Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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    Indian Bank Tax Saver Scheme  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    6% - 6.5% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    Indian Bank Tax Saver Scheme is Rated as "Excellent!" by 23 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    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.

    Eligibility Criteria for applying for Indian Bank Tax Saver Scheme

    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.

    Features of Indian Bank Tax Saver Scheme

    Account Type Joint/Single
    Amount

    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.
    Period

    Minimum: 5 years.

    Maximum: 10 years.

    Indian Bank Tax Saver Scheme interest rates

    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.

    Indian Bank Tax Saver Scheme FAQs

    1. How often does the interest compound under this plan?

      Interest compounds quarterly under the Indian Bank Tax Saver Scheme.

    2. Is there any loan / foreclosure waiting period?

      No loan or foreclosure is allowed up to 5 years after opening this deposit account.

    3. What is the purpose of this scheme?

      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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  • Indian Bank IB Tax Saver Scheme Reviews

    • Indian Bank Fixed Deposit
      "Deposit scheme"
      0.5 4.0/5 "Great!"
      I have a Fixed deposit scheme with Indian Bank which I have been taking and reinvesting in it for a couple of times. The recent scheme is for 3 years and offers an interest rate of 7-8%.. Its a very user friendly procedure of applying by filling the forms which is simple,time saving and foolproof as well.
      Was this review helpful? 7
      , coimbatore
      Reviewed on May 04, 2016
    • Indian Bank Fixed Deposit
      "Fixed deposit with nationalized bank"
      0.5 5.0/5 "Blown Away!"
      I have the fixed deposit account with the Indian bank and I been with them from the last two years of time. Advantages are not such with them rather than they are nationalized bank. They have provided around 8.5% for the first year and now they are providing around 7.5% as interest rate now.
      Was this review helpful? 8
      , chennai
      Reviewed on Apr 13, 2016
    • Indian Bank Fixed Deposit
      "Future benefits.."
      0.5 3.0/5 "Satisfactory"
      My fixed account is with Indian Bank for the past 10 years. They are providing more benefits for their senior citizens. I am getting around 8% interest for this account. In terms of customer service they were very slow and it would be great speed up their process.
      Was this review helpful? 8
      , chennai
      Reviewed on Jan 02, 2016
    • Indian Bank Fixed Deposit
      "FD rate is high.."
      0.5 5.0/5 "Blown Away!"
      My father is an employee of Indian Bank and on that I opened the fixed deposit. In addition to that the rate for fixed deposit is something high for me. Not activated the net banking but I tried once where that is pretty good and not user friendly.
      Was this review helpful? 6
      , bangalore
      Reviewed on Dec 14, 2015
    • Indian Bank Fixed Deposit
      "Very good"
      0.5 5.0/5 "Blown Away!"
      INDIAN Bank Fixed Deposit is fine its very good. I am holding this FD for 10 years . The most interesting about is the rate of interest 9% annual basis they have charged interest. Interest rate offered by INDIAN for senior citizen was 9.5% . I am allowed to make a partial liquidation and I can withdraw a part about the amount.
      Was this review helpful? 8
      , new delhi
      Reviewed on Nov 26, 2015
    • Indian Bank Fixed Deposit
      "Its fine"
      0.5 5.0/5 "Blown Away!"
      INDIAN Fixed Deposit is fine. I am holding this FD for quite some time now. I am holding this FD for a period of 9 months. The best part about this FD is just the rate of interest for 9 months is more I am getting a better interest on that. There is no drawback or challenges here.
      Was this review helpful? 4
      , pondicherry
      Reviewed on Nov 25, 2015
    • Indian Bank Fixed Deposit
      "My FD"
      0.5 5.0/5 "Blown Away!"
      My FD is with INDIAN Bank. Customer service offered by them was prompt. If any one is having an account with INDIAN bank they can invest there. The best part here is they call up when the FD is getting matured to check whether they are interested in taking it further or not, I am holding this FD since 2016 March,
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 11, 2015
    • Indian Bank Fixed Deposit
      "Family bank...."
      0.5 5.0/5 "Blown Away!"
      Indian bank is best for Fixed account. We will get higher interest compare to other banks. They offered 8%. They were very customer friendly and I would say its kind of family bank. Its in my home down and I am associated with them for the past 20yrs.
      Was this review helpful? 3
      , kolkata
      Reviewed on Oct 29, 2015
    • Indian Bank Fixed Deposit
      "Very good"
      0.5 5.0/5 "Blown Away!"
      INDIAN FD is fine my feedback for them is it is really nice and the bank next to my place . This is my first account so I have opened this FD and I am holding this FD for a period of 8 to 9 months. The interest rate offered by them is the best in the market and I have got this FD certificate on time.
      Was this review helpful? 5
      , madurai
      Reviewed on Sep 25, 2015
    • Indian Bank Fixed Deposit
      "Need to be categorized.."
      0.5 3.0/5 "Satisfactory"
      Indian bank is a nationalized bank and easy to access but visiting the branch is very difficult as their services are not systematic. If we go the branch we need to stand in a queue to get things done. Also the net banking is not categorized. For my Fixed Deposit the rate of interest is 8.65% and it is of simple rate.
      Was this review helpful? 2
      , hosur
      Reviewed on Aug 27, 2015
    • Indian Bank Fixed Deposit
      "They know how to take care of their customers"
      0.5 4.0/5 "Great!"
      I have a fixed deposit account with Indian Bank. The services has been good for this. They know how to take care of their customers. They offer a good rate of interest. It is of 8.5%. If I withdraw my money before the maturity term, they would not charge any penalty fee. I have this account for the last seven month with them. They know how to take care of their customers.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Jul 25, 2015
    • Indian Bank Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      Interest rate offered for the Fixed deposit plan is 8.5% from Indian bank in which the minimum lock in period is one year. In case the tenure is increase then the interest rate will be reduced. In case if we break the rd in between the tenure there will be no extra charges. We will receive a message once the plan is been matured.In case we want to renewal the plan we have to visit the bank. The minimum amount is Rs.5000 to start the FD plan.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 24, 2015
    • Indian Bank Fixed Deposit
      "Indian Bank Fixed Deposit"
      0.5 1.5/5 "Bad"
      I did the fixed deposit manually at Indian Bank Sukrawarpet Coimbatore branch. Being a Government bank the customer service is pathetic. The interest rate is reduced from 8.75 to 8.5. To save the tax provide the PAN card number. The procedure to apply the fixed deposit manually is simple. Go to the branch, get the fixed deposit form. Fill the form. Handover to the bank employee. The money will be deducted from your bank account. After the money is deducted, the bank employee will handover a fixed deposit certificate to you. After the maturity, go back to the bank with the fixed deposit certificate, to get back the cash. The cash will be deposited in your bank account.
      Was this review helpful? 13
      , coimbatore
      Reviewed on Jun 05, 2015
    • Indian Bank Fixed Deposit
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Indian Bank Fixed deposit service is very good. I hold an account with Indian Bank. I have visited the Branch for opening an account with them and it took about 30 minutes of time to open this account. Any time when ever I want I can break it. I have got the FD Deposit certificate as well.
      Was this review helpful? 6
      , chennai
      Reviewed on May 18, 2015
    • Indian Bank Fixed Deposit
      "Interest on fixed deposit"
      0.5 3.5/5 "Pretty good"
      I have a saving account with Indian bank where I keep opening short term fixed deposits as it provides a very attractive interest rate even on short term deposit, for eg on a short term deposit of 6months it gives interest at the rate of 8.5% , for 3 months it gives an interest rate of 8%.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 04, 2014
    • Indian Bank Fixed Deposit
      "Quite good!!!!!!!!!"
      0.5 2.5/5 "Just OK"
      I am having fixed deposit with Indian bank wherein I am investing small amount monthly . I am getting interest rates as profit. It was good to have public sector with us in future. Overall I am very much satisfied by the service
      Was this review helpful? 5
      , delhi
      Reviewed on Sep 23, 2014
    • Indian Bank Fixed Deposit
      "My FD with Indian bank"
      0.5 4.5/5 "Excellent!"
      Three years ago I have created my fixed deposit with Indian bank considering the bank is very close my house and the rate of interest was very much competitive when compared to other banks in the market. Indian bank have a pretty good customer service and the response was also too good.
      Was this review helpful? 7
      , mumbai
      Reviewed on Aug 18, 2014
    • Indian Bank Fixed Deposit
      "Good to have in locker facility"
      0.5 5.0/5 "Blown Away!"
      I availed fixed locker from Indian bank. To avail the locker facility I forced to have Fixed deposit Rs.50000.Locker is required to keep jewels . Customer service was good. No suggestions for them to improve their services as they already doing good.
      Was this review helpful? 6
      , chennai
      Reviewed on Aug 12, 2014
    • Indian Bank Fixed Deposit
      "Vey good service"
      0.5 4.0/5 "Great!"
      Last one year I am maintaining a fixed deposit with Indian bank. It was very easy for me to create the FD because I am a member of the bank. It is a government bank and I don't have any problem. Employees of the bank keep changing frequently however their policies and procedure never change. I have an experience of taking a educational loan in the past which was a great experience. They have given the rate of interest as per RBI guidelines however they don't charge any pre-closure charges and processing fees for loans.
      Was this review helpful? 6
      , chennai
      Reviewed on Aug 07, 2014
    • Indian Bank Fixed Deposit
      "Expect more customer support"
      0.5 5.0/5 "Blown Away!"
      I approached the Indian bank for fixed deposit for my urgency. Its like more or less savings account with this bank and the processing was almost 15 days and it was simple. I have to follow up, once approached, they are responsive. Interest rate is good.
      Was this review helpful? 5
      , chennai
      Reviewed on Jul 19, 2014
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