IndusInd Bank hikes interest rates on fixed deposits and savings accounts

IndusInd Bank FD Rates

The bank will now offer 3.50% interest rate on fixed deposits maturing in 7 days to 30 days and 4.00% interest rate on fixed deposits maturing in 31 days to 60 days with IndusInd Bank. The interest rate on deposits maturing in 61 days to 90 days will be 4.25%, while the interest rate on fixed deposits maturing in 91 days to 120 days will now be 4.50%. On deposits maturing in 121 days to 180 days, IndusInd Bank is offering 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 less than 6 months will now get 6.25% interest rate and deposits maturing in 1 year 6 months to less than 2 years will now get 6.75% interest rate in IndusInd Bank. IndusInd Bank is now promising an interest rate of 7.00% on deposits maturing in 2 years to 2 years 1 month and 6.75% on deposits maturing in 1 month to 61 months above 2 years. The interest rate on deposits with IndusInd Bank is now 6.75% for those maturing in 61 months or more and 6.25% for those maturing under Indus Tax Saver Scheme (5 years). Interest is compounded every quarter and simple interest will be paid for deposits with maturities up to 180 days.

“For term deposits of senior citizens (age 60 years and above) an additional interest rate of 0.75% over and above the card rates is applicable for the value of less than Rs. 2 crore (not applicable for NRO deposits). However, if senior citizens choose to hold deposits of value more than or equal to Rs 2 crore, the benefit of additional interest will not be available,” IndusInd Bank said on its website.

The bank has also mentioned on its website that “in case of premature withdrawal before the specified period, the applicable interest rate will be based on the interest rate corresponding to the amount based slab (withdrawal amount) and the actual run period (tenure).” In addition, a penal interest of 1% will be levied on premature withdrawal, if applicable.”

IndusInd Bank Savings Account Rates

IndusInd Bank savings bank account interest rate is effective from October 18, 2022. Daily Balance on Savings Account Rs. 1 lakh, the interest rate to be paid now will be 4.00% and the daily balance on the savings account will be Rs. 1 lakh to Rs. 10 lakh 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 of more than Rs. 10 lakh and Rs. 1 crore while the daily balance on savings accounts exceeding Rs. 1 crore and Rs. 100 crore 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 to Domestic/Non-Resident (NRE/NRO) Savings Account, interest on daily balance is calculated as follows: a. Daily up to Rs. 4.00% for balance 1 lakh, b. 5.00% for daily balance above Rs.1 lakh and up to Rs.10 lakh, please note that 5.00% will be paid on incremental balance above up to 1 lakh 10 lakh, c. 6.00% for balance above Rs.10 lakh and up to Rs.1 crore, please note that 6.00% will be paid on incremental balance above Rs.10 lakh up to Rs.1 crore d. 6.00% for balance above Rs.1 crore and up to Rs.100 crore, please note that 6.00% will be paid on entire balance.