BackIndusInd Bank hikes interest rates on FDs, new rates are effective from today
IndusInd Bank, one of the major lenders in the private sector, raised its interest rates on fixed deposits under ₹2 crore.
PremiumIndusInd Bank, one of the major lenders in the private sector, raised its interest rates on fixed deposits under ₹2 crore. According to the bank's official website, the new rates take effect on December 22, 2022. The higher interest rates will apply to domestic, NRO, NRE, and senior citizen fixed deposits with the option of a premature withdrawal. Following the revision, IndusInd Bank is now giving interest rates on deposits maturing in 7 days to 61 months and above ranging from 3.50% to 6.50% for the general public and 4.00% to 7.10% for senior citizens. Deposits maturing in 2 years up to 2 years 1 month, will now fetch a maximum interest rate of 7.25% for non-senior citizens and 7.85% for senior citizens.
IndusInd Bank FD Rates
The bank is giving an interest rate of 3.50% on deposits that mature in the next 7 days to 30 days, and IndusInd Bank is offering an interest rate of 4.00% on deposits that mature in the next 31 days to 45 days. On fixed deposits that mature in 46 days to 60 days, IndusInd Bank is giving an interest rate of 4.25%, and on those that mature in 61 days to 120 days, it is offering an interest rate of 4.50%.
Deposits maturing between 121 and 180 days from now on will earn interest at a rate of 4.75%, while deposits due between 181 and 269 days will earn interest at a rate of 5.50%. The bank is giving an interest rate of 5.75% on FDs maturing in 270 to 354 days, whereas IndusInd Bank is offering an interest rate of 6.00% on FDs maturing in 355 to 364 days. For deposits maturing in one year to less than one year six months, IndusInd Bank is offering an interest rate of 6.75%, while for deposits maturing in one year six months to two years, it is giving an interest rate of 7.00%.
Deposits that mature in 2 years to less than 2 years and a month will earn interest at a rate of 7.25%, while those that mature in 2 years or more and a month and up to 3 years will earn interest at a rate of 7%. The bank is currently offering an interest rate of 6.75% on FDs maturing in 3 years to less than 61 months, and an interest rate of 6.50% on FDs maturing in 61 months or more. Currently, IndusInd Bank is giving 6.75% interest on five-year tax-savings deposits.
For senior citizen term deposits with a value under Rs. 2 crore, an additional interest rate of 0.50% over and above the standard rates is applicable. For NRO deposits, this additional rate advantage is not applicable. However, the elderly citizen will not be eligible for the advantage of additional interest at IndusInd Bank if they choose to make deposits worth more than or equivalent to 2 crore.
Against the guidelines of premature withdrawals of fixed deposits, IndusInd Bank has mentioned on its website that “In the event of Premature withdrawal before the specified tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and basis the actual run period (tenure). Additionally, penal interest of 1% shall be levied on the premature withdrawal, if applicable."
Instead, IndusInd Bank announced an increase in its Marginal Cost of Funds Based Lending Rate (MCLR) for all tenors of 5 to 15 basis points. According to the bank, the revised MCLRs will go into effect on December 22, 2022. The IndusInd Bank now offers an overnight MCLR of 8.80%, a one-month MCLR of 8.85%, a three-month MCLR of 9.20%, a six-month MCLR of 9.60%, a one-year MCLR of 9.95%, and a two-year and three-year MCLR of 10.15%.
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