1 day - 1 year 11 months 28 days | 5.5% | 6% |
| 1 year 11 months 29 days - 2 years 11 months 28 days | 5.55% | 6.05% |
| 2 years 11 months 29 days - 4 years 11 months 28 days | 5.75% | 6.25% |
| 4 years 11 months 29 days - 4 years 11 months 29 days | 5.65% | 6.15% |
| 5 years - 9 years 11 months 27 days | 5.65% | 6.15% |
About Indian Bank FD
Indian Bank provides a wide spectrum of banking products and services.The services offered by the bank includes Personal Banking -Under this the bank offers fixed deposits, saving accounts, recurring accounts, saving accounts for kids and senior citizens, internet banking, ATM facility, debit/credit cards, home loans, personal loans.NRI services Indian Bank was established as a part of the Swadeshi movement. The bank has its headquarters in Chennai The bank has a balance sheet size of Rs. 3.1 Lakh Crs as on 31st March 2020 The bank recorded a profit of Rs 753 Crs in FY20
2.8% - 5.75%
FD Rate
3.3% - 6.25%
FD Rate for Seniors
₹ 1000
Minimum Deposit
₹ 2 Crores
Maximum Deposit
days
-
FD Tenure
-
AA+
Fixed Deposits
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Indian Bank FD Returns Based on Investment Amount
| Investment Amount | For 3 years with interest of 5.75% | For 5 years with interest of 5.65% |
|---|---|---|
| ₹ 50,000 | ₹59389 | ₹66278 |
| ₹ 1 lakh | ₹118778 | ₹132556 |
| ₹ 2 lakh | ₹237556 | ₹265113 |
| ₹ 5 lakh | ₹593891 | ₹662781 |
| ₹ 10 lakh | ₹1187782 | ₹1325563 |
Compare Indian Bank Fixed Deposit Returns with Top Banks
Use FD calculator to change values and compare your returns from top banks.
| Maturity Amount | ₹105588 | ₹ 105431 |
| Total Investment Amount | ₹ 100000 | ₹ 100000 |
| Total Interest Gained | ₹5588 ₹5588 | ₹ 5431 |
| Income Tax on Wealth Gained | ₹ 12898 | ₹ 13092 |
Compare Indian Bank Fixed Deposit Rates with Top Banks
| Bank Name | FD Interest Rates |
|---|---|
| 5.3% - 5.55% | |
| 6.5% - 6.5% | |
| 5.8% - 6.3% | |
| 6.6% - 7.1% | |
| 6.55% - 7.05% | |
| 7% - 7.5% | |
| 5.75% - 5.75% | |
| 6.9% - 7.4% | |
| 5.5% - 6% | |
| 5.5% - 5.75% |
Calculate Indian Bank FD Returns
₹ 100000
Total Investment
₹5588
Wealth Gained
₹5588
Wealth Gained
₹105588
Maturity Amount
How to invest in FD
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Indian Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Indian Bank FDs is higher in their savings account. One can invest in Indian Bank FDs through both online and offline modes with just a minimum investment of INR 100. This article covers Indian Bank FD, its features and interest rates in detail.
Indian Bank Fixed Deposit Schemes
Following are the types of FD schemes offered by Indian Bank:
- Reinvestment deposit scheme
- Regular fixed deposit scheme
- Term deposit scheme
- Tax saver term deposit scheme
- Money Multiplier Deposits
Indian Bank Reinvestment deposit scheme
It is a term deposit scheme. The scheme reinvests all the earned capital gains, dividends, and interest in buying shares or units rather than paying cash.
- The minimum deposit amount is INR 100, and no limit on the maximum deposit amount.
- The tenure ranges between six months to ten years.
- The interest on the deposit is compounded every quarter.
- The scheme has an auto-renewal and nomination facility.
- Depositors can take a loan up to 90% of the deposit amount.
- Interest earned is subject to TDS.
- Resident Indians, public or private limited company, HUFs, trust and partnership firms can open Reinvestment deposit schemes.
Indian Bank Regular Fixed Deposit Scheme
The deposit scheme offers good interest rates enabling the depositors to earn significant returns. Also, it offers great flexibility and liquidity.
- The minimum deposit amount is INR 1,000, and no maximum limit.
- The tenure ranges between seven days to ten years.
- The scheme provides an auto-renewal facility for an equal period.
- A nomination facility is available as well with a regular fixed deposit scheme.
- Depositors can avail a loan against their deposit.
- Resident Indians, public or private limited company, HUFs, trust and partnership firms can open a regular fixed deposit scheme.
Indian Bank Term Deposit scheme
Term deposits are repayable after an agreed period fixed at the time of deposit. The interest payment is on the maturity of the deposit along with the principal.
- The minimum deposit amount is INR 1,000 and in multiples of INR 100, after that. Also, there is no maximum limit.
- The tenure ranges between seven days to 180 days.
- Interest is paid along with the principal on maturity. Also, it is subject to TDS.
- Auto-renewal, loan, nomination and pre-closure facility are available.
- Resident Individual (sole or joint account), Hindu Undivided Family, public and private limited companies can open term deposit schemes at Indian Bank.
Indian Bank Tax Saver Term Deposit Scheme
Depositors can claim tax benefit under Section 80C of the Income Tax Act. Deposits up to INR 1,50,000 per year qualify for the benefit.
- The minimum deposit amount is INR 1,000 and in multiples of INR 100, after that. The maximum amount is INR 1,50,000.
- The investment tenure is a minimum of five years. Also, the maximum is ten years for Individuals and HUFs with a PAN Card can invest up to INR 1,50,000 in a financial year.
- No loan or foreclosure facility available for up to five years.
- A nomination facility is available.
- Resident individuals (sole or joint account) and Hindu Undivided Family (HUF) can open tax saver term deposits with Indian Bank.
Money Multiplier Deposits
- Interest is compounded quarterly
- Minimum investment amount is Rs 1,000 in multiples of Rs 100
- No maximum investment amount
- Minimum 6 months and maximum 10 years of investment
- Automatic renewal of FD for equal amount
- Loan, nomination, and premature withdrawal facility available
- An additional 0.50% interest rate for a senior citizen
Key Features of Indian Bank Fixed Deposit Schemes
- Tenure: The tenure of an Indian Bank FD ranges from seven days to ten years. One cannot change the tenure of their Indian Bank FD once it has commenced.
- Minimum and maximum investment: The minimum investment in Indian Bank FD is INR 100. However, there is no limit on the maximum amount of investment in Indian Bank FD.
- Indian Bank FD rates: Indian Bank FD rates range between 3% and 5.25% for regular citizens and between 3.4% and 5.75% for senior citizens. Moreover, Indian Bank offers an additional 0.5% interest to senior citizens on their FDs. Indian Bank pays interest on the FD only after maturity.
- Premature withdrawal: All Indian Bank FDs can be withdrawn prematurely except for the tax-saving FD. There is no penalty for deposits below INR 5 lakhs if kept for a period of 181 days. For deposits greater than INR 5 lakhs and if withdrawn before the completion of 181 days, the penalty is 1%.
- Loan against FD: Indian Bank offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan against their Indian Bank FD investment. Also, the interest rate for the loan will be as per the terms of the Indian Bank. Moreover, the tenure of the loan is limited to the tenure of the FD.
- Nomination facility: Indian Bank FD investors can nominate beneficiaries for their FDs.
- Auto-renewal: Investors can opt for auto-renewal of their Indian Bank FDs.
- Safety: The Deposit Insurance Scheme of RBI covers all Indian Bank deposits. The scheme covers all Indian Bank deposits up to INR 5,00,000.
- Additional payments: Investors cannot deposit an additional amount in an Indian Bank FD once it has commenced. However, they can open a fresh Indian Bank FD with the new amount.
How to open an Indian Bank FD Deposit Account?
One can open an Indian Bank FD account through various modes such as Internet Banking, Mobile App and offline.
Internet Banking
The following steps will help an individual to open an Indian Bank FD account through internet banking:
- Login to the Indian Bank NetBanking account.
- Under the ‘Online Term Deposit’ tab, select the ‘e-TDA Opening’ option.
- Read all the ‘Terms and Conditions carefully and proceed to enter all the required details.
- Authenticate the transaction with an OTP.
- On successful authentication, the FD account opens, and one can download the Acknowledgment slip.
Through Mobile App
Indian Bank App
The following steps will guide in opening an FD account through Indian Bank Mobile App:
- Download the Indian Bank App and log in.
- Select the Term Deposits option to proceed.
- Provide all the details such as personal information, nominee details and maturity instructions.
- Authenticate the transaction with an OTP.
- On successful authentication, the FD account opens, and one can download the Acknowledgment slip.
Offline Indian Bank FD Opening
To open an Indian Bank FD account offline, one has to visit the nearest Indian Bank branch. Fill the Indian Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, the Indian bank will provide an FD receipt.
Documents Required to Open an Indian Bank FD
One can invest in Indian Bank Fixed Deposit online or offline. The documents required to open a fixed deposit account are:
- Fixed Deposit application form
- 2 Passport Size Photographs
- Pan Card or Form No. 60 or 61 of the Income Tax Act
- Senior Citizen ID Card (for senior citizens)
- Identity Proof as per KYC norms. (Aadhar Card, Passport, PAN Card, Driving License, Voter ID Card,)
- Address proof as per KYC norms. (Aadhar card, Electricity bill, Telephone bill, Bank Statement with cheque)
- Any other documents as applicable for company, proprietorship, trust, HUF, partnership, institution etc.
Eligibility to Open an Indian Bank FD
Following is the eligibility criteria for opening an Indian Bank FD:
- Resident Indians
- Public or private limited company
- HUFs
- Trusts
- Partnership firms
Does Indian Bank offer Recurring Deposits?
Indian Bank offers recurring deposits to its depositors. Indian Bank recurring deposits have a minimum tenure of six months and a maximum tenure of 10 years. Depositors can open an RD account either by going to the Indian Bank branch or online using internet banking. The interest rate for regular citizens on Indian Bank RDs is in the range of 3.95% to 5.15%, and for senior citizens, it is in the range of 4.45% to 5.65%.
Frequently Asked Questions
Indian Bank FD rates range between 3% and 5.25% for regular citizens and between 3.4% and 5.75% for senior citizens. Moreover, Indian Bank offers an additional 0.5% interest to senior citizens on their FDs. Indian Bank pays interest on the FD only after maturity.
Indian Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Indian Bank deposits. Also, the scheme covers all Indian Bank deposits up to INR 5,00,000. Hence Indian Bank FDs are safe for investment.
To know in how many years Indian Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Indian Bank FD will double. For example, for a tenure of 5, the Indian Bank FD interest rate is 5.25%. An investor can double the investment amount by investing for this tenure in Indian Bank FD in 13.71 years (72/5.25).
The minimum investment in Indian Bank FD is INR 100. However, there is no limit on the maximum amount of investment in Indian Bank FD.
Yes, investors can open an Indian Bank FD account online through their internet banking facility.
The highest FD rate for Indian Bank is 5.25% for a tenure of 5 years. The highest Indian Bank FD rate for senior citizens is 5.75% for a tenure of 5 years.
Only investment in Indian Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Indian Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from Indian Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Indian Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Indian Bank, then the TDS rate will be 20%.
Resident Indians, public or private limited company, HUFs, trusts, and partnership firms are eligible to open an Indian Bank FD account.
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