• Overview of ING Vysya Fixed Deposit

    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.

    What is the eligibility criteria to avail a fixed deposit from ING Vysya?

    The following are the entities that are eligible to open a Fixed Deposit with ING Vysya Bank –

    • Resident Individuals
    • Trust Accounts / Associations / Clubs
    • Minors
    • Hindu Undivided Families
    • Sole Proprietorship Firms
    • Partnership Firms
    • Limited Companies

    NOTE: To open a fixed deposit, an initial deposit of ₹ 10,000 is required.

    What are all the fixed deposit schemes offered by ING Vysya Bank?

    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.

    • Fixed Deposits

      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.

    • Active Deposits

      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.

    • FD Plus

      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.

    • Tax Advantage plus

      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.

    • Cumulative Deposits

      These are deposits which can be made in small amounts each month instead of depositing one lump-sum amount in a single go.

    What is the minimum amount required to open a fixed deposit with ING Vysya?

    The minimum amount required to open a fixed deposit account with ING Vysya is ₹ 10,000.

    What is the maximum amount which is needed to open a fixed deposit scheme of ING Vysya Bank?

    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.

    What is the minimum and maximum deposit tenure for fixed deposits of ING Vysya?

    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.

    How do I open an ING Vysya fixed deposit account?

    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.

    What are the rates of interest for fixed deposits from ING Vysya?

    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.

    • Short-term deposits

      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%.

    • Mid-term deposits
    • 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.

    • Rates applicable for Senior Citizens

      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.

    Is there a tax-saver fixed deposit scheme with ING Vysya?

    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.

    Are fixed deposits by ING Vysya taxable?

    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.

    What are some of the most important features of ING Vysya fixed deposits?

    Here are a few exciting and differentiating features of ING Vysya fixed deposits:

    • Deposit tenure is flexible and can be chosen as desired by the customer
    • Highly competitive rate of interest
    • Nomination facility is available for deposit schemes
    • Pre-closure facility is available as per guidelines by the bank
    • Loans can be availed against a fixed deposit; depends on sole discretion of the bank

    Can I avail an ING Vysya loan if I have a fixed deposit account with the bank?

    Yes. Based on bank guidelines, loans can be availed from ING Vysya, against deposits held by the customer with the bank.

    Are special rates offered to senior citizens on fixed deposits of ING Vysya?

    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.

    Can I avail a credit card against the fixed deposit held by ING Vysya Bank?

    No. Currently, ING Vysya does not offer Credit Cards against your fixed deposit scheme with the bank.

    Does ING Vysya offer Fixed Deposits for NRIs?

    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.

    What is the term period of a NRE and a 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.

    Are they tax exemptions for NRI Fixed Deposits?

    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.

    Do NRE and NRO Fixed Deposits earn higher interest than normal Fixed Deposits?

    No, the accounts earn the same interest as normal accounts, depending on the time period of the fixed deposit.

    Does ING Vysya Bank allow premature withdrawal of Fixed Deposits?

    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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    ING Vysya Fixed Deposit Reviews

    • ING Vysya
      "ing vysya (now Kotak) is the worst bank ever on FD"
      0.5 0.5/5 "Unacceptable"
      Cannot be more pathetic in terms of the hidden costs on our own money. This bank would take away your hard earned money partially, they promise 9.25% but you actually get 9.17% and on pre-closure you lose 2% of the principal amount. Do i recommend this bank to others? Definitely "NO"...
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 03, 2015
    • ING Vysya
      ING Vysya
      "Good to go king!!!"
      0.5 5.0/5 "Blown Away!"
      I actually closed the fixed deposit in middle of the tenure but ING Vysya did not charge anything and they surrendered the amount with interest. 9.25% is the interest rate for FD. Very much glad about service because whatever they had committed were fulfilled. More than that they are giving flexibility in closing the deposit.
      Was this review helpful? 7
      , bangalore
      Reviewed on Apr 18, 2015
    • ING Vysya
      "ING Vysya- A good bank"
      0.5 4.0/5 "Great!"
      I have been a customer of ING Vysya Bank for about 4 years now and have had a good experience so far. I have a savings account as well as a fixed deposit with the bank. The executives are cordial and prompt and the services are commendable. The only thing which I don't like is that a minimum balance of 5000 is to be maintained :P
      Was this review helpful? 20
      , nasik
      Reviewed on Feb 27, 2015
    • ING Vysya
      "Hassle Free, Best Value FD's Which No Other Bank Offers"
      0.5 5.0/5 "Blown Away!"
      During my house construction, I found ING offers better RoI (9.75%) on FDs. Plus, it has a product called FD+, which offers no penalty on pre-mature withdrawal of FDs. My Home Loan was from HDFC. I invested my capital reserved for construction & Home Loan disbursements received in Stages from HDFC before giving it to the builder as FD in ING FD+ by splitting it into convenient 1 & 2 Lac each for 366 Days to manage cashflow. ING Netbanking is hasslefree that you can Open & Close FDs anytime. When you close an FD, the amount is credited to the account in very short period. Liquidity is like SB account. One can close FD partly. I can close 20K from 1 Lac for my small need & rest 80K still earns same RoI. I earned around 70K as interest during that period. Form 15G is needed to avoid TDS. I use the same logic now for Savings. Each month, I make FD for my Investment Needs. Disadv: Cumbersome Paper Process Plus: Very Supportive Staff
      Was this review helpful? 7
      , bangalore
      Reviewed on Jan 02, 2015
    • ING Vysya
      "Good interest rate"
      0.5 4.0/5 "Great!"
      I have just deposited the money of around 50k before 2.5 years. The rates offered is 9% per annum and I would deposit the money through cheque. The interest rate is one of the best with this bank. However, in terms of response, I feel it could be more responsive.
      Was this review helpful? 7
      , raipur
      Reviewed on Sep 19, 2014
    • ING Vysya
      "Fixed Deposit"
      0.5 5.0/5 "Blown Away!"
      Holding a fixed deposit and the return @ 9.25% is awesome and very user friendly app if you are doing mobile banking and online banking too by which transactions can be done seconds. Very much satisfied with the service and features of the products. Now banking on our finger tips.
      Was this review helpful? 5
      , kolkata
      Reviewed on Sep 07, 2014
    • ING Vysya
      0.5 5.0/5 "Blown Away!"
      I am holding this ING VYSYA Fixed Deposit account for a couple of years. Setting up this account, was very easy. There is no need for one to visit the Branch. I rarely, think about visiting the Branch, as I can do everything on line. Their interest rate is good when compared with other Banks as well.
      Was this review helpful? 8
      , bangalore
      Reviewed on Aug 30, 2014
    • ING Vysya
      "Interest rate offer was good"
      0.5 4.0/5 "Great!"
      Response was bit delayed. Its good, i went to the branch and the services was good and I don't feel any difference with any other banks. They had a scheme like if i have any other fixed deposit with any bank, they would offer the interest rate based on the other banks.
      Was this review helpful? 6
      , mangalore
      Reviewed on Jul 18, 2014
    • ING Vysya
      0.5 3.0/5 "Satisfactory"
      Couple of months ago I started my first fixed deposit with bank of ING VYSYA Bank. I am a salary account holder for a while. It was quite easy to start a fixed deposit as there are no documents required. Rate of interest is good compared to other banks. Customer service is fine but not good as other private banks.
      Was this review helpful? 9
      , bangalore
      Reviewed on Jul 12, 2014
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