IndusInd Bank hikes interest rates on fixed deposits by 15 to 50 bps

IndusInd Bank, the country’s 5th largest private sector bank by market cap, has revised interest rates on fixed deposits of less than 2 Cr on 21st June 2022. Following the adjustment, the bank increased interest rates on several deposit tenors, offering the general public a maximum rate of 6.50 per cent and senior citizens a maximum rate of 7 per cent.

IndusInd Bank FD Rates 2022

The bank increased the interest rate on fixed deposits with maturities between 7 and 14 days from 2.75 per cent to 3.25 per cent, a 50 basis point increase. IndusInd Bank increased the interest rate on term deposits with maturities from 15 and 30 days from 3.00 per cent to 3.50 per cent, a 50 basis point increase. Fixed deposits with maturities between 31 and 45 days will now earn interest at a rate of 3.70 per cent (up from 3.50 per cent before), while term deposits with maturities between 46 and 60 days will now earn interest at a rate of 3.80 per cent (up from 3.65 per cent previously), a 15-bps increase.

On deposits maturing in 61 days to 90 days, IndusInd Bank will now offer an interest rate of 4.00 per cent, up from 3.75 per cent, a 25 basis point increase. On deposits maturing in 91 days to 120 days, the bank will now offer an interest rate of 4.40 per cent, up from 4.00 per cent, a 40 basis point increase. The bank has maintained its 4.50 per cent interest rate on term deposits maturing in the next 121 to 180 days, and it will continue to provide a 4.75 per cent interest rate on term deposits maturing in the next 181 to 210 days. On deposits maintained for 211 days to 269 days and 355 days or 364 days, IndusInd Bank will continue to give interest rates of 5.00 per cent and 5.50 per cent, respectively.

The bank has maintained its previous interest rate of 6 per cent on deposits maturing in 1 year to less than 1 year 6 months, and will now provide an interest rate of 6.25 per cent instead of 6 per cent on deposits maturing in 1 year 6 months to less than 2 years. The bank will continue to provide an interest rate of 6.50 per cent on fixed deposits maturing in 2 years or less than 61 months, and an interest rate of 6 per cent on term deposits maturing in 61 months and above. The bank has maintained the interest rate unchanged at 6.50 per cent on the Indus Tax Saver Scheme (5 years), which is a tax-saving deposit scheme of up to 1.5 lakh allowing tax deductions under section 80C.

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IndusInd Bank FD Rates 2022 (indusind.com)

On behalf of additional premium for senior citizens on fixed deposits, IndusInd Bank has mentioned on its website that “An additional interest rate of 0.50% over and above the card rates is applicable for Term Deposits of Senior citizens (Age 60 years & above) for value below Rs. 2 cr. (Not applicable for NRO/NRE deposits). However, in case the senior citizen opts to place deposits of value greater than or equal to 2 Cr, the benefit of additional interest shall not be available.” Senior citizens will now get an interest rate ranging from 3.75% to 6.50% on deposits of 7 days to 61 months and above, elderly folks will get a maximum interest rate benefit of 7% on their deposits maturing in 2 years to below 61 months and Indus Tax Saver Scheme (5 years) respectively.

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