How to find the best rates for IndusInd Bank Fixed Deposit
IndusInd Bank is a private sector bank in India headquartered in Mumbai. Incorporated in 1994, it is one of the new generation private banks in India. It has specialised retail banking services owing to introduction of new technologies. IndusInd Bank has about 638 branches across 439 cities in the country
Deposits starting from Rs. 1000 are accepted by IndusInd Bank which offers fixed deposit interest rates up to 9% per annum with interest compounded quarterly. For deposits with a tenure below 91 days, simple interest is calculated. If the consumer wants to reinvest the interest earned during a previous quarter, the same is added to the principal for interest calculation. Premature withdrawal of deposit attracts 1% penalty (FDs opened post August 1, 2008), 1% less than the card rate (FDs below Rs.15 lacs) or 1% less than the contracted rate. Tax is deducted at the source as per the income tax regulations.
IndusInd Bank short term fixed deposits
FDs held for under 30 days, the rate of interest offered is 5% per annum, compounded quarterly. For 9 months to 1 year, the interest rates are 8.75% to 9.1% per annum respectively (compounded quarterly).
IndusInd Bank medium and long term fixed deposit rates
For FDs ranging from 1 year to 5 years, IndusInd bank offers an interest rate of 8.75% per annum. This interest is also compounded every quarter. A tenure ranging from 5 years and above attracts a 9% interest rate (compounded quarterly).
IndusInd Bank senior citizen fixed deposit rates
For senior citizens (aged over 60 years), IndusInd Bank offers 0.50% higher interest rate over and above the aforementioned rates for deposits below Rs. 5 crore (excluding NRO deposits). If senior citizens wish to place deposits under high value deposits, the benefit of additional interest will not be available.
Interest rates are subject to change and are denoted on a per annum basis. IndusInd Bank also offers loan upto 90% against fixed deposits. The applicable rate of interest on loan is 0.5% to 2% over the fixed deposit rate.
No comments:
Post a Comment