On 15th of August, 1907 as a part of Swadeshi movement, Indian Bank was established. With an international presence in Singapore and Colombo, the bank is a highly established and well trusted name in personal finance management.
Save on taxes and watch your investment grow with this term deposit plan from Indian Bank. Most other deposits don’t allow you to claim deductions on invested principal, but with the Indian Bank Tax Saver Scheme, you can claim deductions under Section 80C of the Income Tax Act, 1961.
This scheme is open to Resident Individuals and Hindu Undivided Families.
In order to find out if you are eligible for this scheme, contact your nearest Indian Bank branch, or call the corporate office on 044 28134300. The international toll free number is 1800 425 00 000.
Minimum: Rs.100, and in multiples of Rs.100 thereafter.
Maximum: Depositors that have registered their PAN card details can invest up to Rs.1,50,000 every financial year.
|Interest||Interest is applied quarterly.|
Minimum: 5 years.
Maximum: 10 years.
Currently, Indian Bank offers the following interest rates on its domestic Term Deposits:
|Time period||Amounts under Rs.1 crore.||Amounts greater than Rs.1 crore|
|Existing interest rate||Revised interest rate (as on 07/10/2015)||Existing interest rate||Revised interest rate (as on 07/10/2015)|
|7 days to 14 days||5.50% p.a.||5.25% p.a.||5.50% p.a.||5.25% p.a.|
|15 days to 29 days||5.50% p.a.||5.25% p.a.||5.50% p.a.||5.25% p.a.|
|30 days to 45 days||5.50% p.a.||5.25% p.a.||5.50% p.a.||5.25% p.a.|
|46 days to 90 days||6.50% p.a.||6.25% p.a.||6.50% p.a.||6.25% p.a.|
|91 days to 120 days||7% p.a.||6.75% p.a.||7% p.a.||6.75% p.a.|
|121 days to 180 days||7.25% p.a.||6.75% p.a.||7.25% p.a.||6.75% p.a.|
|181 days to < 9 months||7.25% p.a.||7.25% p.a.||7.25% p.a.||7.00%p.a.|
|9 months to < 1 year||7.50% p.a.||7.50% p.a.||7.50% p.a.||7.00%p.a.|
|1 year to < 2 years||7.75% p.a.||7.25% p.a.||7.50% p.a.||7.00%p.a.|
|2 years to < 3 years||7.75% p.a.||7.25% p.a.||7.50% p.a.||7.00%p.a.|
|3 years and above||7.75% p.a.||7.25% p.a.||7.50% p.a.||7.00%p.a.|
Interest compounds quarterly under the Indian Bank Tax Saver Scheme.
No loan or foreclosure is allowed up to 5 years after opening this deposit account.
This scheme was introduced in order to meet the requirements of those customers who wish to grow their investment along with enjoying tax benefits under Section 80C for investments up to Rs.1,50,000 in every financial year.
*All amounts, tenures, repayment requirements, time frames, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, terms and conditions mentioned above are as of December, 2015. Indian Bank reserves the right to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at its own discretion.
Useful Information on Indian Bank Fixed Deposit
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