| Started On | 1994 |
| Head Quarters | Maharashtra |
| CRISIL Rating | NA |
| CEO | Sumant Kathpalia |
| Listed on exchange as | IndusInd Bank Ltd. |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
IndusInd Bank Fixed Deposit is a potent savings instrument that helps individuals to generate income. Its most prominent features include
As the name suggests, this FD helps to get tax benefits as mentioned in Section 80C of the Income Tax Act, 1961
The Indus Tax Saver scheme interest is 6.50% p.a. for regular customers and 7.00% p.a. for the senior citizens
The maximum amount that can be deposited in a Tax Saver FD is Rs.1.50 lakh
For an FD with tenure ranging from 7 days to 12 months, the IndusInd FD Rates offered are from 2.50% p.a. to 5.45% p.a. These deposits are known as short term deposits as their tenure is less than 1 year.
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is 6.00% - 6.50% p.a.
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.00%.
| Name | Tenure | Interest rate |
|---|
An IndusInd Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
Follow the steps mentioned ahead to open an FD account via IndusInd Bank Mobile App-
Follow the below-mentioned steps for opening an IndusInd Bank FD account via internet banking-
For opening an IndusInd Bank FD account via offline mode, one has to visit the nearest IndusInd Bank branch. Fill out the IndusInd Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the IndusInd Bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in IndusInd Bank FD –
The following documents have to be furnished for opening an IndusInd Bank FD–
An investment in IndusInd Bank Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other IndusInd Bank FD entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the IndusInd Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from IndusInd Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
IndusInd Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be between 4.25%-8%.
All IndusInd Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposits. IndusInd Bank levies a 1% penalty on the contracted rate of interest.
Is there any minimum deposit amount for IndusInd Bank FD?
The minimum amount to open an FD and enjoy IndusInd FD rates is Rs. 1000
What are the rates provided by the IndusInd Bank on its FD currently?
The IndusInd bank FD rates are in the range of 3.25% - 6.00% for general citizens and 3.75% - 6.50% for senior citizens. IndusInd Tax Saver provides an interest rate of 6.50% for general citizens and 7.00% for senior citizens.
On what factors are the interest rates decided?
Before opening an FD with IndusInd bank, one should know that the interest rates vary depending on certain factors such as the amount being deposited, tenure of the FD, and age of the fixed deposit holder.
How is Interest Calculated on IndusInd Bank FD?
By using this formula, one can compute interest and maturity value on IndusInd Bank FD –
A = P (1 + r/n) ^ nt
As per the formula –
Is there any TDS on IndusInd FD?
Individuals must note that fixed deposit income is subject to 10% TDS if the interest accrued in a year exceeds Rs. 40,000. The exempted threshold of the same for senior citizens is Rs. 50,000.
Nonetheless, individuals can claim tax exemptions on their fixed deposit income by declaring that tax on total income is zero. The regular FD holders can declare the same by submitting Form 15G; while, the senior citizens will be required to submit Form 15H.