Indian Bank provides attractive fixed deposit interest rates to both the general public and senior citizens, ranging from 2.80% to 7.25% p.a. for various tenures, including 7 days to 5 years and above. For tax-saving FDs, the Indian Bank FD rates are 6.10% to 6.25% p.a. for the general public and 6.60% to 6.75% p.a. for senior citizens, with tenures of 5 to 10 years. This article will provide information about the Indian Bank FD interest rates 2023.
Indian Bank Fixed Deposits Interest Rates 2023
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days – 14 days||2.8%||2.8%|
|15 days – 29 days||2.8%||3.3%|
|30 days – 1 month 14 days||3%||3.5%|
|1 month 15 days – 2 months 28 days||3.25%||3.75%|
|2 months 29 days – 3 months 28 days||3.5%||4%|
|3 months 29 days – 5 months 27 days||3.85%||4.35%|
|5 months 28 days – 8 months 29 days||4.5%||5%|
|8 months 30 days – 9 months 24 days||4.75%||5.25%|
|9 months 25 days – 9 months 25 days||7.05%||7.55%|
|9 months 26 days – 11 months 28 days||4.75%||5.25%|
|11 months 29 days – 11 months 29 days||6.1%||6.6%|
|1 year – 1 year 1 month 2 days||6.3%||6.8%|
|1 year 1 month 3 days – 1 year 1 month 3 days||7.25%||7.75%|
|1 year 1 month 4 days – 1 year 11 months 28 days||6.3%||6.8%|
|1 year 11 months 29 days – 2 years 11 months 28 days||6.7%||7.2%|
|2 years 11 months 29 days – 4 years 11 months 28 days||6.25%||6.75%|
|4 years 11 months 29 days – 9 years 11 months 27 days||6.1%||6.6%|
Comparative Analysis of Indian Bank FD Schemes
|Scheme Name||Minimum Deposit Amount||Maximum Deposit Amount||Tenure||Interest Payment||Special Features||Eligible Investors|
|Regular Fixed Deposit Scheme||INR 1,000||No maximum limit||7 days to 10 years||At maturity||Auto-renewal, loan, nomination facility||Resident Indians, public or private limited companies, HUFs, trusts, partnership firms|
|Short-term Deposit Scheme||INR 1,000||No maximum limit||7 days to 180 days||At maturity||Auto-renewal, loan, nomination, pre-closure facility||Resident individual (sole or joint account), HUF, public and private limited companies|
|Tax Saver Term Deposit Scheme||INR 1,000||INR 1,50,000||5 years (min) – 10 years (max)||At maturity||Tax benefit under section 80C, nomination facility||Resident individuals (sole or joint account), HUF|
|Money Multiplier Deposits||INR 1,000||No maximum limit||6 months to 10 years||Quarterly||Auto-renewal, loan, nomination, premature withdrawal||All customers, an additional 0.50% interest rate for senior citizens|
|IND Non-Callable Deposit||INR 5 crore||No limit||7 days to 10 years||At maturity||No premature withdrawals allowed||All customers|
|IND Shakti 555 Days||INR 5,000||INR 2 crore (above INR 2 crore is considered a bulk deposit)||555 days||At maturity||Scheme Validity: 31/3/2023||All customers|
Documents Required for Opening an Indian Bank Fixed Deposit
To open an Indian Bank Fixed Deposit, whether online or offline, you will need the following documents:
- Fixed Deposit Application Form: The bank provides this form and contains all the necessary information required to open the FD account.
- Passport Size Photographs: You will need two recent passport-sized photographs to be attached to the application form.
- PAN Card or Form No. 60 or 61 of the Income Tax Act: This is mandatory for all applicants and is used for tax purposes and identity verification.
- Senior Citizen ID Card: To access extra benefits or higher interest rates designated for senior citizens, you must present a valid Senior Citizen ID card if you meet the age criteria.
- Identity Proof as per KYC norms: You need to provide valid identity proof as per the KYC norms. Acceptable documents include the Aadhar card, Passport, PAN card, driving licence and voter ID card.
- Address proof as per KYC norms: Along with the identity proof, you need to submit a valid address proof as per KYC norms. Accepted documents include the Aadhar card, electricity bill, telephone bill, and bank statement with a cheque.
- Necessary documents for companies, proprietorships, trusts, HUFs, partnerships, and institutions: When opening an FD on behalf of any of these entities, additional documents relevant to the specific entity may be necessary, as per the bank’s guidelines.
Indian Bank Fixed Deposit Eligibility Criteria
To open an Indian Bank FD account, investors need to fulfil certain eligibility criteria, and the list includes the following:
- Being either an individual or a joint FD account holder with the bank.
- NRIs can invest in FDs through NRE and NRO accounts exclusively.
- Members of Hindu Undivided Families (HUF) are eligible to invest.
- Minors are allowed to invest in these FDs, but they need assistance from parents or guardians.
- Investments are open to various entities, including trusts, public and private limited organisations, partnerships and sole proprietorships.
In conclusion, Indian Bank offers a range of fixed deposit schemes with competitive interest rates, catering to the diverse needs of investors. The 2023 Indian Bank FD interest rates for fixed deposits are attractive, ranging from 2.80% to 7.25% for various tenures. Considering Indian Bank current FD interest rates, investors can make well-informed decisions by carefully assessing their financial objectives and exploring the different FD schemes provided by the bank.
Individuals have the option to inquire about their Indian Bank FD balance through both online and offline channels. To do so online, they should access the Indian Bank’s internet banking portal.
Indian Bank provides a diverse range of FD tenures to suit the varying needs of customers. These tenures can span from as short as 7 days to as long as 9 years, 11 months, and 27 days.
To open a Fixed Deposit (FD) with Indian Bank, you need a minimum deposit of INR 1,000.
Indian Bank FD rates for senior citizens vary based on the investment duration. The rates typically range from 2.8% to 7.75% per annum.
Indian Bank allows to open multiple FDs without any restrictions on the quantity. You have the flexibility to open as many FD accounts as you desire.
Yes. You can apply for Indian Bank FD via mobile banking.