Indian Bank Fixed Deposit

Indian Bank is regarded as one of the top performing and best servicing financial services company which was established in 1907. The company boasts of overseas branches in Sri Lanka and Singapore.

Indian Bank offers great additional interests to senior citizens, eligible ex-staff members and ex staff cum senior citizens. For instance, the additional FD interest rates in Indian Bank for senior citizens are 0.50% p.a. above the normal rate of interest, but for amounts less than Rs.1 crore. This additional rate of interest is offered for tenure of investment between 15 days to 10 years over the normal rate for Indian Bank fixed deposit scheme, short term deposit scheme and Reinvestment plan scheme.

As part of customer friendly measure, the Indian Bank ensures that all types of deposits like Reinvestment plan deposits, fixed deposits and short term deposits are automatically rolled over the same tenure under the similar scheme. The prevailing rate of interest on FD in Indian Bank is applicable on the date of automatic renewable to the rolled over amount.

It should be noted that the rate of interest on the bank’s deposit in domestic term is actually applicable to Capital Gains Scheme. Recently, there have been revised rate of interests, but they are applicable on renewal of any maturing deposits and fresh deposits.

Indian Bank FD Rates in India
Tenure General Public FD Rates Senior Citizen FD Rates
7 days to 14 days 3.05% 3.55%
15 days to 29 days 3.25% 3.75%
30 days to 45 days 3.25% 3.75%
46 days to 90 days 3.25% 3.75%
91 days to 180 days 4.00% 4.50%
181 days to 269 days 4.50% 5.00%
9 months to 364 days 4.50% 5.00%
1 year 5.50% 6.00%
1 year 1 day to 1 year 364 days 5.40% 5.90%
2 years to 4 years 364 days 5.40% 5.90%
5 years 5.40% 5.90%

Indian Bank Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits - less then Rs. 1cr (As on Feb 10, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 14 days less then Rs. 1cr 4 4.5
15 days to 29 days less then Rs. 1cr 4 4.5
30 days to 45 days less then Rs. 1cr 4.5 5
46 days to 90 days less then Rs. 1cr 4.5 5
91 days to 120 days less then Rs. 1cr 5.25 5.75
121 days to 180 days less then Rs. 1cr 5.25 5.75
181 days to less than 9 months less then Rs. 1cr 5.75 6.25
9 months to less than 1 year less then Rs. 1cr 6.25 6.75
1 year less then Rs. 1cr 6.5 7
Above 1 year to less than 2 years less then Rs. 1cr 6.25 6.75
2 year to less than 3 years less then Rs. 1cr 6.25 6.75
3 years and above less then Rs. 1cr 6 6.5

For Domestic Deposits - Rs. 1 cr to 5 crs (As on Feb 10, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 14 days Rs. 1 cr to 5 crs 4 N.A
15 days to 29 days Rs. 1 cr to 5 crs 4 N.A
30 days to 45 days Rs. 1 cr to 5 crs 4 N.A
46 days to 90 days Rs. 1 cr to 5 crs 4 N.A
91 days to 120 days Rs. 1 cr to 5 crs 5 N.A
121 days to 180 days Rs. 1 cr to 5 crs 5 N.A
181 days to less than 9 months Rs. 1 cr to 5 crs 5.25 N.A
9 months to less than 1 year Rs. 1 cr to 5 crs 5.5 N.A
1 year Rs. 1 cr to 5 crs 5.75 N.A
Above 1 year to less than 2 years Rs. 1 cr to 5 crs 5.5 N.A
2 year to less than 3 years Rs. 1 cr to 5 crs 5.25 N.A
3 years and above Rs. 1 cr to 5 crs 5.25 N.A

 

Tax Saver FD (Max Deposit - 1 LPA)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
IB Tax Saver schemes - 5 Years Upto Rs. 1 lakh 6 6.5

 

Tax Implications

  1. The amount invested in Fixed Deposit with a tenure of 5 years with Indian Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  2. The applicable tax will be deducted at source, i.e. Indian Bank, in case the annual interest earned crosses Rs. 10,000.

For NRE Fixed Deposit - less then Rs. 1cr (As on Feb 10, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year less then Rs. 1cr 6.5
Above 1 year to less than 2 years less then Rs. 1cr 6.25
2 year to less than 3 years less then Rs. 1cr 6.25
3 years and above less then Rs. 1cr 6

 

For NRE Fixed Deposit - Rs. 1 cr to 5 crs (As on Feb 10, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year Rs. 1 cr to 5 crs 4.75
Above 1 year to less than 2 years Rs. 1 cr to 5 crs 4.5
2 year to less than 3 years Rs. 1 cr to 5 crs 4.5
3 years and above Rs. 1 cr to 5 crs 4.5
Written By: PolicyBazaar - Updated: 31 July 2020
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