IndusInd Bank FD Premature Withdrawal Penalty Calculator

What is the IndusInd Bank FD Premature Withdrawal Penalty Calculator?

IndusInd Bank FD Premature Withdrawal Penalty Calculator helps you estimate your revised payout when you close your fixed deposit before maturity. While IndusInd Bank FD premature withdrawal is allowed in emergencies, the interest is recalculated based on the actual tenure completed, not the originally booked rate. This can reduce your final returns. Using the calculator allows you to understand the impact clearly before making a withdrawal decision.

Benefits of IndusInd Bank FD Premature Withdrawal Penalty Calculator 

The following are the key advantages of the IndusInd Bank FD premature withdrawal penalty calculator:

• Instant Estimates: The IndusInd Bank FD Premature Withdrawal Penalty Calculator offers a fast way to check your revised payout amount without the need to visit a branch.
• Tailored Calculations: The tool adapts to IndusInd Bank’s specific terms for different customer segments, including higher FD rates for senior citizens, ensuring relevant and accurate results.
• Clear Interest View: With the help of the FD Premature Withdrawal Penalty Calculator, you can understand how your interest earnings change when the FD is closed before maturity.
• User-Friendly Design: Just enter your deposit amount and tenure to instantly view adjusted returns after penalties.

How Does the IndusInd Bank FD Premature Withdrawal Penalty Calculator Work?

The IndusInd Bank FD premature withdrawal calculator estimates the maturity amount using a compound interest formula:

Here is an illustration of how the calculator works for both general and senior citizens:

1. For General Citizens

   Let’s say a general citizen has invested in a Fixed Deposit with IndusInd Bank.

   • Investment Amount: ₹1,00,000
   • Original Tenure: 2 years at a booked interest rate of 6.80%
   • Premature Withdrawal: After 1 year and 3 months (approximately 455 days)

   On the booking date, IndusInd Bank FD rates for a tenure between 1 year 11 days and less than 13 months were 6.30%.

   Interest Calculation:

   • Applicable Rate for Period Held: 6.30%
   • Penalty Deduction: 1.00%
   • Final Interest Rate: 6.30% – 1.00% = 5.30%

   Outcome: The customer will receive interest at 5.30% for the completed tenure of 1 year and 3 months, instead of the originally booked 6.80% for 2 years.

2. For Senior Citizens

   Let’s consider a senior citizen investing in the same FD scheme.

   • Investment Amount: ₹1,00,000
   • Original Tenure: 2 years at a booked interest rate of 7.30%
   • Premature Withdrawal: After 1 year and 3 months (approximately 455 days)

   On the booking date, IndusInd Bank senior citizens FD rates for the same tenure range is 6.80%.

   Interest Calculation:

   • Applicable Rate for Period Held: 6.80%
   • Penalty Deduction: 1.00%
   • Final Interest Rate: 6.80% – 1.00% = 5.80%

   Outcome: The senior citizen will earn interest at 5.80% for the actual holding period of 1 year and 3 months, rather than the originally booked 7.30% for 2 years.

IndusInd Bank FD Premature Withdrawal Penalty Charges

IndusInd Bank applies a penalty of 0.5% to 1% on the FD interest rates if you withdraw your fixed deposit before it matures. This penalty is deducted from the interest rate for the period the FD was held, not the principal amount. No interest is paid if the FD is closed within 7 days of opening. Tax Saver FDs do not allow premature withdrawal, except in specific situations such as a claim settlement by the nominee or a court directive.

Key Takeaways

The IndusInd Bank FD Premature Withdrawal Penalty Calculator estimates your revised payout if you close your fixed deposit early. It applies the applicable FD interest rates for the actual holding period, deducts penalties per bank policy, and provides clear insight into your revised returns. This helps you decide whether to withdraw or explore alternatives. The tool also includes senior citizens' preferential rates to ensure accurate and inclusive results.