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    Overview of IndusInd Bank Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days Onwards
    3.5% - 8% Quarterly compounding
    Response Time Within 30 minutes
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year Onwards
    7.25% - 7.5% Quarterly compounding
    Response Time Within 30 minutes
    Good to Know

    About IndusInd Bank

    IndusInd Bank, a private sector bank which started in 1994, has clientele among corporate and individual customers. It has 727 branches, and 1,350 ATMs spread across geographical locations of the country. It has international branches in London, Dubai and Abu Dhabi.

    IndusInd Bank is the clearing bank for - BSE and NSE - and major commodity exchanges in India. The BrandZ Top 50 rankings powered by the WPP and Millward Brown place it among Top 50 Valued Indian Brands. Implementing cutting-edge technology, the bank supports multi-channel delivery capabilities to serve its customers.

    IndusInd Bank Fixed Deposits

    Fixed deposits from IndusInd bank offer account holders multiple benefits by providing different options on tenures, interest reinvestment and payout, deposit amounts and interest rates. These FD schemes are devised to meet the varied needs of customers based on their liquidity and capital protection requirements. They provide guaranteed fixed returns making them suitable instruments for creating a steady income stream or parking savings for long periods of time which doesn’t require constant monitoring.

    Eligibility - Who can open an FD account with IndusInd Bank

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

    What Fixed Deposit Schemes does IndusInd Bank offer?

    IndusInd Bank offers several fixed deposits schemes for is customers. These are Sweep in/out deposits, Senior Citizen scheme and Young Saver Deposits. Targeted at different types of customers, these deposits offer combination of security with higher returns. The bank has received A1+ ratings from CRISIL for its certificate of deposit program.

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

    In Sweep In/Out accounts the minimum balance is as below:

    • Savings Account- As per the specific Savings Account held
    • Current Account- As per the specific Current Account held

    In Senior Citizen Fixed Deposits, the minimum deposit is ₹ 10,000. Young Saver deposits require a minimum balance of ₹ 11 only.

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

    More details on maximum amount on fixed deposits can be found out from your nearest IndusInd branch.

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

    For Senior Citizen Fixed Deposits, the minimum/maximum period of tenure ranges from 7 days to 120 months. For Sweep In/Out Deposits the tenure ranges from 30 days to 24 months. For Young Saver, it is 6 months to 120 months.

    How can someone open a fixed deposit account at IndusInd Bank?

    Fixed Deposits can be opened online or by walking into the nearest IndusInd branch by fulfilling the Know Your Customer norms and depositing the cash.

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

    IndusInd bank offers varying rates of interest on its term deposits depending on two different slabs. Rates differ for varying tenures for fixed deposits below ₹ 15 lakhs and from 15 lakhs to ₹ 1 crore. They can vary between 3.5% to 8.75% on short-term holdings up to a year and between 8.5% to 9% on medium and long-term holding over a year.

    Although interest rates are fixed for the chosen deposit period they are subject to change, applicable on renewal and at the time of opening new accounts. Changes are driven by market movements, at the bank’s discretion.

    Does IndusInd Bank offer tax saver fixed deposits?

    Yes, IndusInd bank has a tax saver account called Indus Tax Saver that has a lock-in period of 5 years and offers 8.75 % interest p.a. (10.83% cumulatively). The scheme offers benefits under Sec 80C of Income Tax Act.

    Are FD accounts with IndusInd taxable?

    Yes, interest gained on IndusInd Bank FDs shall be liable to tax under the Income Tax Act. As per current rules, if the total interest on deposits, per depositor, per financial year, per branch is more than Rs 10,000/- the depositor has to pay tax. Tax benefits will be applicable under IndusInd Tax Saver as per existing guidelines. IndusInd Bank mandates PAN details to be provided while opening FD accounts. If a depositor does not have his/her PAN details, he/she may declare so in the relevant form available with the bank.

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

    Good and safe returns, easy liquidity, loans against FDs and premature withdrawal facilities are few features of IndusInd fixed deposits.

    Are loans provided against FDs at IndusInd Bank?

    Yes, IndusInd Bank provides loans against Fixed Deposits. Further details are available at your nearest IndusInd bank branch.

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

    Yes, an additional interest rate of 0.50% over and above the card rates is applicable for Term Deposits of Senior citizens (above 60 years) for deposit values below ₹ 5 cr. (Not applicable for NRO deposits). However, in case the senior citizen opts to place deposits under the interest rates applicable for High Value Deposits (>5Crs), this benefit is not available.

    Does IndusInd Bank issue credit cards against fixed deposits?

    Yes, IndusInd Bank offers credit cards against fixed deposits. The minimum amount required for such a fixed deposit is ₹ 1,00,000. The cards are offered in both Visa/MasterCard options and have a limit of up to 90% of the FD amount.

    Are premature withdrawals allowed by IndusInd Bank?

    Yes, premature withdrawals of fixed deposits are allowed by Corporation Bank. A penalty of 1% per annum is levied on all fresh and renewed deposits. For deposits of Rs 1.0 crore and above there is no fixed premature withdrawal penalty and the bank can allow or disallow premature withdrawals of such amounts at its sole discretion.

    What are the NRI fixed deposit accounts offered by IndusInd Bank?

    IndusInd Bank offers special fixed deposit accounts catering to its NRI customers. The fixed deposit accounts lets the customer deposit money in Indian and foreign currency depending on their preference. The bank also offers different interest rates for NRI fixed deposits. Listed below are the types of NRI fixed deposits offered by IndusInd.

    1. NRE accounts(Non Resident External)-Account is denominated in Indian currency
    2. NRO accounts-(Non Resident Ordinary)NRO accounts can either be funded by conventional payment or through traveller’s cheques
    3. FCNR accounts-(Foreign Currency Non Resident)Account can be opened in foreign currency
    4. RFC accounts-(Resident Foreign Currency)Allows the customer to maintain the account in foreign currency even after returning to India permanently

    What is the rate of interest offered for IndusInd NRI fixed deposits?

    Listed below is the rate of interest offered for different NRI accounts offered by IndusInd.

    Type of fixed deposit Rate of interest
    NRE account 9.1%
    NRO account 9.00%
    FCNR account 3.26%

    Does IndusInd allow for premature withdrawals?

    IndusInd allows its customers to make premature withdrawals for a penal rate. The customer would have been informed about the penal rate at the time of opening the fixed deposit account by the bank. Fixed deposits booked through sweep-out facility won’t be charged with the penal code. Premature withdrawals of accounts that has been with the bank for less than 7 days will not earn any interest.

    News About IndusInd Bank Fixed Deposit

    • IndusInd Bank profits rose to 25 percent profit in Q4

      IndusInd Bank’s asset quality improved over the fourth quarter and its net profit rose to 25.1 percent to Rs.495.3 crore which was boosted by higher other income and lower provisions. Their net interest income, i.e. the difference between interest earned and interest expended, rose to 18.4 percent to Rs.925.14 crore against the poll estimate of Rs.945 crore.

      Other income jumped 26 percent which helped rise in the operating expenses. Provisions for bad loans dropped 10.9 percent on a yearly basis to Rs.107.44 crore in the fourth quarter for the year 2014-2015.The bank’s asset quality improves as the non-performing assets declined. The advances during the quarter shot up to 24.8 percent on a yearly basis to Rs.68,788.2 crore which is above industry average and deposits were reported at a 22.5 percent growth at Rs.74,134.36 crore.

      IndusInd bank’s MD & CEO, Ramesh Sobti added that the bank’s net interest margin was 3.68 percent during the January - March quarter as against 3.67 percent in the previous quarter. He said that the CASA grew by 30 percent for the financial year 2015 while the restructuring book was flat for the quarter. He believes that acquisition of RBS’ diamond financing business is a margin accretive business.

      17th April 2015


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