Overview of IndusInd Bank Fixed Deposit

1. One can also choose to receive the interest at the end of the tenure.
2. The interest income earned gets credited to the depositor's Savings or Current Account.
3. This variant of Term Deposit has the facility of automatic renewal.
4. One can also make use of the nomination facility.
5. One can make premature withdrawals as well for deposits which are Rs.1 crore and above.
6. Premature withdrawals are charged with a penal rate of 1%.

Features of IndusInd Bank Senior Citizen Scheme

1. In case of deposits below Rs.1 crore, senior citizens get rates which are 0.50% more than the regular rates.
2. One needs to make a deposit of at least Rs.10,000.
3. The interest income is taxed as per TDS.
4. The maturity period ranges from 7 days to 10 years.
5. In case of a joint account, the primary account holder must be a senior citizen.
6. The scheme comes with a nomination facility.
7. A depositor can prematurely close the account.
8. The FD rates are between 3.50% p.a. to 7.00% p.a.

Features of IndusInd Bank Sweep In/Out scheme

1. This scheme allows transfer of funds from an FD account to a linked Savings/Current Account and vice versa.
2. If the balance on the Savings/ Current account is inadequate, funds are credited to the account from the Term Deposit account.
3. The tenure period is from 30 days to 2 years.
4. The scheme has facilities of nomination and automatic renewal.
5. One can choose to prematurely close the account before the due date as well.

Features of Indus Tax Saver scheme

1. This variant of FD helps one get tax benefits as mentioned in Section 80C of the Income Tax Act, 1961.
2. The interest rate for Indus Tax Saver scheme is 7.25% p.a. for the general public.
3. The interest rate for Indus Tax Saver scheme is 7.75% p.a. for the senior citizens.
4. The maximum deposit amount for a Tax Saver FD is Rs.1.50 lakh.

How is the FD Rate Calculated for IndusInd Bank Fixed Deposits?

1. The interest is calculated on a quarterly basis for deposits with a maturity period of 91 days and more.
2. Simple Interest is calculated for FDs with a tenure under 91 days.

What are the Eligibility Criteria to Apply for an IndusInd Bank Fixed Deposit Scheme?

Individuals

1. Resident Indians
2. Member of the Hindu Undivided Family

Groups

1. Limited Companies
2. Sole Proprietorship Firms
3. Firms in Partnerships
4. Trust Accounts
5. Clubs and Societies

What are the Documents Required to Apply for an IndusInd Bank FD Scheme?

Proof of identity

1. Aadhaar Card
2. Driver's License
3. Passport
4. Government-approved ID card
5. Permanent Account Number

Proof of residence

1. Electricity Bill/telephone bill
2. Bank Statement along with a cheque
3. Passport