Incorporated in 1994, IndusInd Bank is a new-generation private sector bank. It is one of the most preferred banking solution partners and providers for approximately 37 million customers across India. Headquartered in Mumbai, this bank has 2,265 branch offices in India.
Among its diverse range of financial products, Fixed Deposit is quite popular among customers for its flexible tenure. IndusInd Bank offers FD for regular customers and senior citizens at different interest rates.
To know more on IndusInd Bank FD rates for senior citizens, keep reading till the end.
IndusInd Bank Senior Citizen FD Rates – February 2024
The table below displays the IndusInd Bank FD rates for senior citizens for the year 2023.
| Tenure | Interest rate (per annum) for deposits less than ₹2 crores | Interest rate (per annum) for deposits more than ₹2 crores |
| 7 days to 14 days | 4.25 | 5.55 |
| 15 days to 30 days | 4.25 | 5.65 |
| 31 days to 45 days | 4.50 | 6.15 |
| 46 days to 60 days | 5.00 | 6.40 |
| 61 days to 90 days | 5.35 | 6.90 |
| 91 days to 120 days | 5.50 | 7.40 |
| 121 days to 180 days | 5.75 | 7.55 |
| 181 days to 210 days | 6.60 | 7.65 |
| 211 days to 269 days | 6.85 | 7.65 |
| 270 days to 354 days | 7.10 | 7.75 |
| 355 days to 364 days | 7.10 | 7.75 |
| 1 year to below 1 year 6 months | 8.25 | 8.00 |
| 1 year 6 months to below 1 year 7 months | 8.25 | 7.85 |
| 1 year 7 months to up to 2 years | 8.25 | 7.85 |
| Above 2 years to 2 years 1 month | 8.00 | 7.85 |
| Above 2 years 1 month to below 2 years 6 months | 8.00 | 7.85 |
| 2 years 6 months to 2 years 9 months | 8.00 | 7.85 |
| 2 years 9 months to 3 years 3 months | 8.00 | 7.85 |
| Above 3 years 3 months to below 61 months | 8.00 | 7.75 |
| 61 months and above | 7.75 | 7.65 |
| Indus Tax Saver Scheme | 8 | NA |
Features & Benefits of IndusInd Bank Senior Citizen FD Rates
The following are the features and benefits that you will reap from IndusInd Bank senior citizen FD rates. Let us take a look.
- The additional interest rate for senior citizens’ fixed deposits is 0.75% on the existing interest rates for general citizens.
- The minimum deposit for IndusInd Senior Citizen FD is ₹10,000.
- The applicable tenure for senior citizens extends from 7 days to 120 months or 10 years.
- Under the senior citizen FD scheme, IndusInd Bank calculates simple interest on maturity deposits for a tenure of up to 120 days.
- You can enjoy a premature FD closure facility by investing in this IndusInd Bank scheme.
How to Book Senior Citizen FD from the IndusInd Bank?
You can easily open a senior citizen FD account through either online or offline modes. By following the given steps, you can successfully start your fixed deposit and earn returns from IndusInd Bank FD rates 2023 for senior citizens.
Online
- Follow the steps to open a fixed deposit account online for senior citizens.
- Step 1: Navigate to the official webpage of the Senior Citizen FD scheme from the IndusInd Bank’s website.
- Step 2: Click on the ‘Apply Now’ button.
- Step 3: Choose whether you are a new applicant or an existing applicant.
- Step 4: A new page will open for you to enter your details like mobile number and Captcha. Following this, the portal will ask you to enter information like your particulars and FD details.
- Step 5: Proceed with the deposition process to start your FD.
- Step 6: You will receive a call from the bank regarding KYC verification. Submit the documents accordingly.
Offline
- Besides the above steps for online application, you can follow the steps below for offline application of IndusInd Bank senior citizen FD.
- Step 1: Visit the IndusInd Bank branch nearest to your location.
- Step 2: Fill in the application form and submit the necessary documents with a deposit amount.
- After processing your application successfully, IndusInd Bank shall provide you with an FD receipt.
Documents Required
To open an account and reap benefits from IndusInd Bank senior citizen FD rates, you must present the following documents for both the online and offline application process.
- Application form.
- Passport-size photo.
- Address proof documents like Telephone Bills, Bank Statements with Cheques, Passport and Electricity Bills.
- Identity proof like Aadhaar card, Government ID, Senior citizen ID, PAN card and Driving licence.
- Age-proof documents like Birth Certificate.
Eligibility to Open Senior Citizen FD
You must fulfil the following conditions to be eligible to start a senior citizen FD account.
- Applicant Type: Individuals, Partnership firms, Sole Proprietorships, Limited Companies, HUFs, Societies, Clubs, Trusts and Associations.
- Applicant Age: 60 years or above
Conclusion
Now that you know about the IndusInd Bank FD rates for senior citizens, you are all set to start your FD account. Although attractive, the FD interest rates are subject to frequent changes without prior notice. Therefore, verify all the FD details on the official website of the IndusInd Bank in order to choose the best tenure and a high-yielding interest rate for your deposit.
FAQs
The minimum tenure for senior citizens to hold an IndusInd Bank FD account is 7 days.
Yes, IndusInd Bank allows investors to opt for an auto-renewal facility and choose a nominee under the senior citizen fixed deposit scheme.
All customers of IndusInd Bank, be it new or existing, are allowed to open a senior citizen FD account with the bank.
The maximum IndusInd Bank senior citizen FD rate is 8.25% for deposits below ₹2 crores and 8% for deposits above ₹2 crore.
