Indian Bank FD Interest Rates 2024
About Indian Bank:
Indian Bank originated as a significant aspect of the Swadeshi movement in 1907. Offering a diverse range of banking products and services, it stands as one of the most reliable banks in the country. With its headquarters stationed in Chennai, the bank consists of a network of 5,732 branch offices across India, supplemented by 3 overseas branches and 4,925 ATMs. Notably, the total deposits in IB as of March 2022 soared to INR 5,93,618 crores with an AA+ Credit Rating, underscoring its reliability and trustworthiness in the financial landscape.
Introduction To Indian Bank FD Rate Of Interest 2024:
Indian Bank gives its customers the freedom to choose from a wide array of Fixed Deposit (FD) interest rates, ranging from 2.80% to 7.25% p.a. for the general populace and 3.30% to 7.75% p.a. for senior citizens, spanning tenures from 7 days to 5 years and beyond.
Moreover, Indian Bank offers Tax Saving FDs with interest rates pegged at 6.10% to 6.25% p.a. for regular customers and 6.60% to 6.75% p.a. for senior citizens, available for tenures spanning 5 to 10 years.
Additionally, the bank caters to the needs of Non-Resident Indians (NRIs) by providing an array of fixed deposit products, including NRO, NRE, RFC, and FCNR (B) fixed deposits. Indian Bank welcomes FCNR (B) fixed deposits and RFC fixed deposits in major currencies such as US Dollars (USD), British Pound Sterling (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss Franc (CHF), and Singapore Dollar (SGD).
Indian bank fd interest rates 2024 highlights:
Here’s the data presented in a table format:
| Tenure | Interest Rate (% p.a.) |
|---|---|
| Highest slab | 7.25 |
| 1 year | 6.10 |
| 2 years | 6.70 |
| 3 years | 6.25 |
| 4 years | 6.25 |
| 5 years | 6.25 |
| Tax-Saving FD (5 years) | 6.25 |
| Tax-Saving FD (5 to 10 years) | 6.10 |
Indian Bank’s FD rates for Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits under Rs 2 crore effective from March 4, 2023, are as follows:
Here’s the data presented in a table format:
| Period | Regular Citizens (%) | Senior Citizens (%) |
|---|---|---|
| 7 days to 14 days | 2.80 | 2.80 |
| 15 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 | 3.85 | 4.35 |
| 181 days to < 9 months | 4.50 | 5.00 |
| 9 months to < 1 year | 4.75 | 5.25 |
| 1 year | 6.10 | 6.60 |
| Above 1 to < 2 years | 6.30 | 6.80 |
| 2 to < 3 years | 6.70 | 7.20 |
| 3 to < 5 years | 6.25 | 6.75 |
| 5 years | 6.25 | 6.75 |
| Above 5 years | 6.10 | 6.85 |
Revised Special Fixed Deposit Interest Rates:
Here’s the data presented in a table format:
| Tenure | Interest Rates (% p.a.) |
|---|---|
| IND SUPER (400 Days) | Public: 7.25 |
| Senior Citizen: 7.75 | |
| Super Senior Citizen: 8.00 | |
| IND SUPREME (300 Days) | Public: 7.05 |
| Senior Citizen: 7.55 | |
| Super Senior Citizen: 7.80 | |
| Indian Bank Tax Saver Deposit | |
| 5 years | Regular Citizens: 6.25 |
| Senior Citizens: 6.75 | |
| Above 5 to 10 years | Regular Citizens: 6.10 |
| Senior Citizens: 6.60 |
Indian Bank Interest Rates on Fixed Deposits (Rs 2 crore to less than Rs 5 crore) effective from 7 February 2023:
Here’s the data presented in a table format:
| Period | Regular Citizens (%) | Senior Citizens (%) |
|---|---|---|
| 7 days to 14 days | 5.00 | 5.50 |
| 15 days to 29 days | 5.00 | 5.50 |
| 30 days to 45 days | 6.00 | 6.50 |
| 46 days to 90 days | 5.25 | 5.75 |
| 91 days to 120 days | 5.25 | 5.75 |
| 121 days to 180 days | 5.50 | 6.00 |
| 181 days to < 9 months | 5.50 | 6.00 |
| 9 months to less than 1 year | 6.25 | 6.75 |
| 1 year | 6.70 | 7.20 |
| Above 1 year to < 2 years | 6.65 | 7.15 |
| 2 years to < 3 years | 6.10 | 6.60 |
| 3 years to < 5 years | 6.00 | 6.50 |
| 5 years | 6.00 | 6.50 |
| Above 5 years | 6.00 | 6.75 |
Note: Senior citizens (aged 60 years and above) receive an additional 0.50% interest rate on deposits up to 15 days to 5 years and 0.75% interest rate on deposits above 5 years to 10 years.
RFC Deposit Interest Rates effective from 7 March 2024:
Here’s the data presented in a table format:
| Currency | 1 year (%) | Above 1 year to < 2 years (%) | 2 years to < 3 years (%) |
|---|---|---|---|
| USD | 5.90 | 5.25 | 4.30 |
| GBP | NA | 4.00 | 3.20 |
| EUR | NA | 2.00 | 1.60 |
| JPY | NA | 0.11 | 0.13 |
| CAD | NA | 4.30 | 4.10 |
| AUD | NA | 3.55 | 1.70 |
| CHF | NA | 0.00 | 0.01 |
| SGD | 3.95 | 0.27 | 0.40 |
Types Of Indian Bank Fixed Deposit Schemes:
- Regular Fixed Deposit:
- Minimum deposit amount: Rs 1,000
- Tenure: 6 months – 10 years
- Additional 0.50% p.a. for senior citizens up to Rs.10 crore
- Automatic renewal facility available
- Nomination/loan/pre-closure facilities offered
- Interest credited quarterly/monthly with a discount
- Short Term Deposits:
- Minimum deposit amount: Rs 1,000
- Tenure: 7 days – 180 days
- Additional 0.50% p.a. for senior citizens up to Rs.10 crore
- Additional 1% p.a. for staff members up to Rs.2 crore
- Additional 1.50% p.a. for ex-staff seniors up to Rs.10 crore
- Nomination, pre-closure, and loan facilities available
- Additional interest rates for deposits 7 days to 10 years
- IB Tax Saver Scheme:
- Deposit amount: Rs 1,000 – Rs 1.5 lakhs
- Tenure: 5 years – 10 years
- No loan or foreclosure for up to 5 years
- Additional 0.50% p.a. for senior citizens up to Rs.10 crore
- Interest credited quarterly or on maturity
- Nomination facility available
- Capital Gains:
- Minimum deposit amount: Rs 1,000
- Tenure: 7 days – 3 years
- Nomination facility available
- Money Multiplier Deposits:
- Minimum deposit amount: Rs 1,000
- Tenure: 6 months – 10 years
- Automatic renewal facility available
- Nomination/loan/pre-closure facilities available
- Penalty on foreclosure applicable
- Additional 0.50% p.a. for senior citizens up to Rs.10 crore
- Motor Accident Claim Tribunal Deposit (MACAD) Scheme:
- Minimum deposit amount: Rs 1,000
- Tenure: 3 years – 18 years (as per court/tribunal)
- Nomination and pre-closure facilities available
- No loan against annuity deposit
- No roll-over features
Indian Bank Fixed Deposit Schemes For NRIs
- Resident Foreign Currency Account For Returning Indians
- Eligibility: Returning Indians
- Deposit in 8 foreign currencies
- Accounts created by transferring FCNR or NRE funds, or foreign currency notes/travelers cheques
- NRE Fixed Deposit
- Tenure: 1 year – 10 years
- Nomination facility available
- Funds freely repatriable
- Loan available against NRE deposit
- Non-Resident Ordinary Account
- Jointly opened with resident Indian/NRI
- Repatriation up to USD 1 million after taxes
- Transfers to NRE accounts permitted up to USD 1 million/year
How to Open an FD Account with Indian Bank
Opening an FD account with Indian Bank is a straightforward process:
- Visit the Nearest Branch: You can visit any Indian Bank branch and submit an application form with the required documents.
- Online Application: Several banks allow online FD account opening through their website or mobile app.
- Required Documents: The necessary documents include KYC documents like your PAN card, Aadhaar card, and address proof.
Penalty for Premature Withdrawal of NRO and NRE Term Deposits:
The penalty for premature withdrawal for Indian Bank is calculated based on the interest rate applicable for the period your funds were invested, with a deduction of 1% per annum as foreclosure charges.
These charges are applicable to deposits exceeding Rs 5 lakh with a tenure of 1 year or more.
However, deposits held in the names of staff, ex-staff, and senior citizens are exempt from foreclosure charges.
Conclusion:
Indian Bank’s Fixed Deposit (FD) Interest Rates for 2024 present a diverse array of options catering to various investor needs. Ranging from regular fixed deposits to specialised schemes like tax-saving deposits and RFC deposits for NRIs, Indian Bank offers competitive interest rates across different tenures. With its strong legacy dating back to the Swadeshi movement in 1907 and a wide network of branches and ATMs, Indian Bank stands as a reliable institution in the banking sector. Whether it’s for domestic customers or NRIs, Indian Bank provides rewarding investment options, making it a preferred choice for many investors.
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Frequently Asked Questions:
- Q: Can I withdraw my FD money before maturity?
A: Yes, you can withdraw your FD money before maturity, but you may be subject to a penalty on the interest earned. - Q: What are the minimum and maximum amounts I can deposit in an FD?
A: Indian Bank sets minimum and maximum deposit limits for FDs. You can check the bank’s website or visit a branch for the current limits. - Q: How do I calculate the interest earned on my FD?
A: You can use a simple interest calculator to calculate the interest earned on your FD. Input the principal amount, interest rate, and tenure to get the estimated interest. - Q: Can I renew my FD after maturity?
A: Yes, you can renew your FD after maturity at the prevailing interest rates. - Q: What happens if I don’t renew my FD?
A: If you don’t renew your FD after maturity, it will automatically convert into a savings account, earning a lower interest rate.
