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Indian Bank FD Interest Rates

2.90% - 5.25%
Interest rates
3 months - 10 years
Time Period
₹1000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Indian Bank Bank

Indian Bank is a nationalised financial service and banking company in India headquartered in Chennai, Tamil Nadu. It is under the ownership of the Government of India (Ministry of Finance). It serves over 100 million customers and is considered one of the top-performing public sector banks in India

Indian Bank offers multiple FD options to its customers in which they can secure their savings and earn interest on it. Indian Bank FD rates are comparatively higher than the interest provided on the savings account. A customer is required to deposit at least the minimum required amount at the time of opening the account. The customer is not allowed to deposit an additional amount once the account is opened.

Read More
Started On1907
Head QuartersChennai
CRISIL RatingNA
CEOPadmaja Chunduru
Listed on exchange asIndian Bank
ICRA RatingNA

Indian Bank FD Rates 2022

TenureRegular customersSenior citizens
1
2

Features and Benefits of Indian Bank Fixed Deposit

  • The Indian Bank FD tenure ranges from 7 days to 5 years
  • Additional interest rates for senior citizens
  • Nomination facility is available
  • Loan facility is available
  • The bank also provides an auto-renewal facility
  • The highest rate of interest offered by the bank is 6.25%
  • Interest earned is taxable

Types of Indian Bank FD Schemes

Regular Fixed Deposit

  • Customers can park their money to earn higher interest rates along with flexibility and liquidity.
  • Loan facility is available under this scheme
  • Auto-renewal facility is available
  • Resident Indians, public or private companies, HUFs, trust, and partnership firms are eligible

Reinvestment Plan

  • Reinvests all the earned dividends, capital gains, and interest back to buy units or shares rather than paying back in the form of physical cash.
  • Interest on deposit is compounded quarterly
  • Loan facility is available
  • Auto-renewal facility is available under this scheme
  • Interest on deposit is subject to TDS
  • Resident Indians, public or private companies, HUFs, trust, and partnership firms are eligible

Money Multiplier Deposit

  • Under this scheme, you have to make a minimum deposit of Rs.1,000 and multiples of Rs.100 thereafter. 
  • No upper limit on the maximum deposit amount
  • The deposit is required to be held with the bank for a tenure of 6 months up to 10 years. 
  • The interest is compounded quarterly.

Indian Bank Tax Saver Scheme

  • Minimum deposit amount of Rs.1,000 up to Rs.1.5 lakh can provide income tax deductions under Section 80C of the Income Tax Act, 1961. 
  • Interest payout can be chosen on a monthly or quarterly basis.
  • Option to select an accrued interest to be paid out on maturity. 
  • Minimum tenure to avail the income tax benefits is five years, maximum is 10 years. 
  • Individuals and HUFs who have a PAN card can open this account.

Motor Accident Claim Tribunal Deposit (MACAD)

  • Two products are offered under this scheme as suggested by the court - Motor Accident Claims Annuity Deposit (MACAD) and Principal Equally Distributed (PED).
  • MACAD provides you with the facility of Equated Monthly Instalments (EMI), and the latter provides monthly interest payouts. 
  • The deposit amount can be chosen as per the relevant tenure and a minimum monthly annuity of Rs.1,000. 
  • The tenure ranges from 3 years up to 18 years as suggested by the tribunal or court.

Term wise Indian Bank Fixed Deposit Rates

Short-term Deposits

For an Indian Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is around 5.75% p.a. These deposits are known as short-term deposits as they have a tenure of less than 1 year.

Medium-term Deposits

Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.30%

Long-term Deposits

These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.25%.

Indian Bank vs Other Banks' FD Rates

NameTenureInterest rate
1
2
3
4
5

How to invest in Indian Bank FD?

An Indian Bank FD account can be opened via different modes like Mobile App, Internet Banking, and offline.

1) Internet Banking

Follow the below-mentioned steps for opening an Indian Bank FD account via internet banking-

  • Sign in to the Indian Bank NetBanking account.
  • In the ‘Online Term Deposit’ tab, choose the ‘e-TDA Opening’ option.
  • Read and go through all the ‘Terms and Conditions' carefully and proceed to fill in all the necessary details.
  • Authenticate the transaction with a one-time password (OTP).
  • After successful authentication, the FD account will get opened. Its Acknowledgment slip will be available for download as well.

2) Mobile App - Indian Bank App

Follow the below-mentioned steps to open an FD account via Indian Bank Mobile App-

  • Download the Indian Bank App and sign in.
  • Choose the Term Deposits option to proceed.
  • Fill out all the details such as personal details, nominee information, and maturity instructions.
  • Authenticate the transaction with a one-time password (OTP).
  • After successful authentication, the FD account will get opened. Its Acknowledgment slip will be available for download as well.

3) Offline Indian Bank FD Opening

For opening an Indian Bank FD account via offline mode, one has to visit the nearest Indian Bank branch. Fill out the Indian Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Indian bank.

Eligibility to Open an Indian Bank FD Account

Investors must meet the following requirements when looking to invest in Indian Bank FDs.

  • Must be an individual or joint FD account holder in the bank.
  • NRIs are eligible to invest through NRE and NRO accounts only.
  • Member of Hindu undivided family or HUF.
  • Minors can invest in these FDs as well, but require assistance from parents or guardians.
  • Trusts, public and private limited organisations, partnerships and sole proprietorship concerns are also eligible for such investments.

Documents Required to Open Indian Bank FD

Investors must ensure that they have the following documents handy when starting an Indian Bank FD investment.

Proof of Identity

  • Pan card
  • Voter ID
  • Aadhaar card
  • Ration card including a photograph
  • Driving license
  • Senior citizen ID
  • Passport

Proof of Address

  • Electricity bill
  • Telephone bill
  • Bank statement with cheque
  • Passport
  • Identity card issued by Post Office

Customers also need to furnish two passport-sized photographs at the time of investment initiation.

FAQs

What is the minimum amount needed to open an FD with Indian Bank?

One needs to deposit a minimum amount of Rs. 100 to open an FD with Indian Bank.

What documents are needed to open an FD account in Indian Bank?

One needs a PAN card, two photographs, identity proof, and address proof.

Can a customer deposit an additional amount after opening the FD account?

No, an additional amount cannot be deposited once the account is opened with a certain deposit amount.

Is premature withdrawal allowed in Indian Bank Tax Saver Scheme?

No. Premature withdrawal is not allowed on the IB Tax Saver Scheme since the money is to be locked in with the bank for a fixed term of five years to avail the income tax benefits.

Calculate Indian Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Indian Bank
@5% p.a
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online upto 0%
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