Interest for 3 years
Note: All interest rates shown below are as on 2nd May 2022
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 14 days||2.8%||3.3%|
|1 month 15 days - 2 months 29 days||3.25%||3.75%|
|2 months 30 days - 3 months 28 days||3.35%||3.85%|
|3 months 29 days - 5 months 27 days||3.5%||4%|
|5 months 28 days - 8 months 24 days||4%||4.5%|
|8 months 25 days - 11 months 29 days||4.4%||4.9%|
|1 year - 1 year||5%||5.5%|
|1 year 1 day - 1 year 11 months 28 days||5.05%||5.55%|
|1 year 11 months 29 days - 2 years 11 months 28 days||5.1%||5.6%|
|2 years 11 months 29 days - 4 years 11 months 28 days||5.2%||5.7%|
|4 years 11 months 29 days - 4 years 11 months 29 days||5.25%||5.75%|
|5 years - 9 years 11 months 27 days||5.15%||5.9%|
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% - 5.25%
3.3% - 5.9%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.2%||For 5 years with interest of 5.25%|
|₹ 1 lakh||₹116843||₹129943|
|₹ 2 lakh||₹233686||₹259886|
|₹ 5 lakh||₹584216||₹649716|
|₹ 10 lakh||₹1168432||₹1299432|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105116||₹ 105326|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5116|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|ICICI Bank FD||5.2% - 5.7%|
|UCO Bank FD||5.1% - 5.6%|
|SCB FD||5.35% - 5.85%|
|Andhra Pradesh Grameena Vikas Bank FD||5.65% - 6.15%|
|Bank of India FD||5.2% - 5.95%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Axis Bank FD||5.4% - 6.05%|
|Vidharbha Konkan Gramin Bank FD||5% - 5%|
|Jammu And Kashmir Grameen Bank FD||5.3% - 5.8%|
|Kerala Gramin Bank FD||5.25% - 5.75%|
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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.
Following are the types of FD schemes offered by Indian Bank:
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 deposit scheme offers good interest rates enabling the depositors to earn significant returns. Also, it offers great flexibility and liquidity.
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.
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.
One can open an Indian Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an Indian Bank FD account through internet banking:
The following steps will guide in opening an FD account through Indian Bank Mobile App:
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.
One can invest in Indian Bank Fixed Deposit online or offline. The documents required to open a fixed deposit account are:
Following is the eligibility criteria for opening an Indian Bank FD:
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%.
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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