The private sector lender IndusInd Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. Following the revision, the bank is now offering interest rates ranging from 3.50% to 7.00% for the general public and 4.00% to 7.50% for senior citizens. The maximum interest rate on a deposit with a term of one year, six months to three years, three months will be 7.75% for the general public and 8.25% for senior citizens. According to the bank’s official website, the higher rates take effect on March 18, 2023.
IndusInd Bank FD Rates
The bank will continue to give an interest rate of 3.50% on domestic term deposits of less than ₹2 Cr maturing in 7 days to 30 days, while IndusInd Bank will continue to offer an interest rate of 4.00% on deposits maturing in 31 days to 45 days. The interest rates offered by IndusInd Bank will remain at 4.50% for deposits held for 46 days to 60 days and 4.60% for deposits held for 61 days to 90 days.
Deposits that mature in 91 to 120 days will continue to earn 4.75% interest, while those that mature in 121 to 180 days will continue to earn 5.00% interest. On domestic term deposits maturing in 181 days to 210 days will continue to offer an interest rate of 5.75% and on those maturing in 211 days to 269 days, IndusInd Bank will continue to offer an interest rate of 5.80%. IndusInd Bank will continue to offer an interest rate of 6.00% on a deposit tenor of 270 days to 354 days and an interest rate of 6.25% on a deposit tenor of 355 days to 364 days.
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IndusInd Bank has hiked interest rate by 50 bps from 7% to 7.50% on a deposit tenor of 1 year to below 1 year 6 months and has hiked interest rate by 50 bps from 7.25% to 7.75% on a deposit tenor of 1 year 6 months below 2 years. Deposits maturing in 2 years up to 3 years 3 months will now fetch an interest rate of 7.75% up by 25 bps from 7.50%. On deposits maturing from above 3 years 3 months to below 61 months, the bank will continue to offer an interest rate of 7.25% and an interest rate of 7.00% on a deposit tenor of 61 months and above. On Indus Tax Saver Scheme of 5 years, the bank will continue to fetch an interest rate of 7.25%.
For senior adults who are 60 years of age or above and have term deposits worth less than ₹2 Cr, the bank provides an additional 0.50% over and above card rates.
“In the event of Premature withdrawal before the specified tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and basis the actual run period (tenure). Additionally, penal interest of 1% shall be levied on the premature withdrawal, if applicable,” IndusInd Bank has mentioned on its website.
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