Indian Bank was incorporated on 5th March 1907 as a nationalized financial service and banking company. Its headquarter is in Chennai, Tamil Nadu. It is a public sector bank which means it comes under the purview of the Government of India (Ministry of Finance).
The bank offers multiple Fixed Deposit(FD) options with different rates at different investment periods. The tenure ranges from 7 Days to 5 years and above for the general public and senior citizens. The bank also provides FD options for NRIs, NRE, FCNR etc. Let's discuss this in detail.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 to 14 days||2.8%||3.3%|
|15 to 29 days||2.8%||3.3%|
|30 to 45 days||3%||3.5%|
|46 to 90 days||3.25%||3.75%|
|91 to 120 days||3.5%||4%|
|121 to 180 days||3.85%||4.25%|
|181 days to less than 9 months||4.5%||5%|
|9 months to less than 1 year||4.75%||5.25%|
|1 year 1 day to less than 2 years||6.3%||6.8%|
|Note: All interest rates are updated as of 18th May 2023|
To invest in Indian Bank Fixed Deposits, the following are eligible-
Step 1- Login to your Indian Banking mobile application.
Step 2- Select 'Term Deposit' and proceed.
Step 3- Fill in the required details such as personal details, identity and address proof, nominee details etc.
Step 4- Enter the amount of the deposit and select the tenure of FD.
Step 5- Enter the One-Time Password (OTP) to proceed further.
Step 6- Once it is authorized, the FD account will be opened.
Step 7- Download the acknowledgement slip for future reference.
Step 1- Visit the nearest Indian Bank branch.
Step 2- Take the FD application form.
Step 3- Fill in the required details and submit the necessary documents.
Step 4- Submit the form to the branch.
Step 5- The bank will provide an FD receipt.
Yes, an investor can close his/her FD with Indian Bank anytime as per their wishes. But in the case of IB tax saver FD, premature closure is not allowed.
The minimum period for Indian bank FD is 1 year and the maximum period for Indian bank FD is 3 years.
No, any additional amount cannot be added in between once a FD has been started with a fixed amount.
An investor needs an identity proof along with address proof and two passport sized photographs to open a FD account with Indian bank.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.