The RBI, in April 2015, approved the merger between ING Vysya Bank and Kotak Mahindra Bank. Post this, ING Vysya Bank will operate under the Kotak Mahindra Bank banner i.e. all its services and operations and branches will belong to Kotak Mahindra Bank.
ING Vysya Bank sold out its stock at Rs.790 per share to Kotak Bank. The deal was valued at about Rs.15,000 crores. Branding for ING Vysya branches, ATMs etc. will be changed over to Kotak's and branches would either be absorbed into Kotak's network or relocated as necessary.
The bank in its merged form now enjoys the status of the 4th largest bank in the private sector in India.
The following are the entities that are eligible to open a Fixed Deposit with ING Vysya Bank –
NOTE: To open a fixed deposit, an initial deposit of ₹ 10,000 is required.
ING Vysya offers a sufficiently adequate number of deposit schemes to cover features like Tax Saving, Cumulative Deposits etc. Following are some of the prominent deposit schemes offered by ING Vysya.
This is a regular fixed deposit scheme wherein you fix a particular amount and then get it back along with the applicable interest amount at the end of the maturity period.
These deposits are loaded with the highly desirable feature of instant liquidity for times when you need that extra cash for any of your urgent needs.
This deposit scheme from ING Vysya offers the best interest rate in the market and comes with no foreclosure charges in case you wish to close down your fixed deposit earlier than the stipulated time frame.
As the name suggests, this fixed deposit is aimed at giving customers a tax exemption under section 80C of the Indian Income Tax Act. The amount is fixed for 5 years after which the deposit is either auto-renewed or closed as per the directions by the customer.
These are deposits which can be made in small amounts each month instead of depositing one lump-sum amount in a single go.
The minimum amount required to open a fixed deposit account with ING Vysya is ₹ 10,000.
There is no maximum limit on the deposit amount for opening a fixed deposit account with ING Vysya. Any amount greater than ₹ 10,000 can be used to open an FD account.
The minimum period for which a fixed deposit can be opened with ING Vysya is 7 days while the maximum deposit period for ING Vysya fixed deposits is 120 months or 10 years.
For opening a fixed deposit account with ING Vysya, a customer needs to visit the nearest ING Vysya branch and get the application form, fill it and submit it along with the required details. Also, these deposits can be opened online by logging in to the internet banking domain of the bank.
The rates on fixed deposits of ING Vysya bank vary according to the period for which the funds are deposited. Here is a snapshot of the current rates with respect to the deposit tenure for each.
These are deposit amounts that are fixed with the bank for a period of 30 days to 60 days. Deposits with a period of 7-15 days earn an interest rate of 4% while those between 16-30 days fetch a rate of 5%. If the deposit tenure is between 31-60 days, the rate is increased to 5.5%.
Between 61-90 days, the deposit fetches a rate of 8.8%. Deposits above 91 days and below 181 days are offered an interest rate of 8.7%. Between 182 days and 364 days, the applicable rate is 8.6%. For deposits with exactly 365 days as maturity period, 8.75% per annum is the corresponding rate of interest. Deposits between 731 days to 5 years earn a rate of 8.5% while 8.25% is offered on deposits in the range of 5 years to 10 years.
Except for deposits less than a year, the rest of the fixed deposits for senior citizens are offered a 0.5% higher rate than the regular rate under each category of deposit.
Yes. The Tax Advantage Plus offers deposits which fetch an income tax exemption under section 80C of the Income Tax Act. This deposit needs to be with the bank for 5 or more years.
Yes. In case the interest on the FD is equal to or more than ₹ 10000 in a year, income tax at 10% is deducted. However, if the interest received in a year is more than ₹ 10000 and the PAN number has not been provided then a tax of 20% on the interest received is levied. Fixed Deposits from ING Vysya are taxable and are basically divided into two categories. One category consists of those deposits for which the account holder has furnished his/her PAN number while the other is for which the PAN number has not been furnished.
Here are a few exciting and differentiating features of ING Vysya fixed deposits:
Yes. Based on bank guidelines, loans can be availed from ING Vysya, against deposits held by the customer with the bank.
Yes. Special and higher rates of interest are offered to senior citizens who hold a fixed deposit with ING Vysya bank. Except for short-term deposits of up to 365 days, rest all deposits earn a rate which is 0.5% above the regular interest rate on fixed deposits.
No. Currently, ING Vysya does not offer Credit Cards against your fixed deposit scheme with the bank.
Yes, ING Vysya offers two options for NRI Fixed Deposits. A NRI can choose to invest in either the Non-Resident External (NRE) Fixed Deposit or the Non-Resident Ordinary (NRO) Fixed Deposit.
A NRE Fixed Deposit can be opened for a time period ranging from a minimum of one year to a maximum of 10 years.
A NRO Fixed Deposit can be opened for a time period ranging from a minimum of 7 days to a maximum of 10 years.
Yes, the amount invested in a NRE Fixed Deposit is tax-free in India and accountholders can utilize this tax benefit. The interest earned on the NRO Fixed Deposit is however taxable and is subject to Tax Deduction at Source.
No, the accounts earn the same interest as normal accounts, depending on the time period of the fixed deposit.
Yes, customers can opt for premature withdrawal of their fixed deposits subject to certain conditions. A penalty of 0.50% will be charged on those deposits which have a tenure of over 181 days whereas those deposits with a tenure of less than 181 days will not be impose a penalty. In case of NRE fixed deposits no interest will be paid on the principal amount that is withdrawn from it before the completion of one year.More Read on FD
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