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IndusInd Bank Revises Interest Rates On Fixed Deposits (FDs): Check New Rates Here
Prior to the six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) meeting from October 4 to 6, IndusInd Bank announced an interest rate modification on fixed deposits (FDs) of less than Rs 2 Cr. Following the alteration, the bank is now providing interest rates for FDs with tenures ranging from 7 days to 10 years that are offered to the general public at 3.5% to 7.00% and to senior citizens at 4.25% to 7.75%. The bank is giving a maximum rate of return of 7.85% for the general public and 8.25% for elderly individuals on FDs maturing in 1 year 6 months to below 1 year 7 months. As per the official website of IndusInd Bank, the new FD rates are effective as of 1st October 2023.
IndusInd Bank FD Rates
The bank is giving an interest rate of 3.50% on deposits maturing in 7 days to 30 days, and IndusInd Bank is offering an interest rate of 3.75% on deposits maturing in 31 days to 45 days. IndusInd Bank is offering interest rates of 4.25% for deposits held for 46 to 60 days and 4.60% for deposits held for 61 to 90 days. Deposits that mature between 91 to 120 days will now earn 4.75% interest, while those maturing in 121 to 180 days will now earn 5.00% interest.
The bank is giving an interest rate of 5.85% on deposits that mature between 181 days to 210 days, whereas IndusInd Bank is offering an interest rate of 6.10% on deposits maturing in 211 days to 269 days. The interest rate offered by IndusInd Bank is 6.35% for deposits held for 270 to 364 days and 7.50% for deposits held for 1 year to less than 1 year and 6 months. Deposits that mature in 1 year 6 months to less than 1 year 7 months will earn interest at a rate of 7.85%, while those that mature in 1 year 7 months to 2 years will earn interest at a rate of 7.50%.
The bank is giving an interest rate of 7.25% on FDs with a term of more than two years but less than 61 months, whereas IndusInd Bank is offering an interest rate of 7.00% on FDs with a tenure of 61 months and above. The general public will get interest in the Indus Tax Saver Scheme (5 years) at a rate of 7.25%, while older individuals will receive interest at 8.00%.
| Less than 2 Cr* (Domestic /NRO/NRE deposits) | Less than 2 Cr* (Senior Citizen)Not applicable for NRE/NRO deposits | |
|---|---|---|
| Tenure | Rate | Rate |
| 7 days to 14 days | 3.5 | 4.25 |
| 15 days to 30 days | 3.5 | 4.25 |
| 31 days to 45 days | 3.75 | 4.5 |
| 46 days to 60 days | 4.25 | 5 |
| 61 days to 90 days | 4.6 | 5.35 |
| 91 days to 120 days | 4.75 | 5.5 |
| 121 days to 180 days | 5 | 5.75 |
| 181 days to 210 days | 5.85 | 6.6 |
| 211 days to 269 days | 6.1 | 6.85 |
| 270 days to 354 days | 6.35 | 7.1 |
| 355 days to 364 days | 6.35 | 7.1 |
| 1 Year to below 1 Year 6 Months | 7.5 | 8.25 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.85 | 8.25 |
| 1 Year 7 months up to 2 Years | 7.5 | 8.25 |
| Above 2 Years up to 2 Years 1 Month | 7.25 | 8 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.25 | 8 |
| 2 years 6 Months to below 2 years 9 Months | 7.25 | 8 |
| 2 years 9 Months to 3 years 3 months | 7.25 | 8 |
| Above 3 years 3 months to below 61 month | 7.25 | 8 |
| 61 month and above | 7 | 7.75 |
| Indus Tax Saver Scheme (5 years) | 7.25 | 8 |
"Please note the additional 0.75% over and above card rates applicable for Term Deposits of Senior Citizens (age 60 years and above) ( for Special tenor of 1 Yr 6 months to 1 Yr 7 months the additional interest if 0.40% ) for value below Rs 2 Cr (Callable) (Not applicable for NRO/NRE Deposits)," mentioned IndusInd Bank on its website.
IndusInd Bank's net advances surged 21% YoY, from Rs 2,60,129 crores in September 2022 to Rs 3,14,928 crores in September 2023. The bank's deposits climbed 14% YoY to Rs 3,59, 819 crores in Q2FY24 from Rs 3,15,921 crores in Q2FY23. In comparison to 39.9% on June 30, 2023, and 42.4% on September 30, 2022, the CASA ratio plummeted to 39.4% as of September 30, 2023. As of 30 September 2023, retail deposits and deposits from small business customers were Rs. 1,57,178 crores, up from Rs. 1,50,691 crores on 30 June 2023.
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