Indian Bank FD Interest Rates – Best FD Rates For Senior Citizens 2024

Headquartered in Chennai, Indian Bank is a public sector bank with a significant presence which dates back to its establishment in 1907. In 2020, Indian Bank was merged with Allahabad Bank, making it the 7th largest bank in India. It also has a notable presence in the overseas markets of Singapore and Colombo. It is one of the few public sector banks to achieve 100% Core Banking Solutions (CBS)  in India.

Indian Bank is known for offering various financial services to its customers, with fixed deposits (FDs) being one of them. Here is a comprehensive guide to Indian Bank FD rates.

Indian Bank FD Interest Rates

Features and Benefits of Indian Bank FD 

Indian Bank FDs have several salient features and benefits that distinguish them from the fixed deposit rates of other banks. Here is a list of some of the major features you need to know.

• Indian Bank has a diverse range of fixed deposit schemes with varying interest rates, catering to multiple financial requirements of their customers. 
• The bank offers senior citizens a higher Indian Bank FD Interest rate as compared to regular investors.
• Most fixed deposit schemes of this bank help in financial emergencies by providing a loan of up to 90% of the deposit amount.
• The tenure of the fixed deposits is flexible, ranging from 7 days to 10 years.
• Through its schemes, you can avail of nomination, auto-renewal and monthly/quarterly interest-paying facilities.
• The bank imposes no penalty for withdrawing a deposit below ₹5 lakhs, kept for a maturity period of 181 days.

How to Book Indian Bank FD?

To avail of the attractive Indian Bank FD rates, you need to follow a few simple steps of the application process. If you are eligible to book an Indian Bank FD account, you can apply for it through both online and offline methods at your convenience.

1. Online

You can book a fixed deposit account with Indian Bank by either using its official net banking portal or the mobile app.

1.1.  Indian Bank Net Banking Portal 

The following are the steps to book an FD account through the official net banking portal of the Indian Bank.

• Step 1: Visit the official net banking portal of Indian Bank.
• Step 2: Log in to your account with your registered User ID. If you do not have a registered account, sign up on the ‘New User’ tab.
• Step 3: Find the ‘Online Term Deposit’ tab on the following page and select the ‘e-TDA Opening’ option.
• Step 4: Go through all the ‘Terms and Conditions’ of the bank carefully.
• Step 5: Enter all the required details.
• Step 6:  Generate an OTP to authenticate your transaction with the bank.
• Step 7: Upon successful authentication, you will receive an acknowledgement slip specifying the opening of your FD account.

Steps To Book FD Online & Offline

1. Online

• Step 1: Download the Indian Bank mobile app on your device and log in with your credentials.
• Step 2: On the following page, select the ‘Terms Deposits’ option.
• Step 3: Enter all the required details as per instructions.
• Step 4: Generate an OTP  and enter it carefully to authenticate your transaction.
• Step 5: Once the authentication is successful, you will receive an acknowledgement slip notifying you about your FD account opening.

2. Offline

You may also book an Indian Bank FD account offline at one of its branches. To do this offline, you must adhere to the given step-by-step procedure.

• Step 1: Visit your nearest branch of Indian Bank along with all necessary documents.
• Step 2: Ask a bank representative for a Fixed Deposit Account Opening Form (FD-AOF).
• Step 3: Fill in carefully all the necessary details related to your particulars and the type of fixed deposit scheme you want to avail of, as per the form.
• Step 4: Choose a suitable FD tenure on the basis of your financial plans.
• Step 5: Attach a cheque worth the amount you want to deposit in the bank as your FD.
• Step 6: Once you have filled up the form, submit it along with all the required KYC documents and the cheque.
• Step 7: The bank representative will verify your form and documents.
• Step 8: If the bank is satisfied with the application process, you will receive an acknowledgement slip of your successful FD account booking.

Documents Required to Book Indian Bank FD

Here is a list of necessary documents you need to provide for booking Indian Bank FD and getting high Indian Bank FD rates.

• Fully filled FD application form.
• PAN card (Form 60/61 in case of unavailability of PAN)
• Identity proof – Aadhaar Card, Passport, Voter ID Card, Driving License
• Age proof – Birth certificate, school passing certificate, LIC policy
• Address proof – Electricity Bill, Telephone Bill, Bank Statement
• Passport-size photographs of the applicant
• Bank account details – account number, IFSC code, and branch name. 

Eligibility to Open Indian Bank FD 

The following are the entities that are eligible to avail of Indian Bank FD rates.

• Applicant type: Resident individuals (single account), Two or more individuals (joint account), Minors, Hindu Undivided Families (HUFs), Non-resident Indians, Firms/Companies/Association, Private/Public Limited Organisations, Partnerships, and Trusts.
• Age (in case of individual applicants): Must be more than 18 years old. Minors are eligible to apply for FD under a guardian.

Types of Indian Bank FD Schemes

We have compiled a list of different types of schemes with varying Indian Bank FD interest rates in 2024 that you can avail of. Let’s take a look.

1. Regular Fixed Deposit Scheme

This is the standard fixed deposit scheme you can apply for at Indian Bank to avail of secured interest rates along with an auto-renewal and nomination facility. Under this scheme, the tenure is flexible and has easy liquidate options making it best suitable for risk-averse investors.

• Minimum Deposit: ₹1,000
• Maximum Deposit: No limit
• Tenure: 6 months to 10 years
• Interest Rate: 2.80% to 6.70% (for deposits below ₹2 crores) and 5.00% to 6.70% (for deposits above ₹2 crores but less than ₹5 crores)
• Eligibility: Indian residents, public or private limited companies, HUFs, trust and partnership firms

2. Short-Term Fixed Deposit Scheme

This type of term deposit is repayable after a short time along with interest, subjective to TDS. Indian Bank offers a short-term FD account with no cap on the deposit limit to all eligible entities. Investors can get the benefit of auto-renewal, nomination and pre-closure facilities. However, applicants can not deposit an amount of more than ₹2 crores in a single day. 

• Minimum Deposit: ₹1,000 and in multiples of ₹100
• Maximum Deposit: No limit
• Tenure: 7 days to 180 days
• Interest Rate: 2.80% to 3.85% (for deposits below ₹2 crores), 5.00% to 5.50% (for deposits above ₹2 cores but below ₹5 crores) and an additional 0.50% for senior citizens
• Eligibility: Indian residents, minors under guardianship, two or more individuals using a joint account, firm/company/association

3. IB Tax Saver Term Fixed Deposit Scheme

IB Tax Saver Term Deposit Scheme is best for investors who want to save tax under Section 80C of the Income Tax Act. You can avail interest rates on a quarterly or monthly basis as per your financial requirements and preference. This scheme offers tax rebates upon investing up to ₹1,50,000 in a financial year. Additionally, this scheme comes along with a nomination facility and increased interest rate benefits for senior citizens.

• Minimum Deposit: ₹1,000 or in multiples of ₹100
• Maximum Deposit: ₹1,50,000
• Tenure: 5 years to 10 years
• Interest Rate: 5.00% to 6.70% for Indian residents and HUFs and an additional 0.50% for senior citizens
• Eligibility: Indian residents (sole and joint account), senior citizens and HUFs

4. Money Multiplier Fixed Deposit Scheme

In this scheme, interests are compounded quarterly and paid depending on the period of deposit. It allows investors to take their deposits out early or automatically renew their accounts for the same term at the prevailing interest rate. However, the bank also imposes a penalty on the foreclosure of deposits. In addition, the scheme offers additional interest rates of 0.50% and a nomination facility for senior citizens.

• Minimum Deposit: ₹1,000 and in multiples of ₹100
• Maximum Deposit: No limit
• Tenure: 6 months to 10 years
• Interest Rate: No data available
• Eligibility: Indian residents, senior citizens, public or private limited companies, HUFs, trust and partnership firms

5. IND Non-Callable Fixed Deposit Scheme

Applicable only for bulk deposits above  ₹5 crores, IND Non-Callable Deposit does not allow depositors to prematurely withdraw their investments before maturity. Its interest payout options are available on both a monthly and quarterly basis at a discounted rate. A nomination facility is also available for such schemes.

• Minimum Deposit: ₹5 crores
• Maximum Deposit: No limit
• Tenure: 7 days to 10 years
• Interest Rate:  No data available
• Eligibility: Indian residents, public or private limited companies, HUFs, trust and partnership firms

6. IND Super 400 Days Fixed Deposit Scheme

IND SUPER 400 DAYS is a special fixed deposit scheme of Indian Bank offering higher rates of interest with a fixed maturity tenor. Although this scheme is only limited to deposits of ₹2 crores, it comes along with flexible payout options where you can opt for a monthly or quarterly plan. As per the bank updates, this scheme is only available till 31st August 2023.

• Minimum Deposit: ₹10,000
• Maximum Deposit: ₹2 crores
• Tenure: 400 days
• Interest Rate: 7.75% for senior citizens, 8.00% for super senior citizens and 7.25% for others
• Eligibility:  Indian residents, NRIs

7. IND Supreme 300 Days Fixed Deposit Scheme

As the name suggests, IND Supreme 300 Days has a fixed maturity period of 300 days. This scheme is also valid up to 31st August 2023. It offers special interest rates for all eligible entities and additional interest rates for senior citizens and staff. However, such additional interest rates do not apply to NRO (Non-resident ordinary) deposits.

• Minimum Deposit: ₹5,000
• Maximum Deposit: ₹2 crores
• Tenure: 300 days
• Interest Rate: 7.55% for senior citizens, 7.80% for super senior citizens and 7.05% for others
• Eligibility: Indian residents 

8. IB Golden Ager Fixed Deposit Scheme 

This is a special fixed deposit for only senior citizens above 80 years of age who have an individual bank account. Although this scheme allows depositors to invest an amount of ₹10 crores, no single deposit of more than ₹2 crores is allowed in a day with a primary CIF.

• Minimum Deposit: ₹1,000
• Maximum Deposit: ₹10 crores
• Tenure: 7 days to 10 years
• Interest Rate: 2.80% to 7.45% (for deposits with a maturity period of 5 years) and 2.80% to 7.70% (for deposits with a maturity period above 5 years)
• Eligibility: Senior citizens aged 80 years or above

Consult a bank representative and verify the preferred interest rates before depositing your money. The issuing bank’s policies influence these rates and are subject to change. Investors should make an informed decision by carefully considering their financial requirements and goals before availing of the different Indian Bank FD rates and schemes.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.