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IndusInd Bank Hikes FD Rates By Up To 35 bps, Senior Citizens Can Now Earn As High As 8.25%
In a surprise move, IndusInd Bank on Friday announced interest rates hike on fixed deposits of less than Rs 2 Cr. Following the revision the bank has hiked interest rates by up to 35 bps. On a tenure of 1 Year to 2 Years, non-senior citizens can get a maximum return of 7.75% whereas senior citizens can earn as high as 8.25%. As per the official website of the bank, the new FD rates are effective as of 2nd June 2023.
IndusInd Bank FD Rates
The bank will continue to give a 3.50% interest rate on fixed deposits maturing in 7 days to 30 days, and a 4.00% interest rate on deposits maturing in 31 days to 45 days, according to IndusInd Bank. 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 deposits maturing in 181 days to 210 days, the bank has hiked interest rate by 10 bps from 5.75% to 5.85% and on those maturing in 211 days to 269 days IndusInd Bank has hiked interest rate by 30 bps from 5.80% to 6.10%. IndusInd Bank has hiked interest rate by 35 bps from 6% to 6.35% on a deposit tenor of 270 days to 354 days and by 10 bps from 6.25% to 6.35% on a deposit tenor of 355 days to 364 days. Deposits maturing in 1 year to below 1 year 6 months will now fetch an interest rate of 7.75% up by 25 bps from 7.50% before and those maturing in 1 year 6 months to 2 years will continue to fetch an interest rate of 7.75%.
IndusInd Bank has slashed interest rate by 25 bps from 7.75% to 7.50% on a deposit tenor of above 2 years up to 3 years 3 months and on Above 3 years 3 months to below 61-month tenure, the bank will continue to pay an interest rate of 7.25%. Deposits maturing in 61 months and above will continue to pay an interest rate of 7% and on tax-saving deposits of 5 years, it will continue to pay an interest rate of 7.25%.
| Tenure | Standard Rates | Senior Citizens Rates |
|---|---|---|
| 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 | 6.1 | 6.6 |
| 270 days to 354 days | 6.35 | 6.85 |
| 355 days to 364 days | 6.35 | 6.85 |
| 1 Year to below 1 Year 6 Months | 7.75 | 8.25 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75 | 8.25 |
| 1 Year 7 months up to 2 Years | 7.75 | 8.25 |
| Above 2 Years up to 2 Years 1 Month | 7.5 | 8 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.5 | 8 |
| 2 years 6 Months to below 2 years 9 Months | 7.5 | 8 |
| 2 years 9 Months to 3 years 3 months | 7.5 | 8 |
| 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 |
Senior Citizens (60 years of age and over) who invest in term deposits with amounts under Rs 2 crore are subject to an additional 0.50% over and above standard rates.
For the quarter that ended in March 2023, IndusInd Bank recorded a standalone net profit of Rs 2,040.51 crore, an increase of approximately 50% over the amount of Rs 1,361.37 crore from the same quarter the previous year. The bank's total income rose 16% year-on-year to Rs 6,823 crore in Q4 FY23, while its other income rose 13% to Rs 2,514 crore. The lender's net interest income (NII) for the fourth quarter of FY23 climbed 17% to Rs 4,669 crore over the same quarter in FY22. The gross NPA ratio dropped to 1.98% between January and March from 2.06% sequentially and 2.27% in the corresponding quarter of FY22.
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