IndusInd Bank is one of the top Indian banks holding a respectable place in the financial market. The bank offers a plethora of products and services, including the Fixed Deposit account, also known as a term deposit. The FD 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.
Various Bank's fixed deposit scheme allows investors to invest a part of their salary in the FD scheme to achieve their goals and plan accordingly.
IndusInd Bank offers multiple FD options, including IndusInd Bank Regular FD Scheme, Sweep in/ Sweep out Scheme, and Indus Tax Saver Scheme, with online banking facility and loan facility options. An investor can make a profit by investing their money strategically in a five-year tax-saving fixed deposit 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. IndusInd Bank Fixed Deposit Account can be easily opened through internet banking, mobile applications, and offline by visiting the bank branch office.
Types of IndusInd Fixed Deposit Schemes
IndusInd Bank Regular FD Scheme
IndusInd Bank Sweep in / out Scheme
Indus Tax Saver Scheme
The detailed description of these fixed deposit schemes is as follows:
1. IndusInd Bank Regular FD Scheme
Provides a nomination facility.
The customers get the flexible tenure option that ranges from seven days to 10 years.
The interests are payable monthly, half-yearly, quarterly, and yearly or at the maturity of the fixed deposit.
The facility of premature and partial withdrawal is offered.
This fixed deposit scheme comes with the facility of auto-renewal.
2. IndusInd Bank Sweep in / out Scheme
The minimum amount to be deposited is according to the current/savings account of the account holder.
This scheme enables the account holders to book a fixed deposit account for a certain tenure and liquidate this tenure for the needed amount in their current or savings account at no cost whenever the need arises.
The tenure of the deposit ranges from 30 days to 24 months.
This scheme allows premature closure of the FD account.
The interest is paid as per the IndusInd Bank FD rates.
3. Indus Tax Saver Scheme
The tenure of the deposit is fixed for five years.
The minimum deposit amount is Rs.100, whereas the maximum deposit amount is Rs.1.5 lakhs.
The deposits under this scheme are qualified for tax exemption u/s 80C of the IT Act.
Premature or partial withdrawal is not permitted.
Term-Wise IndusInd Bank FD Interest Rates
Fixed Deposits are considered one of the best ways to invest your surplus money. As per the tenure, the IndusInd Bank Fixed Deposit interest rates are further categorized into long-term, medium-term, and short-term deposits.
1. Long-Term Deposits
The tenure of these fixed deposits ranges from 5 years to 10 years, and the IndusInd Bank FD rates offered are 6.25%.
2. Medium-Term Deposits
The tenure of medium-term fixed deposits ranges from 1 year to less than 5 years. The IndusInd Bank FD rate for such deposits is 6.75%.
3. Short-Term Deposits
IndusInd Bank's short-term fixed deposits range from 7 days to 12 months. The bank's FD rates range from 3.50% per annum to 5.50% per annum. The reason for calling them short-term fixed deposits is their tenure of less than one year.
Features & Benefits of IndusInd Bank Fixed Deposit
The features and benefits of these fixed deposits are:
Multiple schemes for fixed deposits
Competitive IndusInd Bank FD rates
Flexible payable interest (quarterly, monthly, half-yearly, or annually at maturity)
The facility of nomination and auto-renewal facility
Special IndusInd Bank FD rates for senior citizens
The convenient booking process through phone banking or Indusnet
Tax saver fixed deposits up to Rs.1,50,000.
About IndusInd Bank Fixed Deposit Interest Rate Calculator
IndusInd Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps quickly calculate the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:
The amount that is invested
The Rate of Interest offered
The tenure of the Fixed Deposit Account
The compounding period, that is, yearly, half-yearly, quarterly, or monthly
The FD Amount
Once entered the following details, an investor will come to know:
The maturity value of the FD
The total interest earned during the complete tenure
Below are the groups and individuals who are eligible to open a Regular IndusInd Fixed Deposit Account-
Hindu undivided families
Sole proprietorship firms
Voter ID card
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 IndusInd FD scheme
An investor can opt for either of the following methods to invest in the IndusInd FD Scheme:
1. Internet Banking
The following steps need to be followed to invest via internet banking:
Login to the IndusInd 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. IndusInd Mobile Application
The following steps need to be followed to open an FD account via the mobile application of IndusInd:
Download the bank's application on your mobile (it can be either ios or android).
After creating credentials, one 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 IndusInd FD Account Offline
In the offline method of opening a Fixed Deposit Account, the investor must visit the nearest IndusInd 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 receipt that is the account opening proof for the investor.
Loan Against Fixed Deposit of IndusInd Bank
IndusInd Bank also offers loans against fixed deposits. You can quickly get a loan of up to 90% of the amount of FD. It is essential to know that the bank does not offer you a loan against the FD of any other bank. The maximum tenure of the loan is restricted to the FD tenure.
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