IndusInd Bank FD Interest Rates

6.25%
1 Year
6.75%
2 Years
6.75%
3 Years
Overview of IndusInd Bank FDs
6.25% - 6.75%
Interest rates
12 months - 3 years
Time Period
₹1,000 - ₹10,00,000
Min. - Max amount
QUARTERLY
Compounding

About IndusInd Bank FD

IndusInd Bank is among the leading new generation banks and was founded in 1994. The banking institution has its headquarters in Pune and is popular for its financial products and services across the nation. For instance, the IndusInd Bank FD is one of the most preferred financial tools and is considered to be an effective means of encouraging savings.

The IndusInd Bank FD rates and additional user-centric benefits make the said financial product more prevalent among individuals. Nonetheless, to maximise the utility of such a scheme, individuals need to be aware of its characteristics and rate of interest in detail.

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Started On1994
Head QuartersMaharashtra
CRISIL RatingNA
CEOSumant Kathpalia
Listed on exchange asIndusInd Bank Ltd.
ICRA RatingNA

IndusInd Bank FD Rates 2022

TenureRegular customersSenior citizens

Features and Benefits of IndusInd FD

IndusInd Bank Fixed Deposit is a potent savings instrument that helps individuals to generate income. Its most prominent features include

  • It can be opened for a tenure ranging between 7 days to 10 years.
  • The Indusind Bank fd interest rates are paid at maturity.
  • It enables premature withdrawal and nomination facility.
  • Best in class interest rate
  • Tax saver FD is also available

Types of IndusInd Bank FD Schemes

IndusInd Bank Regular FD Scheme

  • The tenure ranges between 7 days and more than 5 years.
  • The IndusInd FD rates range between 3.25% p.a. and 6.00% p.a. for regular customers
  • TDS is applicable to the interest income.
  • Interest payout can be received on a yearly, half-yearly, quarterly or monthly basis or at the end of tenure
  • Nomination facility is available
  • Premature withdrawals are available but charged with a penal rate of 1%

IndusInd Bank Sweep In/Out scheme

  • Under this scheme, one can transfer funds from an FD account to their linked Savings/Current Account and vice versa.
  • In case the balance in the Savings/ Current account is not enough, funds get credited to the account from the Term Deposit account.
  • The tenure ranges from 30 days to 2 years.
  • Nomination and automatic renewal facility available
  • Premature closure allowed

Indus Tax Saver scheme

As the name suggests, this FD helps to get tax benefits as mentioned in Section 80C of the Income Tax Act, 1961

The Indus Tax Saver scheme interest is 6.50% p.a. for regular customers and 7.00% p.a. for the senior citizens

The maximum amount that can be deposited in a Tax Saver FD is Rs.1.50 lakh

Term wise IndusInd Bank FD Rates

Short-term Deposits

For an FD with tenure ranging from 7 days to 12 months, the IndusInd FD Rates offered are from 2.50% p.a. to 5.45% p.a. These deposits are known as short term deposits as their tenure is 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  6.00% - 6.50% p.a.

Long-term Deposits

These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.00%.

IndusInd Bank vs Other Banks' FD Rates

NameTenureInterest rate

How to Open FD in IndusInd Bank?

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

1) Mobile App 

Open FD Account Online on Groww App

  • Download the Groww App and sign in.
  • Go to ‘More’ tab after stocks and mutual funds and click on Fixed Deposit
  • Select IndusInd Bank and choose the desired tenure
  • Provide all the required details such as the amount and nominee details then click on proceed
  • On confirmation, the fixed deposit amount will be debited from the provided Savings Account to the Fixed Deposit account. 

Open FD Account Online on IndusInd Bank App

Follow the steps mentioned ahead to open an FD account via IndusInd Bank Mobile App-

  • Under the home menu, choose the ‘Fixed Deposit’ option.
  • Select the fixed deposit option, and next click on ‘Create Fixed Deposit’.
  • Complete the application form. On successful submission, the amount will get transferred from the savings account.
  • The receipt of the fixed deposit and other information will be sent to the registered email address. A physical copy will be sent to the registered address.

2) Website

Open FD Account Online on Groww Website

  • Go to Groww’s Fixed deposit Page and log in 
  • Select IndusInd Bank FD and tenure
  • Fill in the details such as amount and nominee details
  • On confirmation, the fixed deposit amount will be debited from the provided Savings Account to the IndusInd Fixed Deposit account. 

3) Internet Banking

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

  • Sign in to the IndusInd Bank NetBanking account.
  • Select the fixed deposit option, and next click on ‘Create Fixed Deposit’.
  • Complete the application form. On successful submission, the amount will get transferred from the savings account.
  • The receipt of the fixed deposit and other information will be sent to the registered email address. A physical copy will be sent to the registered address.

4) Opening IndusInd Bank FD Offline

For opening an IndusInd Bank FD account via offline mode, one has to visit the nearest IndusInd Bank branch. Fill out the IndusInd 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 IndusInd Bank.

Eligibility for IndusInd Bank FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in IndusInd Bank FD –

  • Individuals, including guardians on behalf of minors
  • Partnership firms
  • Limited companies
  • Sole proprietorships
  • HUFs, clubs, associations, trusts, and societies

Documents to Open IndusInd Bank FD

The following documents have to be furnished for opening an IndusInd Bank FD

  • Identity proof - any one (Aadhar Card, Passport, PAN card, Driving license, government ID, senior citizen ID)
  • Address proof - any one (Passport, telephone bill, bank statement with cheque, Aadhar card, electricity bill)

 

Tax on IndusInd Bank Fixed Deposits

An investment in IndusInd Bank Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other IndusInd Bank FD entitle to tax saving under Section 80C of the Income Tax Act.

Also, note that the interest income from the IndusInd Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from IndusInd Bank FD exceeds Rs. 40,000 p.a.

For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.

Loan Against IndusInd Bank FD

IndusInd Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be between 4.25%-8%.

Premature Closure of IndusInd Bank FD

All IndusInd Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposits. IndusInd Bank levies a 1% penalty on the contracted rate of interest.

FAQs

Is there any minimum deposit amount for IndusInd Bank FD?

The minimum amount to open an FD and enjoy IndusInd FD rates is Rs. 1000

What are the rates provided by the IndusInd Bank on its FD currently?

The IndusInd bank FD rates are in the range of 3.25% - 6.00% for general citizens and 3.75% - 6.50% for senior citizens. IndusInd Tax Saver provides an interest rate of 6.50% for general citizens and 7.00% for senior citizens.

On what factors are the interest rates decided?

Before opening an FD with IndusInd bank, one should know that the interest rates vary depending on certain factors such as the amount being deposited, tenure of the FD, and age of the fixed deposit holder. 

How is Interest Calculated on IndusInd Bank FD?

By using this formula, one can compute interest and maturity value on IndusInd Bank FD –

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

As per the formula –

  • A is the maturity value
  • P equals to principal deposit
  • r gives the rate of interest
  • n is the compounding frequency
  • t equals to the deposit term

Is there any TDS on IndusInd FD?

Individuals must note that fixed deposit income is subject to 10% TDS if the interest accrued in a year exceeds Rs. 40,000. The exempted threshold of the same for senior citizens is Rs. 50,000.

Nonetheless, individuals can claim tax exemptions on their fixed deposit income by declaring that tax on total income is zero. The regular FD holders can declare the same by submitting Form 15G; while, the senior citizens will be required to submit Form 15H.

1 Year
IndusInd Bank
Investment Amount
Interest Rate
6.25% p.a.
Time Period
12 months
Auto Renew
No
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