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    Overview of Indian Bank Fixed Deposit

    Overview of Indian Bank Fixed Deposit  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

    Overview of Indian Bank Fixed Deposit is Rated as "Excellent!" by 23 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    About Indian Bank

    Indian Bank, a leading public sector bank, is a 107 year old bank that traces its history to the Swadeshi movement. The bank has 19,429 employees and a network of 2,250 Core-Banking Solutions implemented branches across India. It had a total business worth ₹ 2,86,633 Crores in 2013-14 and an operating profit of ₹ 2,901 Crores.

    The bank offers an array of banking products and services, including fixed deposits, to cater to every segment of customers.

    Indian Bank Fixed Deposit

    Indian Bank lets investors get the most out of their savings by offering them fixed income solutions that can help them strike a balance between liquidity and returns. With varying deposit periods and interest rates that are set in accordance to the amount held in a deposit account, investors can optimise their financial plans by opting for FD schemes that suit their financial needs. These instruments can be opted for to create an income stream ideal for those without a regular income source e.g. retirees or to grow savings for the long-term.

    Eligibility - Who can open an FD account with Indian Bank?

    Any individual or minor who fulfils Know your Customer requirements can open a fixed deposit account in Indian bank. The bank also accepts deposits from NRIs in terms of NRE and NRO deposits.

    What Fixed Deposit Schemes does Indian Bank offer?

    Indian Bank offers a range of fixed deposits to cater to all types of depositors. They are Fixed Deposit, Re-investment Plan, Senior Citizen’s scheme, Ind Tax saver, Capital Gains deposits, Facility Deposit, Savings Certificate and Tax Savings certificate.

    What is the minimum amount required to open an FD account with Indian Bank?

    Minimum deposit accepted under fixed deposits at Indian Bank is ₹ 100.

    What is the maximum amount that can be deposited in an Indian Bank FD account?

    There is no maximum limit for deposits accepted under fixed deposits at Indian Bank.

    However, for deposits of above ₹ 5 crore, acceptance of such deposits will be at the approval of the Treasury Branch.

    What is the minimum / maximum period for which funds can be held as fixed deposits with Indian Bank?

    Indian Bank allows FDs for a minimum of 7 days, where the minimum amount of investment is ₹ 1 lakh. The maximum period allowed is normally 10 years.

    What is the procedure to open a fixed deposit account at Indian Bank?

    Anyone wishing to open a FD can walk into an Indian Bank branch and fill up a form, submit KYC documents and deposit the amount via cash, cheque or demand draft to open an FD.

    What are the interest rates offered on Indian Bank fixed deposits?

    Indian Bank offers fixed deposits in two sabs—deposits below ₹ 1 crore and above it. Returns vary between 6.75% on short-term deposits to 8.75% on long-term deposits. Rates vary according to the tenure of the deposit which can be between 7 days to 3 years and above.

    Interest rates are subject to change which are announced by the bank when rates are revised. New rates do not affect an FD scheme once entered into but are applicable upon renewal or opening a new FD accounts or making fresh deposits.

    Does Indian Bank offer tax saver fixed deposits?

    Indian Bank offers two types of tax saver fixed deposits—Ind Tax Saver and IB Tax Saving Certificate.

    Ind Tax Saver is a fixed deposit open to individuals/HUF having PAN Card can invest upto ₹ 1,50,000/- in a financial year. This is a specially designed scheme to avail tax rebate under section 80C of the Income Tax Act. The minimum period of deposit is 5 years and maximum is 10 years.

    The latter is a reinvestment plan deposit scheme, locked-in for 5 years and offers the following rates—7.0% for general public, 7.5% for senior citizens and 8.0% for Indian Bank employees. The deposit receipt is issued in 5 denominations (₹ 1000/-, ₹ 5000/-, ₹ 10000/-, ₹ 50000/- and ₹ 1lakh) for categories of general public and senior citizens.

    No loans or premature withdrawals are allowed before completion of term under tax saver deposits.

    Are FD accounts with Indian Bank taxable?

    Yes, fixed deposits with Indian Bank are taxable as per the Income Tax Act, 1961. As per current rules, if the total interest on deposits, per depositor, per financial year, per branch is more than ₹ 10,000/- the depositor has to pay tax on the interest.

    What are the main features of Indian Bank fixed deposit schemes?

    Indian Bank offers a range of fixed deposits with following features:

    • Earn good interest with easy liquidity
    • Quarterly or monthly interest with a discount
    • Loan, foreclosure, nomination etc. are available
    • Automatic renewal facility for equal period

    Are loans provided against FDs at Indian Bank?

    Yes, loans are available against fixed deposits at Indian Bank. Facility deposit, a type of term deposit offered by Indian Bank has 90% overdraft facility built in.

    Does Indian Bank offer senior citizens special rates on their fixed deposits?

    Yes, Indian Bank provides an additional interest rate of 0.50% to senior citizens above 60 on most of its fixed deposit schemes up to ₹ 5 crores.

    Indian Bank also offers a fixed deposit scheme for senior citizens with additional interest and value additions. The depositors must submit age proof to show they have completed 60 years. The minimum amount accepted under the scheme is ₹ 1,000 and maximum is ₹ 5 crores. It also has features like:

    • Joint accounts but the first-named person should be a senior citizen
    • Free funds transfer up to ₹ 5,000 pm or interest earned whichever is higher
    • Loan, foreclosure, nomination facilities are available
    • Automatic renewal facility for equal period
    • Minimum penalty on foreclosure of deposits
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  • Indian Bank Fixed Deposit 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? 6
      , 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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