About Indian Bank:
Indian Bank originated as a significant aspect of the Swadeshi movement in 1907. Offering a diverse range of banking products and services, it stands as one of the most reliable banks in the country. With its headquarters stationed in Chennai, the bank consists of a network of 5,732 branch offices across India, supplemented by 3 overseas branches and 4,925 ATMs. Notably, the total deposits in IB as of March 2022 soared to INR 5,93,618 crores with an AA+ Credit Rating, underscoring its reliability and trustworthiness in the financial landscape.
Introduction To Indian Bank FD Rate Of Interest 2024:
Indian Bank gives its customers the freedom to choose from a wide array of Fixed Deposit (FD) interest rates, ranging from 2.80% to 7.25% p.a. for the general populace and 3.30% to 7.75% p.a. for senior citizens, spanning tenures from 7 days to 5 years and beyond.
Moreover, Indian Bank offers Tax Saving FDs with interest rates pegged at 6.10% to 6.25% p.a. for regular customers and 6.60% to 6.75% p.a. for senior citizens, available for tenures spanning 5 to 10 years.
Additionally, the bank caters to the needs of Non-Resident Indians (NRIs) by providing an array of fixed deposit products, including NRO, NRE, RFC, and FCNR (B) fixed deposits. Indian Bank welcomes FCNR (B) fixed deposits and RFC fixed deposits in major currencies such as US Dollars (USD), British Pound Sterling (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss Franc (CHF), and Singapore Dollar (SGD).
Indian bank fd interest rates 2024 highlights:
| Tenure | Interest Rate (% p.a.) |
|———————————————|————————————|
| Highest slab 7.25
| 1 year 6.10
| 2 years 6.70
| 3 years 6.25
| 4 years 6.25
| 5 years 6.25
| Tax-Saving FD(5 years) 6.25
| Tax-Saving FD(5 to 10 years) 6.10
Indian Bank's FD rates for Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits under Rs 2 crore effective from March 4, 2023, are as follows:
| Period | Regular Citizens | Senior Citizens|
| | (%) (%)
|---------------------------------------|-----------------— |
| 7 days to 14 days | 2.80 | 2.80 |
| 15 days to 29 days | 2.80 | 3.30 |
| 30 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 3.25 | 3.75 |
| 91 days to 120 days | 3.50 | 4.00 |
| 121 days to 180 days | 3.85 | 4.35 |
| 181 days to < 9 months | 4.50 | 5.00 |
| 9 months to < 1 year | 4.75 | 5.25 |
| 1 year | 6.10 | 6.60 |
| Above 1 to < 2 years | 6.30 | 6.80 |
| 2 to < 3 years | 6.70 | 7.20 |
| 3 to < 5 years | 6.25 | 6.75 |
| 5 | 6.25 | 6.75 |
| Above 5 years | 6.10 | 6.85 |
Revised Special Fixed Deposit Interest Rates:
| Tenure | Interest Rates (% p.a.) |
|------------------------ |------------------------------------ |
| IND SUPER
(400 Days) | Public: 7.25
| | Senior Citizen: 7.75
| | Super Senior Citizen: 8.00
| IND SUPREME (300 days) | Public: 7.05
| | Senior Citizen: 7.55
| | Super Senior Citizen: 7.80
Indian Bank Tax Saver Deposit:
| Tenure | Interest Rates (% p.a.) |
|------------------------------- |--------------------------------|
| 5 years | Regular Citizens: 6.25
| | Senior Citizens: 6.75
| Above 5 to 10 years | Regular Citizens: 6.10
| | Senior Citizens: 6.60
Indian Bank Interest Rates on Fixed Deposits (Rs 2 crore to less than Rs 5 crore) effective from 7 February 2023:
| Period Regular Citizens Senior Citizens
|------------------------------------ |------------------------------- |--------------—|
| 7 days to 14 days | 5.00 | 5.50 |
| 15 days to 29 days | 5.00 | 5.50 |
| 30 days to 45 days | 6.00 | 6.50 |
| 46 days to 90 days | 5.25 | 5.75 |
| 91 days to 120 days | 5.25 | 5.75 |
| 121 days to 180 days | 5.50 | 6.00 |
| 181 days to < 9 months | 5.50 | 6.00 |
| 9 months to less than 1 year | 6.25 | 6.75 |
| 1 year | 6.70 | 7.20 |
| Above 1 year to < 2 years | 6.65 | 7.15 |
| 2 years to < 3 years | 6.10 | 6.60 |
| 3 years to < 5 years | 6.00 | 6.50 |
| 5 years | 6.00 | 6.50 |
| Above 5 years | 6.00 | 6.75 |
Note: Senior citizens (aged 60 years and above) receive an additional 0.50% interest rate on deposits up to 15 days to 5 years and 0.75% interest rate on deposits above 5 years to 10 years.
RFC Deposit Interest Rates effective from 7 March 2024:
| Currency | 1 year | Above 1 year to < 2 years | 2 years to < 3 years (% p.a.) |
|----------| —------- |---------------- |-----------------------------------———|
| USD | 5.90 | 5.25 | 4.30 |
| GBP | NA | 4.00 | 3.20 |
| EUR | NA | 2.00 | 1.60 |
| JPY | NA | 0.11 | 0.13 |
| CAD | NA | 4.30 | 4.10 |
| AUD | NA | 3.55 | 1.70 |
| CHF | NA | 0.00 | 0.01 |
| SGD | 3.95 | 0.27 | 0.40 |
Types Of Indian Bank Fixed Deposit Schemes:
Regular Fixed Deposit
Minimum deposit amount: Rs 1,000
Tenure: 6 months – 10 years
Additional 0.50% p.a. for senior citizens up to Rs.10 crore
Automatic renewal facility available
Nomination/loan/pre-closure facilities offered
Interest credited quarterly/monthly with a discount
Short Term Deposits
Minimum deposit amount: Rs 1,000
Tenure: 7 days – 180 days
Additional 0.50% p.a. for senior citizens up to Rs.10 crore
Additional 1% p.a. for staff members up to Rs.2 crore
Additional 1.50% p.a. for ex-staff seniors up to Rs.10 crore
Nomination, pre-closure, and loan facilities available
Additional interest rates for deposits 7 days to 10 years
IB Tax Saver Scheme
Deposit amount: Rs 1,000 - Rs 1.5 lakhs
Tenure: 5 years – 10 years
No loan or foreclosure for up to 5 years
Additional 0.50% p.a. for senior citizens up to Rs.10 crore
Interest credited quarterly or on maturity
Nomination facility available
Capital Gains
Minimum deposit amount: Rs 1,000
Tenure: 7 days – 3 years
Nomination facility available
Money Multiplier Deposits
Minimum deposit amount: Rs 1,000
Tenure: 6 months – 10 years
Automatic renewal facility available
Nomination/loan/pre-closure facilities available
Penalty on foreclosure applicable
Additional 0.50% p.a. for senior citizens up to Rs.10 crore
Motor Accident Claim Tribunal Deposit (MACAD) Scheme
Minimum deposit amount: Rs 1,000
Tenure: 3 years – 18 years (as per court/tribunal)
Nomination and pre-closure facilities available
No loan against annuity deposit
No roll-over features
Indian Bank Fixed Deposit Schemes For NRIs
Resident Foreign Currency Account For Returning Indians
Eligibility: Returning Indians
Deposit in 8 foreign currencies
Accounts created by transferring FCNR or NRE funds, or foreign currency notes/travellers cheques
NRE Fixed Deposit
Tenure: 1 year – 10 years
Nomination facility available
Funds freely repatriable
Loan available against NRE deposit
Non-Resident Ordinary Account
Jointly opened with resident Indian/NRI
Repatriation up to USD 1 million after taxes
Transfers to NRE accounts permitted up to USD 1 million/year
Penalty for Premature Withdrawal of NRO and NRE Term Deposits:
The penalty for premature withdrawal for Indian Bank is calculated based on the interest rate applicable for the period your funds were invested, with a deduction of 1% per annum as foreclosure charges.
These charges are applicable to deposits exceeding Rs 5 lakh with a tenure of 1 year or more.
However, deposits held in the names of staff, ex-staff, and senior citizens are exempt from foreclosure charges.
Conclusion:
Indian Bank's Fixed Deposit (FD) Interest Rates for 2024 present a diverse array of options catering to various investor needs. Ranging from regular fixed deposits to specialised schemes like tax-saving deposits and RFC deposits for NRIs, Indian Bank offers competitive interest rates across different tenures. With its strong legacy dating back to the Swadeshi movement in 1907 and a wide network of branches and ATMs, Indian Bank stands as a reliable institution in the banking sector. Whether it's for domestic customers or NRIs, Indian Bank provides rewarding investment options, making it a preferred choice for many investors.
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