Dear Senior citizens are you facing money problem due to low interest rate of your bank but we are giving one best bank name – IndusInd Bank where you you can get above 7.5% interest rate. Bank details are given below.
IndusInd Bank Customer service: 1860 500 5004
CEO: Sumant Kathpalia (24 Mar 2020–)
Owner: Hinduja Group
Headquarters: Pune
Founder: S. P. Hinduja
Subsidiaries: Indusind Bank Ltd, Asset Management Arm, IndusInd Financial Inclusion, Indusind Bank Limited
we are suggesting you the IndusInd Bank because bank owner is Hinduja Group which is the one the top business management group in India. So we can believe the bank management.
End your existing fixed deposit duration and you are searching new bank where you will get best interest rate to get earn more income for your monthly expenditure. Now your expenditure has been increasing day by day and interest rate being fall and you are thinking where to invest. If you have no existing any account in Indusind Bank Limited or bank is not located in your area : don’t worry you can open, wherever you areBook a Fixed Deposit online in a minutes . Book Fixed Deposit by pulling funds from other Bank accounts, Book a Fixed Deposit and choose the amount, tenure and maturity instructions.
w.e.f. July 13th, 2020
Less than 2 Cr* (Senior Citizen)
Not Applicable for NRO/NRE deposits
Tenure
Rate
Annualised Yield*
7 days to 14 days
3.75%
3.75%
15 days to 30 days
3.75%
3.75%
31 days to 45 days
4.25%
4.25%
46 days to 60 days
4.60%
4.60%
61 days to 90 days
4.80%
4.80%
91 days to 120 days
5.00%
5.00%
121 days to 180 days
5.50%
5.50%
181 days to 210 days
5.90%
5.94%
211 days to 269 days
6.10%
6.19%
270 days or below 1 year
6.65%
6.76%
*Interest is compounded quarterly. Annualized yield is effective annual return basis the same.
# Simple interest will be paid on maturity for deposit wherever the tenure is upto 180 days.
Please Note
***Premature withdrawal is not allowed on Non-Callable FDs (FDs where Premature Withdrawal is Not Allowed) for value greater than equal to 1 cr. Non-Callable FDs are allowed only for Non-Individuals.
Income more than tax exempted limits earned through interest on FD is tax deductible. In the absence of PAN card, TDS will be deducted at 20%.
NRE deposit rates are applicable only for Tenure 1 year onwards.
Above mentioned rates are not applicable for Call/Notice/Term Money market participants (both as lenders and borrowers). Kindly contact nearest branch/RM for rates and guidance
Senior Citizens – Additional interest rate on Domestic Term Deposits
*An additional interest rate of 0.50% over and above the card rates is applicable for Term Deposits of Senior citizens (Age 60 years & above) for value below Rs. 2 cr. (Not applicable for NRO/NRE deposits). However, in case the senior citizen opts to place deposits of value greater than or equal to 2 Cr, the benefit of additional interest shall not be available.
Method of calculation of interest:
Fixed Deposits –
Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per regulatory directives. For example, For 1 year FD, basis current rate (8%), the discounted rate is 7.95% (The formula used is =NOMINAL(EFFECT(8%,4),12), ie 8% being effective rate, 4 being nos of quarter & 12 being nos of months (payments))
In case of High Value Deposit (> 5 crore), the interest rate offered for the particular deposit is only valid for that day for the deposit and only for the particular tenure.
In the event of Premature withdrawal before the specified tenure, the offered interest rate applicable will be the Interest rate published on the website for < 2 crore (withdrawable), if the withdrawn amount is < 2 crore else the interest rate applicable would be that of 2 < 5 crore (withdrawable) as published on the Bank’s website www.indusind.com on the day of booking of the deposit.
Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per regulatory directives.
Recurring Deposits Rates w.e.f. July 13th, 2020
Tenure
Senior Citizen Rates p.a.(%)
09 Months
6.65%
12 Months
7.50%
15 Months
7.50%
18 Months
7.50%
21 Months
7.50%
24 Months
7.50%
27 Months
7.50%
30 Months
7.50%
33 Months
7.50%
3 years to below 61 month
7.25%
61 month and above
7.15%
Tenor of RD is in multiples of month and corresponding rate of FD will be applicable
Minimum Value of RD is Rs 500 and thereafter in multiples of 100
