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IndusInd Bank joined the bandwagon of revising fixed deposits interest rates this month. So far, major banks like SBI, HDFC Bank, Axis Bank, ICICI Bank, and Canara Bank among others have revised their FD rates on bulk deposits. IndusInd also follows the suit and revised FD interest rates on deposits greater than or equal to ₹5 crore for both pre-mature withdrawal and non-withdrawable categories.
The new rates of IndusInd have come into effect from March 14, 2022.
IndusInd gives the highest rate of 4.9% on deposits between Rs10 crore to Rs100 crore for above 61 months and up to 10 years. On the same tenure, a 4.8% rate is offered on deposits between Rs5 crore - Rs5.5 crore and Rs5.75 crore - Rs10 crore.
Surprisingly, the lender gives a 4.25% rate on FDs valuing between Rs5.50 crore to Rs5.75 crore on tenures ranging from 1 year and up to 10 years. Further, the rates varied from 3.1-3.5% for these values on tenures from 7 days to less than a year. However, the rates for these deposits' values are lower compared to FD interest rates offered in other tenures and other deposits by the bank.
Except for the rates on deposits between Rs5.5 crore to Rs10 crore, FD rates at IndusInd vary from 4.7% to 4.85% on tenures above 1 year to below 61 months. Meanwhile, rates ranged from 3.1% to 4.75% on tenures starting from 7 days to less than a year.
The above-mentioned rates were applicable on withdrawable FDs at IndusInd.
However, FD rates for non-withdrawable FDs starting from ₹5 crore to Rs100 crore range from 3.1% to a maximum of 5% across the tenure.
In the pre-mature withdrawal, it needs to be noted that minimum tenure for Domestic & NRO term deposits is 7 days and no interest is payable for deposits prematurely withdrawn within 7 days from the date of deposit. Meanwhile, minimum tenure for NRE term deposits is 1 year and no interest is payable for deposits prematurely withdrawn within the period. Additionally, a penal interest of 1% shall be levied on the premature withdrawal, if applicable.
Under the non-withdrawable term, Fixed Deposit shall not have any premature withdrawal facility i.e. fixed Deposit cannot be closed by the depositor before the expiry of the term of such deposit.
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