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5th Largest Private Sector Bank Hikes FD rates, Now Offers Upto 8.25% To Senior Citizens
IndusInd Bank, the 5th largest private sector lender, hiked the interest rates on Fixed Deposits (FDs) below Rs 2 crore. The revised interest rates are effective from March 22, 2023, according to the Bank. Following the hike, the bank now offers a minimum interest rate of 3.50 percent and a maximum rate of 7.75 percent to the general public.
While senior citizens will continue to get additional interest over and above the regular interest rates. Senior citizens get a minimum interest rate of 4 percent and a maximum rate of 8.25 percent. Senior Citizen Interest rates on FD will not be applicable on NRE and NRO deposits.
According to the bank's official website, the interest will be paid on a quarterly basis. Deposits with maturities of up to 180 days will receive simple interest. Investors should be aware that NRE deposit rates are only valid for terms lasting one year or longer.
Domestic/NRO/ NRE/Senior Citizen FD Rates Effective From 22 March 2023
| Period | Regular FD Rates (% p.a.) | Senior Citizens FD Rates (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.5 | 4 |
| 15 days to 30 days | 3.5 | 4 |
| 31 days to 45 days | 4 | 4.5 |
| 46 days to 60 days | 4.5 | 5 |
| 61 days to 90 days | 4.6 | 5.1 |
| 91 days to 120 days | 4.75 | 5.25 |
| 121 days to 180 days | 5 | 5.5 |
| 181 days to 210 days | 5.85 | 6.35 |
| 211 days to 269 days | 6 | 6.5 |
| 270 days to 354 days | 6.25 | 6.75 |
| 355 days to 364 days | 6.25 | 6.75 |
| 1 Year to below 1 Year 6 Months | 7.5 | 8 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75 | 8.25 |
| 1 Year 7 Months to below 2 Years | 7.75 | 8.25 |
| 2 Years up to 2 Years 1 Month | 7.75 | 8.25 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.75 | 8.25 |
| 2 years 6 Months to below 2 years 9 Months | 7.75 | 8.25 |
| 2 years 9 Months to 3 years 3 months | 7.75 | 8.25 |
| Above 3 years 3 months to below 61 month | 7.25 | 7.75 |
| 61 month and above | 7 | 7.5 |
| Indus Tax Saver Scheme (5 years) | 7.25 | 7.75 |
Source - www.IndusInd.com
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