IndusInd Bank cuts fixed deposit rates, offers 8.25% for senior citizens

Maximum interest rate of 7.75% for general and 8.25% for senior citizens applicable to tenures ranging from one year five months to just under one year six months

IndusInd Bank has revised its interest rates for fixed deposits (FD) below Rs 3 crore. The highest rate stands at 7.75 per cent for general citizens and 8.25 per cent for senior citizens, applicable to tenures ranging from 1 year 5 months to just under one year six months.

 

For general citizens, the bank offers rates between 3.50 per cent and 7.75 per cent for deposits of seven days to 10 years. Meanwhile, senior citizens can avail of interest rates ranging from 4 per cent to 8.25 per cent for the same tenure.

 

Earlier, the highest interest rate of 7.99 per cent for general citizens and 8.49 per cent for senior citizens was offered on tenures ranging from one year five months to just under one year six months.

 

 

New interest rate applicable from February 24

 

< 3 Cr* DOMESTIC(RESIDENT) NRE/NRO deposits	< 3 Cr* (Senior Citizen)  Not applicable for NRE/NRO deposits
Tenure	Rate	Rate
7 days to 14 days	3.5	4
15 days to 30 days	3.5	4
31 days to 45 days	3.75	4.25
46 days to 60 days	4.75	5.25
61 days to 90 days	4.75	5.25
91 days to 120 days	4.75	5.25
121 days to 180 days	5	5.5
181 days to 210 days	5.85	6.35
211 days to 269 days	6.1	6.6
270 days to 354 days	6.35	6.85
355 days to 364 days	6.5	7
1 Year to below 1 Year 3 months	7.75	8.25
1 Year 3 months (15 months) to below 1 Year 4 months (16 months)	7.75	8.25
1 Year 4 months to below 1 Year 5 months	7.75	8.25
1 Year 5 months to below 1 Year 6 months	7.75	8.25
1 Year 6 Months up to 2 Years	7.75	8.25
Above 2 Years to below 2 Years 6 Month	7.25	7.75
2 years 6 Months (30 months) to below 2 years 7 months (31 months)	7.25	7.75
2 year 7 months to 3 years 3 months	7.25	7.75
Above 3 years 3 months to below 61 month	7.25	7.75
61 month and above	7	7.5
Indus Tax Saver Scheme (5 years)	7.25	7.75
*Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is upto 180 days.

 

 

For withdrawal before the specified tenure, the applicable interest rate will be determined based on the amount slab (withdrawn amount) and the actual tenure for which the deposit remained with the bank. Additionally, a penal interest of 1 per cent will be levied, if applicable.

 

FD rate cut by other banks

 

DCB Bank too has reduced its FD rates by up to 65 basis points (bps), while Shivalik Small Finance Bank (SFB) has lowered rates by 25 bps. However, senior citizens can still earn interest rates as high as 9.05 per cent on their deposits.

 

SFB reduced its rates after the Reserve Bank of India RBI cut the repo rate on February 7. SFB’s interest rates now range from 3.50 per cent to 8.55 per cent for general citizens and from 4 per cent to 9.05 per cent for senior citizens on FDs. The revised FD interest rates are effective February 18, according to the lender’s website.

 

The RBI early February cut the repo rate by 25 basis points, bringing it down from 6.50 per cent to 6.25 per cent. As a result, some banks lowered their FD interest rates. However, certain banks continue to offer senior citizens interest rates as high as 9.10 per cent per annum.