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Fixed Deposit

Indian bank is one of the leading public sector banks, accomplishing the needs of numerous citizens through its wide span of 2700 branches and with a team of over 20222 dedicated staff. Indian Bank offers its customized product in deposit segment to suit the financial requirement of its customers.
 

Indian Bank FD Rates 2017

FD Tenure

Interest Rates (in %)

Regular Citizens Senior Citizens
7 days to 14 days 4.00 4.50
15 days to 29 days 4.00 4.50
30 days to 45 days 4.50 5.00
46 days to 90 days 4.50 5.00
91 days to 120 days 5.25 5.75
121 days to 180 days 5.25 5.75
181 days to < 9 months 5.75 6.25
9 months to < 1 year 6.25 6.75
1 year 6.50 7.00
More than 1 year to < 2 years 6.25 6.75
2 years to < 3 years 6.25 6.75
3 years and above 6.00 6.50

Note: The above interest rates are for investment between Rs 1 lakh and Rs 1 crore. An additional 1.00% p.a. interest rate is offered to Indian Bank staff members and eligible ex-staff members. Ex-staff cum senior citizens would get the additional interest rate of 1.50% p.a.

Types of Fixed Deposit Schemes

  • Regular Fixed Deposit
  • Re-Invest fixed deposit
  • Insured Recurring Deposit
  • Variable Recurring Deposit
  • IB Tax Saver Scheme
  • IB Swarna Nidhi RD/IB Swarna Nidhi VRD
  • Special Scheme for Senior Citizens
  • IB Savings Certificate
  • NRE FD Accounts

Regular Fixed Deposit

  • Minimum amount for deposit is amount Rs. 100/-
  • There is no maximum amount cap on this scheme
  • Minimum deposit tenure applicable is for 7 days
  • Maximum deposit tenure is normally for 10 years
  • Interest is earned quarterly or in special cases monthly with discounted rate
  • Customer may provide instruction for auto renewal of the term deposit for same period at the time of booking the FD
  • Pre-closure is allowed, however subject to penalty depending on the principal amount
  • Nomination facility is available
  • Loan facility available

Re-Invest Fixed Deposit

  • Minimum amount of deposit required is Rs. 100/-
  • Minimum loan tenure is 6 months
  • Interest is accrued and added to the principal amount every quarterly
  • Auto renewal facility is available for the same period
  • Pre-closure is allowed, however subject to penalty depending on the principal amount
  • Nomination facility is available
  • Loan facility available against the FD

Insured Recurring Deposit

Indian bank understand the financial aspirations as well as sense of life security of its customer. This recurring deposit scheme is a unique combination of both long term saving and life cover and that too at a lower cost.
 

Below are salient features of this scheme are:
 

  • A unique combination of deposit scheme and life insurance cover at low cost
  • Applicable for any customer within the age group of 18 years to 55 years
  • Minimum amount to enroll under this scheme is Rs. 100/-
  • Maximum amount cap is Rs. 10 lakhs
  • Minimum deposit tenure is 3 years
  • Premiums are calculated on a diminishing basis. The calculation of the premium for each 1000 Rs. is calculated as Rs.  3.84/-
  • Maximum insurance cover under this scheme can be of Rs. 10 lakhs
  • No preferential rate of interest is offered to senior citizen under this scheme
  • Nomination facility is available

Variable Recurring Deposit

A recurring deposit scheme with the option to vary the deposit amount as per customer feasibility.
 

  • Initial deposit can be Rs. 25/- and later on in multiples of 25 Rs. Up to a maximum amount of Rs 1 lakh
  • Minimum tenure of deposit is12 months
  • Interest is accrued on the minimum balance between 10th and last day of the month and is compounded quarterly
  • Zero penalty on delayed payments of installment

IB Tax Saver Scheme

This product has been intended for such customer who wants to avail the benefit of tax saving scheme under the section 80c of income tax act.
 

  • Minimum amount is Rs. 100/- and in multiples of 100 thereafter
  • Maximum amount could be Rs.1, 50,000/- in a financial year
  • Minimum period is of 5 years to a maximum extent of 10 years
  • Pan card mandatory to avail this scheme
  • Lock-in period of 5 years and hence no foreclosure allowed prior 5 years
  • No loan is allowed under the scheme

IB Swarna Nidhi RD/IB Swarna Nidhi VRD

This scheme is for those individuals who wish to purchase gold coins against the maturity value of the deposit.
 

  • Minimum deposit amount under this scheme is Rs.500/-and in multiples of Rs.100/-
  • Minimum period to avail this scheme is 6 months
  • Additional benefit of discount of Rs. 25/- per gram on the purchase of gold coin
  • Free personal accidental insurance cover of Rs. 1 lakhs for cases where the maturity value is Rs. 12000/- and above

Special Scheme for Senior Citizens

The scheme has been customized to suit the depository requirements of senior citizen with hassle free liquidity options.
 

  • Minimum deposit amount is Rs. 1000/- 
  • Period could be between 15 days to 10 years
  • Free fund transfers up to Rs.5000 per month or interest earned whichever is higher
  • Customers may opt for auto renewal facility under this scheme for equal period
  • Higher rate of interest as compared to other FD schemes offered by Indian Bank
  • Other value-add services such as Loan, Nomination etc provided under this scheme
  • Minimum penalty on pre-closure so as to ensure liquidity in times of financial assistance for the senior citizens
  • Age proof is mandatory for having completed 60 years
  • Can be opened as joint account; however the first account holder should be a senior citizen

Facility Deposit Scheme

A fixed deposit scheme with integrated over-draft facility to offer higher liquidity options. This scheme is specially suited for small individual business personal persons who require cash flows to meet their daily business requirement.
 

  • No requirement to pre-close the term deposit and lose on the interest earned
  • Over draft limit up to 90% on initial deposit
  • Minimum deposit amount – Rs10000/-
  • Minimum period is for 1 year and the maximum period for 3 years
  • NIL Charges on cheque book or folio
  • Can be availed either as fixed deposit

IB Savings Certificate

A time deposit to earn cumulative compounded interest for a specific tenure and maturity amount.
 

The term deposit is applicable for below entities:
 

  • Individuals – Single or Two or more individuals Severally or Jointly, Government / Semi - Government Bodies, Minors, Illiterates Blind Persons, Executors and Administrators, Liquidators and Receivers, Sole-Proprietorship concerns, Joint Hindu Families, Partnership Firms, Limited Companies, Trusts, Schools, Colleges, Societies, Non-corporate bodies like Clubs, Committees, Associations etc.
  • Interest rate offered is 7% p.a. for General Public, 7.5% p.a for Senior Citizen and 8% p.a for Staff
  • Deposit tenure is fixed for 6 years
  • FDR is issued in 5 denomination, which are Rs.1000/-, Rs.5000/-, Rs.10000/-, Rs.50000/- and Rs.1 lakh
  • Interest rate is compounded quarterly
  • Loan facility available by pledging the FDR

TDS is applicable and, Form 15G / 15H accepted as per the extant guidelines

IB Tax Savings Certificate

This is another Reinvestment Plan Deposit scheme offered by Indian Bank with a specific tenure and available in 5 different denominations
 

  • Individual (Single or Jointly) or HUF having PAN no can open this account
  • Interest Rate offered under this scheme 7% p.a. for General Public, 7.5% p.a for Senior Citizen and 8% p.a for Staff
  • Interest on the Term Deposit shall be liable to tax under Income Tax Act on the basis of annual accrual
  • For joint holder type deposit, only the primary holder can avail the tax benefit under section 80 C of Income tax act
  • Lock-in period of 5 years and hence no foreclosure is allowed
  • Interest rate offered in 3 different categories General Public, Senior Citizen and Staff
  • FDR is issued in 5 denomination, which are Rs.1000/-, Rs.5000/-, Rs.10000/-, Rs.50000/- and Rs.1 lakh
  • No loan facility is available on this scheme

NRE FD Accounts

A specialized deposit scheme for Non Resident Indian with higher value proposition and value add services.
 

  • Minimum tenure is for 1 year to maximum 10 years
  • Maturity proceeds of deposits as well as interest earned are freely repatriable
  • Customer can book the deposit by remitting from abroad, Forex brought in India as well as transfer from their existing NRE/FCNR accounts
  • Fixed deposit can be booked either singly or jointly with any resident close relative
  • Power of attorney can be appointed for further operation of the account
  • Nomination facility is available - Nominee can either be a resident in India or a resident outside India

Important Terms & Conditions

  1. For the Foreclosure Charges bank may at its discretion disallow withdrawal of large value Rupee Term Deposits of Rs.5 crore and above, before completion of the deposit tenure
  2. For Special Domestic Term Deposit and Recurring Deposit for Senior Citizens, for deposits up to Rs. 5 crore, additional rate of interest of 0.50% p.a is payable base interest rate of Short Term Deposit, Fixed Deposit, and Reinvestment Plan Schemes.
  3. Interest rates on domestic term deposit is also applicable to Capital Gains Scheme Type B (Term Deposits) 1988 Scheme
  4. Interest rates applicable to NRE term deposits also, subject to compliance of all the extant exclusive /specific RBI Guidelines on NRE accounts relating to minimum/maximum term of deposits, category of customer etc
  5. Revised interest rates on domestic term deposits are applicable only on fresh deposits and renewal of maturing deposits

NEWS: Indian Bank Fixed Deposit

Indian Bank Changes FCNR Deposit Interest Rates

06-Nov-2017
As per the report from PTI, Indian bank has revised the rate of interest on Foreign Currency Non-Resident (FCNR) banking term deposits. The bank has made sure that the revised interest rates are applied immeditely...Read more

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