• Overview of IndusInd Bank Fixed Deposit

    Fixed Deposits are a popular mode of investment. One of the key products offered by IndusInd Bank is Term Deposits.

    Types of IndusInd Bank Term Deposit Schemes

    • Fixed Deposit scheme
    • Senior Citizen scheme
    • Sweep In/Out Deposit scheme
    • Indus Tax Saver Scheme

    Features of IndusInd Bank FD Scheme

    • The tenure for the IndusInd Bank Term Deposit falls between 7 days and more than 5 years.
    • The IndusInd FD interest rate ranges between 3.00% p.a. and 6.50% p.a. for general public.
    • TDS on FD is applicable to the interest income.
    • A depositor can choose to either get the interest payout on a yearly, half-yearly, quarterly or monthly basis.
    • One can also choose to receive the interest at the end of the tenure.
    • The interest income earned gets credited to the depositor’s Savings or Current Account.
    • This variant of Term Deposit has the facility of automatic renewal.
    • One can also make use of the nomination facility.
    • One can make premature withdrawals as well for deposits which are Rs.1 crore and above.
    • Premature withdrawals are charged with a penal rate of 1%.

    Features of IndusInd Bank Senior Citizen Scheme

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

    Features of IndusInd Bank Sweep In/Out scheme

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

    Features of Indus Tax Saver scheme

    • This variant of FD helps one get tax benefits as mentioned in Section 80C of the Income Tax Act, 1961.
    • The interest rate for Indus Tax Saver scheme is 6.50% p.a. for the general public.
    • The interest rate for Indus Tax Saver scheme is 7.00% p.a. for the senior citizens.
    • 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?

    • The interest is calculated on a quarterly basis for deposits with a maturity period of 91 days and more.
    • 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

    • Resident Indians
    • Member of the Hindu Undivided Family

    Groups

    • Limited Companies
    • Sole Proprietorship Firms
    • Firms in Partnerships
    • Trust Accounts
    • Clubs and Societies

    What are the documents required to apply for an IndusInd Bank FD scheme?

    Proof of identity

    • Aadhaar Card
    • Driver's License
    • Passport
    • Government-approved ID card
    • Permanent Account Number

    Proof of residence

    • Electricity Bill/telephone bill
    • Bank Statement along with a cheque
    • Passport

    FAQs about IndusInd Bank FD scheme

    1. How can I apply for an IndusInd Bank FD scheme?

      One can visit the nearest IndusInd Bank to fill out an application form and submit the required documents or One can also apply online through net banking or mobile banking

    2. What is the tenure period for Indus Tax Saver Term Deposit?

      The Indus Tax Saver Fixed Deposit comes with a maturity period of 5 years.

    3. What is the highest IndusInd Bank FD interest rate?

      The highest IndusInd Bank FD rate is 6.50% p.a. for a maturity period between 12 months and 3 years.

    4. What is the tenure range for an IndusInd Bank Fixed Deposit scheme?

      The IndusInd Bank FD has a maturity period from 7 days and above.

    5. Is TDS applicable on Indus Tax Saver FD?

      Yes, the interest income earned on Indus Tax Saver FD is taxable under TDS.

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