Indian Bank Fixed Deposit

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:

• Regular Fixed Deposit Scheme
• Short Term Deposit Scheme
• Tax Saver Term Deposit Scheme
• Money Multiplier Deposits
• IND Non-Callable Deposit
• IND Shakti 555 Days

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 Short 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

IND Non-Callable Deposit

IND Non-callable deposit scheme is a new term deposit that doesn’t allow premature withdrawals during the tenure of the deposit.

• Tenure: 7 days to 10 years
• Minimum Deposit Amount: INR 5 crore
• Maximum Deposit Amount: No limit

IND Shakti 555 Days

Shakti 555 days is fixed maturity FD scheme of 555 days.

Tenure: 555 days

Minimum Deposit Amount: INR 5,000

Maximum Deposit Amount: INR 2 crore, above INR 2 crore it is considered as bulk deposit.

Scheme Validity: 31/3/2023

Key Features of Indian Bank Fixed Deposit Schemes

• 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%.
• 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.