IndusInd Bank hikes interest rates on fixed deposits and savings accounts

IndusInd Bank FD Rates

The bank will now give a 3.50% interest rate on fixed deposits maturing in 7 days to 30 days, and a 4.00% interest rate on term deposits maturing in 31 days to 60 days with IndusInd Bank. The interest rate on deposits that mature in 61 days to 90 days will be 4.25%, while the interest rate on term deposits that mature in 91 days to 120 days will now be 4.50%. On deposits maturing in 121 days to 180 days, IndusInd Bank is giving an interest rate of 4.75%, and on deposits maturing in 181 days to 210 days, it is offering an interest rate of 5.00%. On fixed deposits maturing in 211 days to 269 days, the bank will now offer an interest rate of 5.25% and on deposits maturing in 270 days or 364 days, IndusInd Bank is now offering an interest rate of 5.50%.

Deposits maturing in 1 Year to below 1 Year 6 Months will now fetch an interest rate of 6.25% and deposits maturing in 1 Year 6 Months to below 2 Years will now fetch an interest rate of 6.75% at IndusInd Bank. IndusInd Bank is now promising an interest rate of 7.00% on deposits maturing in 2 Years up to 2 Years 1 Month and 6.75% on deposits maturing in Above 2 Years 1 Month to 61 months. The interest rate on deposits at IndusInd Bank is now 6.75% for those maturing in 61 months or more and 6.25% for those maturing under the Indus Tax Saver Scheme (5 years). Every quarter, interest is compounded and for deposits with maturities up to 180 days, simple interest will be paid.

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“An additional interest rate of 0.75% over and above the card rates is applicable for Term Deposits of Senior citizens (Age 60 years & above) for value below Rs. 2 cr. (Not applicable for NRO deposits). However, in case the senior citizen opts to place deposits of value greater than or equal to 2 Cr, the benefit of additional interest shall not be available,” said IndusInd Bank on its website.

The bank has also mentioned on its website that “In the event of Premature withdrawal before the specified tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and basis the actual run period (tenure). Additionally, penal interest of 1% shall be levied on the premature withdrawal, if applicable.”

IndusInd Bank Savings Account Rates

The savings bank account interest rate of IndusInd Bank is effective as of October 18th, 2022. On a savings account daily balance up to Rs. 1 lakh, the interest rate now paid will be 4.00% and on savings account daily balance above Rs. 1 lakh up to Rs. 10 Lakhs IndusInd Bank will now offer an interest rate of 5.00%. IndusInd Bank will now offer a maximum interest rate of 6.00% on savings account with a daily balance above Rs. 10 lakhs and upto Rs. 1 Cr whereas on savings accounts having a daily balance above Rs. 1 Cr and upto Rs. 100 Crs the bank will promise an interest rate of 6.00%.

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For savings account customers, IndusInd Bank has mentioned on its website that “The rates are applicable on Domestic/Non-resident (NRE/NRO) Savings Account, the interest on daily balance is calculated as below: a. 4.00% for daily balances up to ₹1 Lakh, b. 5.00% for daily balances above 1 Lakhs and up to Rs.10 Lakhs, please note 5.00% will be paid on incremental balances above ₹1 Lakh up to ₹10 Lakh, c. 6.00% for balances above Rs.10 Lakhs and up to Rs.1 Crore, please note 6.00% will be paid on incremental balance above Rs.10 Lakhs up to Rs.1 Crore, d. 6.00% for balances above Rs.1 Crore and up to Rs.100 Crores, please note 6.00% will be paid on entire balance.”