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IndusInd Bank Fixed Deposit

Updated 06 Dec 2023

IndusInd Bank, a private sector bank in India, offers a wide range of financial products to cater to the diverse needs of its customers. One standout product among these offerings is their Fixed Deposits (FDs), which provide interest rates and flexibility. Whether you're an investor seeking an investment option or someone new to banking investments, IndusInd Banks FDs offer a combination of safe, competitive returns and various tenure options.

 

This blog explores the intricacies of IndusInd Bank's Fixed Deposits, highlighting the features and benefits that set them apart in the financial market.

Types of IndusInd Bank Fixed Deposits

  1. IndusInd Regular FD
  2. Senior Citizen Fixed Deposit (For Saving Account)
  3. IndusInd Bank Sweep In/Out Scheme
  4. Tax Saver Fixed Deposit
  5. IndusInd Jumbo FD
  6. IndusInd Floating Rate FD
  7. IndusInd NRI FD

Benefits of Investing in IndusInd Bank Fixed Deposits

  • IndusInd Bank's rate of interest on fixed deposits is the highest compared to other top private banks in India.
  • IndusInd Bank provides a hassle-free instant FD booking experience
  • IndusInd Bank also offers many other banking products online (Savings Accounts, Credit Cards, Personal Loans) to give you a seamless banking experience.
  • Now any customer can open an FD in IndusInd Bank online. They need to share Aadhar and PAN, complete video KYC instantly, and book FD of any amount.
  • Choose from monthly, quarterly, half-yearly, yearly, or at-maturity interest payment option.
  • Deposits of IndusInd Bank payable in India are protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a maximum of ₹ 5,00,000 for each depositor.

Features of IndusInd Bank Fixed Deposits

IndusInd Regular FD

  • IndusInd Bank offers an attractive interest rate for regular citizens and senior citizens.
  • If you are an existing IndusInd Bank customer, you can book a fixed deposit from a minimum of ₹ 10,000 to a maximum ₹ 10 Lakhs. The new customers can book fixed deposits ranging from 10,000 to ₹ 90,000.
  • The minimum tenure for booking a fixed deposit is 6 months, and the maximum is 10 years.
  • The interest accrued on the online fixed deposit will be directly credited to existing customers' linked IndusInd Savings Account.
  • However, if you don’t have a savings account with IndusInd Bank, the amount accrued, post maturity, will be transferred to you via a Demand Draft in your name.
  • The Interest rate for this scheme ranges from 3.25% to 7.25% for the general public and 4.25% to 8.00% for senior citizens.

Senior Citizen Fixed Deposit (For Saving Account)

  • IndusInd Bank’s senior citizen scheme offers higher interest rates on those above 60 years. 
  • It is specially launched for senior citizens. In the case of joint deposits, the first name should be that of a senior citizen. 
  • Any customer can open a fixed deposit with a minimum amount of ₹15,000 for a flexible tenure ranging from 7 days to 120 months. 
  • The scheme has a nomination facility, and depositors can close the account prematurely. The FD rates are between 3.50% p.a. to 8.25% p.a.
  • The Interest rate for this scheme ranges from 3.25% to 7.25% for the general public and 4.25% to 8.00% for senior citizens.

IndusInd Bank Sweep In/Out Scheme    

  • This scheme allows the transfer of funds from an FD account to a linked Savings/Current Account and vice versa.
  • If the Savings/ Current account balance is inadequate, funds are credited to the account from the Term Deposit account.
  • The tenure period is from 30 days to 2 years.
  • The scheme has facilities for nomination and automatic renewal.
  • One can close the account before the due date as well prematurely.
  • The Interest rate for this scheme ranges from 3.25% to 7.25% for the general public and 4.25% to 8.00% for senior citizens.

Tax Saver Fixed Deposit

  • The IndusInd Tax Saving Fixed Deposit Scheme offers deposits the opportunity to earn an attractive rate of interest on lump-sum amounts up to ₹ 1.5 lakhs while also availing tax deductions of up to Rs.1.5 lakh (including other exemptions in this category as per the Income-tax Act, 1961).
  • The bank offers an interest rate of 7.25% to general citizens. Whereas senior citizens can avail 0.50% additional interest on their fixed deposit as they get an interest rate of 7.75%.
  • There is a 5-year lock-in period for this due to the tax benefits.
  • The Interest rate for this scheme is 7.25% for the general public and 8.00% for senior citizens.

IndusInd Jumbo FD

  • This FD is offered for a minimum amount of ₹1 crore. 
  • It offers higher interest rates than the regular FD.
  • The Interest rate for this scheme ranges from 3.25% to 7.25% for the general public and 4.25% to 8.00% for senior citizens.

IndusInd Bank Floating Rate FD

  • This FD offers interest rates that are linked to market rates. 
  • The interest rate changes every quarter.

IndusInd Bank NRI FD

  • This FD is offered to NRIs with foreign currency accounts in India.
  • The interest rates on NRI FDs are linked to the interest rates in the respective foreign currency.
  • The Interest rate for this scheme ranges from 3.25% to 7.25% for the general public and 4.25% to 8.00% for senior citizens.

IndusInd Bank FD Eligibility Criteria

A customer can open a fixed deposit with IndusInd Bank, they need to meet the following criteria:

  • Should be a citizen of India
  • Individuals
  • HUFs
  • Sole proprietorships
  • Partnership firms
  • Limited companies
  • Guardians on behalf of minors
  • Societies
  • Clubs
  • Trusts
  • Associations

Documents Required for IndusInd Bank FD Account

The following documents have to be furnished for opening an IndusInd Bank FD–
 

Identity proof (any one of the below)

  • Aadhar Card
  • Passport
  • PAN card
  • Driving license
  • Government ID
  • Senior citizen ID

Address proof (any one of the below)

  • Passport
  • Telephone bill
  • Bank statement with cheque
  • Aadhar card
  • Electricity bill

How to Open an FD with IndusInd Bank?

An IndusInd Bank FD account can be opened via different modes such as Mobile App, Internet Banking, and offline.

1) Web Application
Applicable for Non-IndusInd customers as well

  • Verify your PAN & Aadhar
  • Fill in Personal and FD Details
  • Complete Video-KYC
  • Fund your FD

2) Indus Mobile
Follow the below-mentioned steps to open an FD account via the IndusInd Bank Mobile App-

  • Login through your Internet banking ID and choose the deposit option.
  • Click on ‘Create Fixed Deposit’, and fill out the form precisely.
  • After successful submission, the amount is transferred from your savings account.

3) Indus Net

  • Select the deposit option on your mobile banking account.
  • Click on ‘Open FD’ and fill your details.

Select the amount you wish to add to your FD from your savings account.

Breaking an FD at IndusInd Bank

Using Internet Banking

  • Sign in to your IndusInd Bank online banking portal.
  • Head to the 'Deposit Services' or a section of similar naming.
  • Look for an option labelled 'early FD withdrawal' or something similar and select it.
  • Choose the specific FD you intend to terminate.
  • Follow the prompts on the screen to finalise the action.

Using the Mobile App

  • Launch the IndusInd Bank mobile application and sign in 
  • Navigate to the section related to Fixed Deposits.
  • Find and tap the option indicating early termination or closure of the FD.
  • Pick the FD you want to close.
  • Proceed as directed by the app's instructions.

In-person at a Branch

  • Head to your closest IndusInd Bank branch office.
  • Discuss with a bank official your wish to terminate the FD.
  • You'll be handed a requisite form to detail the termination. Fill out and submit it.
  • Be prepared to show some ID and possibly the original FD documentation.
  • After processing, your funds will be transferred to your associated bank account.

Telephonic Service: Many banks offer the option to address service needs via phone. Dial the IndusInd Bank helpline and ask for guidance on FD termination procedures.

FAQs

Is the ₹ 5 lakh DICGC insurance cover applicable separately for every bank?

The deposit insurance scheme of RBI covers all IndusInd Bank deposits of up to ₹ 5,00,000 at the customer level. You can contact IndusInd Bank or visit their website to open an FD account online and earn the best-in-class interest rate.

How safe are IndusInd Bank’s Online Fixed Deposits?

With AA+ Crisil and ICRA rating, IndusInd bank is one of the safest banks for opening fixed deposits.

What is the minimum and maximum tenure and amount?

If you are an existing IndusInd Bank customer, you can book a fixed deposit from a minimum of ₹ 10,000 to maximum ₹ 10 Lakhs. The new customers can book fixed deposits for amounts ranging from ₹ 10,000 to ₹ 90,000 only. The minimum tenure for booking a fixed deposit is 6 months and the maximum tenure is 10 years.

How will I receive my interest/maturity?

The interest accrued on the online fixed deposit will be directly credited to existing customers' linked IndusInd savings account. However, if you don’t have a savings account with IndusInd Bank, the amount accrued, post maturity will be transferred to you via a demand draft in your name.

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IndusInd Bank

Calculate IndusInd Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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