indian-bankIndian Bank FD Interest Rates

Indian Bank is one of the top nationalized banks holding a respectable place in the financial market. The bank offers a plethora of products and services, including the Indian Bank Fixed Deposit account, also known as a term deposit. It provides competitive interest rates compared to other banks in the financial market, with tenure ranging from 7 days to 10 years. Investors can park their surplus savings and earn high interest on the deposited amount in the savings account. The bank offers myriad Fixed Deposit (FD) options for Individuals, Senior Citizens, and NRIs.

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FEATURES
indian-bank
sbi-bank
hdfc-life-insurance
maxlife
Returns (Max Tenure)
5.60%
6.25%
6.77%
Highest Return7.2%
Life Cover
No
No
No
Yes
Tax Saving
No
No
No
₹46,800*

Yearly

* Assuming investment of ₹ 1 Lakh per year & income tax slab of 30%

Indian Bank FD Rates 2023

Tenure REGULAR RATES
Current Rates
SENIOR CITIZEN
7 days to 29 days 2.80% 3.30%
30 days to 45 days 3.00% 3.50%
46 days to 90 days 3.25% 3.75%
91 days to 120 days 3.50% 4.00%
121 days to 180 days 3.75% 4.25%
181 days to less than 9 months 4.00% 4.50%
9 months to less than 1 year 4.40% 4.90%
1 year 5.25% 5.75%
Above 1 year to less than 2 years 5.40% 5.90%
2 years to less than 3 years 5.50% 6.00%
3 years to less than 5 years 5.60% 6.10%
5 year 5.60% 6.10%
Above 5 years 5.60% 6.10%

FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.

5 Yrs FD rate - Historical trend
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Compare FD Interest Rates of Top Financial Institutions

BANKS GENERAL CITIZENS SENIOR CITIZEN
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
SBI bank FD Rates 5.30% - 5.40% 5.80% - 6.20%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
ICICI Bank FD Rates 2.75% - 5.70% 3.25% - 6.20%
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Canara Bank FD Rates 2.93% - 6.40% 2.93% - 6.40%
Kotak Mahindra FD Rates 2.50% - 5.75% 3.00% - 6.25%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Union Bank of India FD Rates 3.00% - 5.50% 3.75% - 5.75%
Indusind Bank FD Rates 2.75% - 6.00% 3.25% - 6.50%
PNB FD Rates 3.00% - 5.75% 3.50% - 6.25%
Bank of Baroda FD Rates 3.00% - 5.10% 3.50% - 5.60%
IDFC Bank FD Rates 3.50% - 6.00% 4.00% - 6.50%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
DBS Bank FD Rates 2.50% - 5.50% 2.50% - 5.50%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Bank of India FD Rates 2.85% - 5.35% 3.00% - 6.50%
IDBI Bank FD Rates 2.90% - 5.30% 3.40% - 5.90%
Central Bank of India FD Rates 2.75% - 5.15% 3.25% - 5.65%
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About Indian Bank Fixed Deposit Interest Rates

Indian Bank is regarded as one of the top-performing banks and the best financial services company. It was established in 1907, and its headquarters is in Chennai, Tamil Nadu.

Indian Bank offers significant additional interests to senior citizens, eligible ex-staff members, and ex-staff along with senior citizens. This additional FD rate of interest is offered for the tenure of investment between 7 days to 10 years over the normal Indian Bank FD rates for regular fixed deposit scheme, short-term deposit scheme, Tax Saver term deposit, and reinvestment plan scheme.

Moreover, in general, one can save tax on their earnings from Fixed Deposit schemes up to a limit of Rs.1,50,000 per annum under Section 80C of the Income Tax Act, 1961. Indian Bank Fixed Deposit Account can be easily opened through internet banking, mobile applications, and offline by visiting the bank branch office.

  • Type of Indian Bank FD Schemes

    Indian Bank offers three types of fixed deposit schemes to its customers. They are:

    • Regular Fixed Deposit Scheme
    • Tax Saver Term Deposit Scheme
    • Reinvestment Term Deposit Scheme

    The detailed description of these fixed deposit schemes is as follows:

    1. Regular Fixed Deposit Scheme

    The Regular Fixed Deposit scheme by Indian Bank allows people to park their savings in an FD account to earn higher returns. It comes with greater flexibility and easy liquidity compared to a savings bank account. Take a look at the features of the Regular Fixed Deposit scheme:

    • This FD account requires a minimum investment of Rs.1000.
    • It comes with a minimum tenure of 7 days to a maximum of 10 years.
    • The Indian Bank FD interest rates are applied quarterly or monthly with a discount.
    • Senior citizens are paid a 0.50% higher interest rate than regular Indian Bank FD rates for an aggregate deposit of up to Rs.10 crore.
    • It comes with a nomination facility.
    • It allows the depositor to get a loan against the FD amount.
    • It has an automatic renewal facility that reinvests the maturity amount for the same tenure.
    • It also provides a pre-closure facility.

    2. Tax Saver Term Deposit Scheme

    The Tax Saver Term Deposit scheme by Indian Bank has been designed for people who want to avail of tax rebates on their investments under Sec 80C of the Income Tax Act. Take a look at the features of the Tax Saver Term Deposit scheme:

    • This type of tax-saving FD account requires a minimum deposit amount of Rs.1,000 and can have a maximum investment of Rs.1,50,000.
    • It comes with a minimum tenure of 5 years to a maximum of 10 years.
    • The Indian Bank FD interest rates are applied quarterly or monthly with a discount or at maturity.
    • Senior citizens are paid a 0.50% higher interest rate than regular Indian Bank FD rates for an aggregate deposit of up to Rs.10 crore.
    • It comes with a nomination facility.
    • It does not provide any loan against the FD amount for up to 5 years.

    3. Reinvestment Term Deposit Scheme

    The Reinvestment Term Deposit scheme by Indian Bank reinvests the interest earned on deposits and pays compound interest on maturity. Take a look at the features of the Reinvestment Term Deposit scheme:

    • This type of FD account requires a minimum investment of Rs.1,000.
    • It comes with a minimum tenure of 6 months to a maximum of 10 years.
    • The interest on the investment amount is compounded quarterly as per the Indian Bank FD interest rates.
    • Senior citizens are paid a 0.50% higher interest rate than regular Indian Bank FD rates for an aggregate deposit of up to Rs.10 crore.
    • It comes with a nomination facility.
    • It allows the depositor to get a loan against the FD amount.
    • It has an automatic renewal facility that reinvests the maturity amount for the same tenure.
    • It also provides the pre-closure facility with an applicable penalty.
  • Indian Bank FD Term Wise Interest Rates

    Every term deposit comes with a maturity period. A person can open an FD for short-term, medium-term, or long-term. Take a look at the three types of fixed deposit accounts offered by Indian Bank based on their maturity term:

    1. Short-Term Deposit

    Short-term deposits refer to those fixed deposits which have a maturity period of up to one year. This type of deposit is opened to achieve short-term goals. The Indian Bank offers short-term deposits for a minimum of 7 days to a maximum of 1 year. Presently, the maximum interest rate for short-term deposits by Indian Bank is 5.25%.

    2. Medium-Term Deposit

    Medium-term deposits are fixed deposits with a tenure of more than 1 year and up to 5 years. The Bank currently provides a maximum interest rate of 5.60% on medium-term deposits.

    3. Long-Term Deposit

    Long-term deposits refer to those fixed deposits which come with a tenure of more than five years. This type of deposit is opted to achieve long-term goals, such as retirement. As per the existing Indian Bank FD rates, the Bank is offering an interest rate of 5.60% on long-term deposits.

  • Eligibility Criteria

    Below are the groups and individuals who are eligible to open a Regular Indian Bank Fixed Deposit Account-

    • Hindu undivided families
    • Residents
    • Partnership firms
    • Sole proprietorship firms
    • Trust accounts
    • Limited companies
  • Premature Withdrawal

    • Premature withdrawals of FD are allowed under the Indian Bank FD deposits.
    • No penalty if the amount is below Rs.5,00,000 maintained for a minimum of 181 days.
    • 1% penalty if the amount exceeds Rs.5,00,000 and is withdrawn before the completion of 181 days.
  • Document Required

    • Current Photographs
    • KYC Documents
    • Aadhar Card
    • PAN Card
    • Passport
    • Voter ID card
    • Driving License
    • Proofs of Partnership: Partnership deed, ID Proofs, and Signatures of authorized signatories incorporating certificate.
    • Hindu Undivided Family: PAN Card – Self-attested, HUF declaration, and Statement of Bank
  • How to Invest in the Indian Bank FD Scheme

    An investor can opt for either of the following methods to invest in Indian Bank FD Scheme:

    1. Internet Banking

    The following steps need to be followed to invest via internet banking:

    • Login to the bank account
    • Click on the "Open Fixed Deposit" option under the "transaction" tab.
    • Fill in the needful details like the policy's tenure and the amount willing to be invested.
    • Provide nominee details.
    • Confirm all the details before proceeding further.
    • A receipt will be generated that can be downloaded instantly.

    2. Indian Bank Mobile Application

    The following steps need to be followed to open an FD account via the mobile application of the bank:

    • Download the Indian bank application on your mobile (can be either ios or android).
    • After creating credentials, you can sign in to the application.
    • Head to the main menu and select the deposit option after signing in.
    • Under the "Deposits" option, choose the "Open Fixed Deposit" tab.
    • Fill in all the required details and upload the required documents.
    • A receipt will be generated after successfully providing all the details, which can be downloaded immediately.

    3. An Indian Bank FD Account Offline

    In the offline method of opening an Indian Bank Fixed Deposit Account, the investor needs to visit the nearest bank branch and fill out forms to open their respective FD account. All the relevant documents must be submitted to the branch manager along with the deposit amount. After successfully verifying all the provided documents, the branch manager provides a FD receipt that is the account opening proof for the investor.

  • Loans on Indian Bank Fixed Deposits

    • A maximum of 90% loan against your FD deposits can be availed.
    • You can avail of the loan with a tenure similar to the fixed deposit duration.

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