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IndusInd Bank Hikes Fixed Deposit (FD) Rates On This Short Tenure; Now Get Upto 7.99%
For fixed deposits below Rs 3 Cr, the private lender IndusInd Bank has raised interest rates. The revised rates take effect on September 7, 2024, according to the bank's official website. The bank will now pay interest at a rate between 3.50% and 7.00% on fixed deposit terms between seven days and 61 months and above. For fixed deposits, IndusInd Bank is currently giving a maximum return of 7.99% on terms ranging from 1 year 4 months to below 1 year 6 months.
IndusInd Bank FD Rates
The bank is giving an interest rate of 3.50% on fixed deposits that mature between 7 to 30 days, and 3.75% on deposits with a duration of 31 to 45 days. Currently, IndusInd Bank is providing an interest rate of 5.00% on deposits with a duration of 121 days to 180 days and 4.75% on those with a duration of 46 days to 120 days. Interest rates on fixed deposits maturing in 181 days to 210 days are 5.85%, while interest rates on deposits maturing in 211 days to 269 days are 6.10%.
The bank is giving an interest rate of 6.35% on fixed deposits maturing in 270 days to 354 days, and IndusInd will now pay an interest rate of 6.50% on those remaining from 355 days to 364 days. Now, IndusInd will pay interest at a rate of 7.75% on deposits made for a period of 1 year to below 1 year 4 months (16 months).
On fixed deposits maturing in 1 year 4 months to below 1 year 6 months, IndusInd Bank has hiked the interest rate from 7.75% to 7.99% but on those maturing in 1 year 6 months up to 2 years, it has kept the interest rate unchanged at 7.75%. IndusInd Bank fixed deposits maturing from above 2 years to below 61 months will continue to fetch an interest rate of 7.25% and those maturing in 61 months and above will continue to pay an interest rate of 7.00%. On Indus Tax Saver Scheme (5 years), the general public will get a 7.25% return while senior citizens will get 7.75%.
| Tenure | Less than 3 Cr* (Domestic /NRO/NRE deposits) | Less than 3 Cr* (Senior Citizen) Not applicable for NRE/NRO deposits |
|---|---|---|
| 7 days to 14 days | 3.5 | 4 |
| 15 days to 30 days | 3.5 | 4 |
| 31 days to 45 days | 3.75 | 4.25 |
| 46 days to 60 days | 4.75 | 5.25 |
| 61 days to 90 days | 4.75 | 5.25 |
| 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 | 6.5 | 7 |
| 1 Year to below 1 Year 3 months | 7.75 | 8.25 |
| 1 Year 3 months (15 months) to below 1 Year 4 months (16 months) | 7.75 | 8.25 |
| 1 Year 4 months to below 1 Year 6 months | 7.99 | 8.49 |
| 1 Year 6 Months up to 2 Years | 7.75 | 8.25 |
| Above 2 Years to below 2 Years 6 Month | 7.25 | 7.75 |
| 2 years 6 Months (30 months) to below 2 years 7 months (31 months) | 7.25 | 7.75 |
| 2 year 7 months to 3 years 3 months | 7.25 | 7.75 |
| 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: Bank Website. W.e.f. 7th September 2024 |
As of June 30, 2024, IndusInd Bank reached 1.60 lac villages throughout India by way of 3013 branches/banking outlets, 2,988 ATMs, and almost 41 million customers. By utilising technology and a "Digital 2.0" approach, IndusInd Bank guarantees multi-channel delivery and a strong digital infrastructure. With product offerings that include microfinance, personal loans, debit/credit cards, SME loans, advanced digital banking facilities, affluent and NRI banking services, vehicle financing, and cutting-edge ESG-linked financial products, IndusInd Bank Limited has been expanding banking for the past 30 years and a driving force for advancement. With respect to major stock exchanges like BSE and NSE, IndusInd Bank is the clearing bank, NCDEX's settlement bank, and MCX's empanelled banker.
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