Indian Bank FD Interest Rates
As you might be aware, a Fixed Deposit (FD) is a bank-sponsored investment option that pays a higher rate of interest than a normal savings account. Because of the higher returns offered by FDs, you can easily achieve your financial goals by investing in one.
The Indian Bank FD allows you to deposit a lump sum amount for a fixed period of time, ranging from seven days to ten years. Depending on your needs and financial goals, you can choose from a variety of Indian Bank FD tenures. As soon as you choose a tenure and make a deposit in an Indian Bank FD, it will begin earning interest for the duration of the deposit.
Customers are only able to deposit a lump amount of money into their fixed deposit account once, at the time of opening the account with the bank, and they are not allowed to deposit additional money into the same FD account after that.
If you invest in an Indian Bank FD for a period of 5 years or more, you can get tax benefits under section 80C of the Income Tax Act on a sum between Rs. 100 and 1.5 lakh.
GOLD LOAN @ 0.75%*
Indian Bank FD Rates for various tenors are shown in the table below.
Indian Bank FD Interest Rates (as of 24 Mar 2021)
|Maturity Period||Interest Rate (p.a.)|
Indian Bank FD features and benefits
- Flexible FD tenures and competitive interest rates are available to fit your investment strategy.
- You can open an FD account online or at your local Indian Bank branch.
- There is no limit to the number of FD FD Tenures that can be held: From one day to ten years
- Monthly, quarterly and other interest payment options are available.
- Up to 85 per cent of the FD sum is eligible as a loan or overdraft against the FD.
- Liquidity solutions that are simple and fast are available.
- It is possible to nominate anyone.
- Through the tax saving term deposit scheme, you will get a tax gain of up to Rs 1,50,000.
- There are also options for partial withdrawal and auto-renewal.
- When compared to regular citizens, senior citizens will benefit from a higher interest rate.
- The bank provides NRE, NRO, and FCNR deposit services.
Who Qualifies for Indian Bank FD?
Fixed deposit (FD) investments are available to someone who meets the following criteria:
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Non-Resident Indian (NRI)
- Registered Society
Before you invest in fixed deposits, there are a few things you should know.
- Often compare various banks’ FD interest rates by tenure before deciding on one to open an FD account with in order to get the best interest rate on the chosen term.
- Most bank fixed deposits have terms ranging from seven days to ten years. You should choose the FD Tenure that best suits your needs and investment goals.
- If necessary, choose interest payment options such as monthly or quarterly. Otherwise, choose the cumulative option to obtain a lump sum payment when your FD matures.
- If you need money right away, you can get a loan or an overdraft against your FD.
- If your annual income is not taxable, you can stop TDS by filing Form 15G or Form 15H.
- Remember to make a nomination in your FD account as well.
- If you are a senior citizen, open an FD with a bank that pays senior citizens an additional 0.25 per cent to 0.75 per cent interest.
- Don’t forget to send guidance on what to do when your fixed deposit matures, whether you open it online or offline. If you do not send any instructions, your fixed deposit will be automatically renewed at the end of the term.
Calculation of Interest on FD of Indian Bank
Interest on FDs at Indian Bank is measured in the following way for various tenures:
- For fixed deposit terms of less than six months, simple interest is charged at maturity.
- For fixed deposit terms of 6 months and longer, interest is measured quarterly.
- Each quarter, cumulative interest/re-investment interest is measured and added to the Principal, resulting in Interest being accrued on interest received the previous quarter as well.
- In the case of a monthly deposit scheme, interest is measured quarterly and charged monthly at a discount to the Regular FD Rate.
GOLD LOAN @ 0.75%*
FD Interest Calculator for Indian Bank
The Indian Bank FD Interest Calculator is an online financial tool that lets you measure the maturity value of your fixed deposit based on the bank’s interest rate. The maturity value of the FD at the end of the period is determined by the amount of the FD, the interest rate, the deposit tenure, and the compounding level of interest.
Bank FD Renewal on Autopilot
A bank FD has a fixed maturity date. Most banks automatically renew your FD for the same term for which it was originally made at the interest rate prevailing on the date of maturity if you have not issued any clear instructions such as payout or renewal of FD. The term for this is Automatic Renewal of Bank FD.
If you don’t want your FD to automatically renew, choose the option on the account opening form. When depositing money in an FD, you have two options on the account opening form: auto-renew and deposit of sum to your account after maturity. If you did not specify any preference on the account opening form, you would need to visit the bank branch on the maturity date of your bank FD and request a credit of the final proceeds of your bank FD into your savings account if you do not want your FD to be automatically renewed.
You can even avail yourself of a personal loan from Indian Bank at affordable rates.
SBI updated its FD interest rate on 13 January 2020, according to bank FD news.
SBI has reported a reduction in the rates on retail fixed deposits. The most recent SBI deposit FD rates are valid as of January 10, 2020. On long-term deposits maturing in one year to ten years, the bank has cut FD rates by 15 basis points. The current FD interest rate is 4.50 per cent for 7 to 45 days, 5.50 per cent for 46 to 179 days, 5.80 per cent for 180 days to 1 year, and 6.10 per cent for 1 year to 10 years.
Axis Bank cut its FD interest rate on January 9, 2020.
From January 9, Axis Bank cut interest rates by up to 20 basis points. FDs with a tenor of less than one year and less than Rs 2 crore will earn 6.40 per cent, while FDs with a tenor of 5 years and up to 10 years will earn 6.50 per cent.
✅ How Can I Get Gold Loan From Indian Bank?
Getting a gold loan from Indian Bank is extremely easy. You can apply by personally visiting the bank. If you don’t want to leave the comfort of your homes, apply through the bank’s website or its mobile app. You can also visit Dialabank for the application.
✅ Does Indian Bank have the facility of the locker?
The provision of safe deposit lockers is existent in many branches of the Indian Bank. Every branch sets the details about these lockers.
✅ What is the highest rate of interest provided by the Indian Bank?
The highest rate of interest provided by the Indian Bank is 5.15%.