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Senior Citizens Fixed Deposit Interest Rates in IndusInd Bank

Updated 12 Jan 2024

Navigating the golden years of retirement demands prudent financial planning, with Fixed Deposits (FDs) emerging as a favored choice for many senior citizens. IndusInd Bank, recognizing the distinct needs of this age group, offers tailored FD rates for them. With an combination of safety, higher returns, and reliability, these FDs become a cornerstone in ensuring financial stability.

 

This blog delves into the Senior Citizen FD Rates offered by IndusInd Bank, providing insights to help you make an informed decision. Whether you're a senior citizen or assisting an elderly loved one, this guide aims to simplify your banking journey. Dive in to learn more!

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

IndusInd Bank Fixed Deposit Interest Rates for Senior Citizens

IndusInd Bank FD Rates for Deposits Less than ₹ 2 crore: (Premature withdrawal allowed)

TenureInterest Rate For Senior Citizens % p.a
7 days to 14 days4.25%
15 days to 30 days4.25%
31 days to 45 days4.5%
46 days to 60 days5%
61 days to 90 days5.35%
91 days to 120 days5.5%
121 days to 180 days5.75%
181 days to 210 days6.6%
211 days to 269 days6.85%
270 days to 354 days7.1%
355 days to 364 days7.1%
1 Year to below 1 Year 6 Months8.25%
1 Year 6 Months to below 1 Year 7 Months8.25%
1 Year 7 months up to 2 Years8.25%
Above 2 Years up to 2 Years 1 Month8%
Above 2 Years 1 Month to below 2 years 6 Months8%
2 years 6 Months to below 2 years 9 Months8%
2 years 9 Months to 3 years 3 months8%
Above 3 years 3 months to below 61 month8%
61 month and above7.75%
Indus Tax Saver Scheme (5 years)8%

 

IndusInd Bank FD Rates for Deposits ₹ 2 crore to less than ₹ 5 crore - Premature Withdrawal Allowed

TenureInterest Rate For Senior Citizens p.a
7 days to 14 days5.55%
15 days to 30 days5.65%
31 days to 45 days6.15%
46 days to 60 days6.4%
61 days to 90 days6.9%
91 days to 120 days7.4%
121 days to 180 days7.55%
181 days to 210 days7.65%
211 days to 269 days7.65%
270 days or 354 days7.75%
355 days or 364 days7.75%
1 Year to below 1 Year 6 Months8%
1 Year 6 Months to below 1 Year 7 Months7.85%
1 Year 7 Months upto 2 Years7.85%
Above 2 Years up to 2 Years 1 Month7.85%
Above 2 years 1 month to below 2 years 6 Months7.85%
2 years 6 Months to below 2 years 9 Months7.85%
2 years 9 Months upto 3 years 3 months7.85%
Above 3 years 3 month to below 61 month7.75%
61 month and above7.65%
Indus Tax Saver Scheme (5 years)NA

 

IndusInd Bank FD Rates for Deposits of ₹ 1 crore to less than ₹ 5 crore - Premature Withdrawal Not Allowed

TenureInterest Rate For Senior Citizens p.a
7 days to 14 days5.55%
15 days to 30 days5.65%
31 days to 45 days6.25%
46 days to 60 days6.5%
61 days to 90 days7%
91 days to 120 days7.55%
121 days to 180 days7.7%
181 days to 210 days7.75%
211 days to 269 days7.8%
270 days or 354 days7.85%
355 days or 364 days7.85%
1 Year to below 1 Year 6 Months8.25%
1 Year 6 Months to below 1 Year 7 Months8%
1 Year 7 Months upto 2 Years8%
Above 2 Years up to 2 Years 1 Month8%
Above 2 years 1 month to below 2 years 6 Months8%
2 years 6 Months to below 2 years 9 Months7.95%
2 years 9 Months upto 3 years 3 months7.95%
Above 3 years 3 month to below 61 month7.85%
61 month and above7.75%
Indus Tax Saver Scheme (5 years)NA

 

Eligibility Criteria

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.

 

Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License

 

Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.

FAQs

How much extra interest do senior citizens get on FDs at IndusInd Bank?

Typically, senior citizens receive an additional interest rate, which might be around 0.50% more than the regular rates, but it's best to check the current rates with the bank.

What is the age criterion to qualify for senior citizen FD rates at IndusInd Bank?

Generally, individuals aged 60 years and above are classified as senior citizens and are eligible for these special rates.

Are the senior citizen rates applicable for NRE/NRO FDs?

The applicability can vary, but usually, the special rates are for resident senior citizens and might not extend to NRE/NRO FDs.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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