Fixed deposits are a great investment option for individuals who wish to grow their savings in a secure way. Indian Bank also offers various types of fixed deposits that individuals, senior citizens and NRIs can benefit from at competitive rates.
Indian Bank FD interest rates range from 2.80% to 7.25% for the general public and 3.30% to 7.75% for senior citizens investing an amount of up to 2 Crores at tenures ranging from 7 days to 5 years and above. Let’s take a look at the different interest rates offered by the bank.
Indian Bank FD Rates 2024 (Below 2 Crores)
The table below displays the fixed deposit interest in Indian Bank that is applicable to the general public and senior citizens on various FD tenures for deposits below Rs. 2 crores. The interest rates given below are applicable for domestic deposits, NRE, Capital gains type B, and tax saver fixed deposits:
| FD Tenure | General Public Indian Bank FD Interest Rates % (p.a.) |
|---|---|
| 7 days to 14 days | 2.80% |
| 15 days to 29 days | 2.80% |
| 30 days to 45 days | 3.00% |
| 46 days to 90 days | 3.25% |
| 91 days to 120 days | 3.50% |
| 121 days to 180 days | 3.85% |
| 181 days to 9 months | 4.50% |
| 9 months to less than 1 year | 4.75% |
| Ind Supreme 300 days (w.e.f 03.01.24 valid up to 02.02.24) | 7.05% |
| 1 year | 6.10% |
| Above 1 year to less than 2 years | 6.30% |
| Ind Super 400 days (w.e.f 03.01.24 valid upto 02.02.24) | 7.25% |
| 2 years to less than 3 years | 6.70% |
| 3 years to less than 5 years | 6.25% |
| 5 years | 6.25% |
| above 5 years | 6.10% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.Indian Bank Special Fixed Deposit Interest Rate
Indian bank is offering two new FD schemes with an opportunity to get higher returns.
| Tenure | Interest Rates (p.a) General Public |
Interest Rates (p.a) Senior Citizen |
Interest Rates (p.a) Super Senior Citizen |
|---|---|---|---|
| IND SUPER 400 Days | 7.25 | 7.75 | 8 |
| IND SUPREME 300 days | 7.05 | 7.55 | 7.8 |
Quick Points:
- For IND SUPER 400 days Scheme, the minimum deposit is ₹10,000 and max is ₹2Crores for 400 days in the form of FD/MMD with callable options (with premature withdrawal facility).
- For IND SUPREME 300 Days Scheme, the minimum deposit is ₹5,000 and max is ₹2Crores for 300 days in the form of FD/MMD with callable options (with premature withdrawal facility).
Indian Bank Senior Citizen FD Rates (Below 2 Crores)
This table shows the applicable interest rates for senior citizens offered by Indian Bank for domestic deposits, NRE, Capital gains type B, and tax saver fixed deposits:
| FD Tenures | Senior Citizens Indian Bank FD Interest Rates % (p.a.) |
|---|---|
| 7 days to 14 days | 2.80% |
| 15 days to 29 days | 3.30% |
| 30 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 120 days | 4.00% |
| 121 days to 180 days | 4.50% |
| 181 days to 9 months | 5.00% |
| 9 months to less than 1 year | 5.25% |
| Ind Supreme 300 days (w.e.f 03.01.24 valid up to 02.02.24) | 7.55% |
| 1 year | 6.60% |
| Above 1 year to less than 2 years | 6.80% |
| Ind Super 400 days (w.e.f 03.01.24 valid upto 02.02.24) | 7.75% |
| 2 years to less than 3 years | 7.20% |
| 3 years to less than 5 years | 6.75% |
| 5 years | 6.75% |
| Above 5 years | 6.85% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.Curious about your Indian Bank FD Interest & maturity amount? Use a FD calculator!
Before you deposit your money in FD, it's wise to estimate your potential return / maturity amount. Use Indian Bank FD Calculator to calculate your FD interest & maturity amount.
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Indian Bank Fixed Deposit Rates (2 to 5 Crores)
The following table shows the Indian bank FD interest rates on domestic, NRE, NRO term deposits, capital gains type B, and tax saver fixed deposits of various tenures for deposits between ₹ 2 to 5 crores.
| FD Tenures | Indian Bank FD Interest Rates % (p.a.) | |
|---|---|---|
| General Public | 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 less than 2 years | 6.65% | 7.15% |
| 2 years to less than 3 years | 6.10% | 6.60% |
| 3 years to less than 5 years | 6.00% | 6.50% |
| 5 years | 6.00% | 6.50% |
| Above 5 years | 6.00% | 6.50% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.Indian Bank Fixed Deposit Rates Above 5 Crores (Callable)
Indian bank offers fixed deposits for amounts above 5 crores, helping customers manage high value deposits. Here are the interest rates offered by Indian Bank for callable FD accounts:
| Tenure | Interest rate for ₹5 - ₹25Cr | Interest rate for ₹25 - ₹1000Cr |
|---|---|---|
| 7 days to 14 days | 6.35% | 6.50% |
| 15 days to 29 days | 6.70% | 6.70% |
| 30 days to 45 days | 6.80% | 6.80% |
| 46 days to 90 days | 7.15% | 7.15% |
| 91 days to 120 days | 7.45% | 7.45% |
| 121 days to 180 days | 7.45% | 7.45% |
| 181 days to 9 months | 7.25% | 7.35% |
| 9 months to less than 1 year | 7.30% | 7.35% |
| 1 year | 7.65% | 7.50% - 7.65% |
| Above 1 year to less than 2 years | 7.44% | 7.50% - 7.60% |
| 2 years to less than 3 years | 6.25% | 6.25% |
| 3 years to less than 5 years | 5.00% | 5.00% |
| 5 years | 5.00% | 5.00% |
| Above 5 years | 5.00% | 5.00% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.Indian Bank Fixed Deposit Rates Above 5 Crores (Non-Callable)
The bank also offer flexible deposit amounts at various interest rates for non-callable FD accounts, these are:
| Tenure | Interest rate for ₹5 - ₹25Cr | Interest rate for ₹25 - ₹1000Cr |
|---|---|---|
| 7 days to 14 days | 6.35% | 6.50% |
| 15 days to 29 days | 6.70% | 6.70% |
| 30 days to 45 days | 6.80% | 6.80% |
| 46 days to 90 days | 7.15% | 7.15% |
| 91 days to 120 days | 7.45% | 7.45% |
| 121 days to 180 days | 7.45% | 7.45% |
| 181 days to 9 months | 7.25% | 7.35% |
| 9 months to less than 1 year | 7.30% | 7.35% |
| 1 year | 7.67% | 7.50% - 7.65% |
| Above 1 year to less than 2 years | 7.44% | 7.50% - 7.60% |
| 2 years to less than 3 years | 6.25% | 6.25% |
| 3 years to less than 5 years | 5.00% | 5.00% |
| 5 years | 5.00% | 5.00% |
| Above 5 years | 5.00% | 5.00% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.Indian Bank FD Rates for FCNR (B) and RFC Deposits
Indian Bank offers various fixed deposit accounts for Non-residential Indians accepting FCNR (B) and RFC deposits in Dollars (USD),Australian Dollars (AUD), British Pound Sterling (GBP),Canadian Dollars (CAD), Euros (EUR), Japanese Yen (JPY),Swiss Franc CHF and Singapore Dollar (SGD). The interest rates for FCNR (B) and RFC deposits are given in the tables below:
| Foreign Currency | Interest rate for 1 year | Interest rate for less than 3 years. |
|---|---|---|
| USD | 5.90% | 4.30% - 5.25% |
| SGD | 3.95% | 0.27% - 0.40% |
| GBP | NA | 3.20% - 4.00% |
| EUR | NA | 1.60% - 2.00% |
| JPY | NA | 0.11% - 0.13% |
| AUD | NA | 1.20% - 1.70% |
| CAD | NA | 4.10% - 4.30% |
| CHF | NA | 0.00% - 0.01% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.| Foreign Currency | Interest rate for 3 years to less than 4 years | Interest rate for 4 years to less than 5 years. |
|---|---|---|
| USD | 3.95% | 3.95% |
| SGD | 0.49% | 0.55% |
| GBP | 3.25% | 3.25% |
| EUR | 1.60% | 1.60% |
| JPY | 0.12% | 0.13% |
| AUD | 2.05% | 2.30% |
| CAD | 3.90% | 3.70% |
| CHF | 0.02% | 0.03% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.| Foreign Currency | Interest rate for 5 years |
|---|---|
| USD | 3.95% |
| SGD | 0.61% |
| GBP | 3.25% |
| EUR | 1.65% |
| JPY | 0.14% |
| AUD | 2.45% |
| CAD | 3.50% |
| CHF | 0.05% |
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*Note- The interest rates are subject to change. Please check the Indian Bank’s official website for the latest information.Features and Benefits of Indian Bank Fixed Deposit
Investing in an FD in Indian Bank comes with many features and benefits, these are:
- Attractive interest rates: Indian bank FD offers competitive interest rates, providing depositors with an opportunity to earn stable returns on their savings.
- Multiple tenure options: Indian Bank fixed deposit offers a range of tenure options that depositors can choose based on their financial goals.
- Variety of FD schemes: The bank offers a variety of FD schemes such as regular FDs, tax saving FDs, IND supreme 300 days, IND super 400 days, motor accident claim tribunal deposit scheme, etc.
- Senior citizen benefits: Senior citizens get special benefits such as an additional rate of interest of 0.50%. Super senior citizens will get extra benefits in terms of a higher rate of interest of 0.25% over and above the additional rate offered to normal senior citizens.
- Premature withdrawal options: Fixed deposits are usually held until maturity, however, Indian Bank allows premature withdrawals under certain conditions. This will however, attract penalties and adjustments to the overall interest payout.
- Auto renewal facility: Depositors have an auto renewal option upon maturity, ensuring continuous earning on their savings.
- Nomination facility: Indian Bank allows nomination of a beneficiary for their fixed deposits, ensuring a smooth transition of funds in case of unforeseen circumstances.
- Tax benefits: Tax-saving fixed deposit schemes offer eligible depositors the opportunity to avail tax benefits under Section 80C of the Income Tax Act.
Indian Bank FD Account Eligibility
The eligibility for FD in Indian Bank is as follows:
- An individual can open a single account or a joint account.
- Non-residential Indians can deposit in NRE and NRO accounts.
- Hindu Undivided Families (HUF) are eligible.
- Minors are eligible to invest with the help of their parents or guardians.
- Trusts, Public and Private Limited Organisations, Sole Proprietorships, Partnerships are eligible to open an Indian Bank FD account.
Documents Required To Open Indian Bank of India FD
Minimal documents are required to open an FD account in Indian Bank of India, these requirements are:
- Proof of identity: Voter ID, Passport, Aadhaar card, PAN card, Senior citizen ID, etc.
- Proof of address: Electricity bill, Telephone bill, Rental Agreement, etc
- Recent passport photographs
Premature Closure of Indian Bank Fixed Deposit
Closing your Indian Bank fixed deposit account before the maturity period can incur penalties. Withdrawal of an FD below ₹5 lakhs that has been saved for 181 days will have no extra penalties levied. However, for fixed deposits of ₹5 lakhs and above a penalty of 1% will be charged if the account is withdrawn before 181 days.
Senior citizens, staff and ex-staff will not be levied any foreclosure charges.
For NRIs holding NRO and NRE deposits, the penalty for premature withdrawal will be the card rate for the time of deposit minus 1% p.a. as foreclosure charges on that day. The charges will be levied on deposit amounts of ₹5 lakhs above having tenure of 1 year or more.
Types of Indian Bank Fixed Deposits
Indian Bank offers a wide variety of fixed deposit options that serve diverse financial needs and preferences. These various types of FDs offer flexible tenures, interest rates and features, giving depositors the flexibility of choice. Here are the different types of Fixed deposits offered by Indian Bank:
Regular Fixed Deposit
Indian Bank regular fixed deposits are conventional investment options that customers can choose to start their investment journey. You can invest a minimum amount of ₹1000 with a tenure of 6 months to 10 years. The fixed deposit offers features like auto renewal option and an additional 0.50% p.a. interest for senior citizens for amounts up to ₹10 crores.
Short-Term deposit
The bank also offers short-term deposits for investors looking to invest for very short periods of 7 to 180 days. Customers can invest any amount starting from ₹1000. Senior citizens and ex staff members get additional interest rates of 0.5% to 1.50% p.a. Short-term deposits also offer features like nominations, loan facilities and pre-closure.
Indian Bank Tax Saver Scheme
This tax saving fixed deposit scheme is a savings scheme that offers tax benefits under Section 80 C of the Income Tax Act. This FD comes with a lock in period of 5 years. The interest rates offered for Indian Bank Tax saver scheme are as follows:
| Tenure | Interest rate for regular citizens | Interest rate for senior citizens |
| 5 years | 6.25% p.a. | 6.75% p.a. |
| Above 5 years to 10 years | 6.10% p.a. | 6.60% p.a. |
Capital Gains
Another fixed deposit scheme offered by Indian banks is Capital gains. Investors can deposit a minimum amount of ₹1000 for a tenure of 7 days to 3 years.
Money Multiplier Deposit
This scheme offers depositors a minimum investment amount of ₹1000 for a flexible tenure of 6 months to 12 years. This savings scheme offers loan facility, nomination, pre-closure facility and an additional interest rate of 0.5% pp.a. For senior citizens.
Motor Accident Claim Tribunal Deposit (MACAD) Scheme
This plan provides two distinct options: Motor Accident Claims Annuity Deposit (MACAD) featuring Equated Monthly Instalments (EMI) and Principal Equally Distributed along with monthly interest (PED). The minimum deposit amount is Rs 1,000, and the tenure ranges from 3 to 18 years based on court/tribunal directives. Nomination and pre-closure options are accessible, while loans against the annuity deposit are not allowed. Additionally, roll-over features are not provided.
Resident foreign currency account for returning Indians
Indian Bank of India offers resident foreign currency account to returning Indians. These returning Indians can hold an FD in any of the following currencies; Dollars (USD),Australian Dollars (AUD), British Pound Sterling (GBP),Canadian Dollars (CAD), Euros (EUR), Japanese Yen (JPY),Swiss Franc CHF and Singapore Dollar (SGD). Depositors can create an account by transferring FCNR, NRE funds, foreign currency notes or traveller’s cheques.
NRE Fixed Deposit
A non-resident external fixed deposit is offered to NRIs so they can open a fixed deposit while enjoying the attractive interest rates offered by the bank. Indian Bank offers a flexible tenure of 1 to 10 years for this FD.
Non-resident ordinary account:
An NRO account is also a special fixed deposit for NRIs where the deposits made by them are denominated in Indian rupees. Indian Banks offers a joint account facility with an Indian resident or NRI.
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Frequently Asked Questions
Indian Bank offers fixed deposit interest rates at 2.80% to 7.25% p.a. to regular citizens and an extra 0.50% to senior citizens along with 0.75% interest increase for super senior citizens.
The minimum amount needed to open an FD with Indian Bank is ₹1000.
The documents needed to open an FD account with Indian Bank are Voter ID, Passport, Aadhaar card, PAN card, Senior citizen ID, Electricity bill, telephone bill and recent passport photographs.
The minimum tenure for Indian Bank FD account is 7 days while the maximum tenure is 10 years.
Yes, for premature withdrawals of deposit amounts 5 lakhs and above a penalty of 1% will be incurred if the amount is withdrawn before 181 days.
No, there are no foreclosure charges for Indian Bank senior citizen fixed deposits.
5% to 6.25% for normal citizens and 0.50% extra for senior citizens.
For an FD to double, you will have to invest for a period of 10 years.
The senior citizen interest rates offered by Indian Bank FD ranges from 3.30% to 7.75% p.a. An additional 0.25% p.a. Is given to super senior citizens.
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