Indian Bank Fixed Deposit (FD) Rates
Indian Bank offers deposits and loans to its retail and commercial customers at attractive rates. Among the other deposit accounts, the bank offers various fixed deposit (FD) or time deposit schemes to its retail customers. Each scheme has unique features and covers the needs of all types of customers.
Know more about how the Indian Bank FD rates and schemes and pick the right scheme for you.
Latest Update
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
Fixed Deposit Interest Rates 2024 of Indian Bank
The interest rates provided in the table below is applicable to deposits less than Rs.3 crore.
| Deposit Tenure | Interest Rates for General Customers (% p.a.)* | Interest Rates for Senior Citizens (% p.a.)* |
| 7 days to 14 days | 2.80 | 3.30 |
| 15 days to 29 days | 2.80 | 3.30 |
| 30 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 3.25 | 3.75 |
| 91 days to 120 days | 3.50 | 4.00 |
| 121 days to 180 days | 3.85 | 4.35 |
| 181 days to less than 9 months | 4.50 | 5.00 |
| 9 months to less than 1 year | 4.75 | 5.25 |
| 300 days (Ind Supreme Product) | 7.05 | 7.55 |
| 1 year | 6.10 | 6.60 |
| 400 days (Ind Super Product) | 7.25 | 7.75 |
| Above 1 year to less than 2 years | 7.10 | 7.60 |
| 2 years to less than 3 years | 6.70 | 7.20 |
| 3 years to less than 5 years | 6.25 | 6.75 |
| 5 years | 6.25 | 6.75 |
| Above 5 years | 6.10 | 6.60 |
*Interest rates are subject to change from time to time.
Different Types of Indian Bank FD Schemes
Fixed Deposit
The scheme allows you to deposit a lump sum for a fixed period and earn interest on the deposit with an easy liquidity option. The interest will be paid out at quarterly intervals or at monthly intervals at a discounted rate. The minimum deposit is Rs.1,000 with no upper limit. The minimum tenure is seven days, and the maximum is 10 years.
Recurring Deposit
In this scheme, the interest is compounded quarterly. It is ideal for individuals wanting to start a regular monthly savings account to meet their financial needs. The minimum deposit amount is Rs.100, and there is no upper limit. The minimum tenure is 6 months, and the maximum is 10 years.
Money Multiplier Deposit
The scheme requires you to make a minimum deposit of Rs.1,000 and multiples of Rs.100 thereafter. There is no upper limit on the deposit amount. The deposit must be held with the bank for a tenure of 6 months up to 10 years. The interest gets compounded quarterly.
Variable Recurring Deposit
This is a recurring deposit scheme which provides the option of varying the monthly installments. The scheme requires you to make an initial deposit Rs.500 or in multiples of Rs.100 up to a maximum of Rs. 1 lakh. The future monthly installments amount can vary subject to a maximum of Rs.10 lakhs per month. The tenure of this scheme is 3 years.
Short Term Deposits
The scheme allows depositors to place their money for a short period and earn a fixed interest income. The interest will be paid on maturity along with the principal deposit. The tenure can range from 7 days up to 180 days.
The minimum deposit is Rs.1,000 but no maximum limit. Senior citizens get an additional interest rate of 0.5% for deposits of up to Rs.10 crore, bank staff get 1.00% for deposits up to Rs.2 crore, and bank ex-staff who are senior citizens get 1.50% on deposits of up to Rs.10 crore.
Motor Accident Claim Tribunal Deposit (MACAD)
The scheme offers two products as suggested by the court; namely, Motor Accident Claims Annuity Deposit (MACAD) and Principal Equally Distributed (PED). The former comes with the facility of Equated Monthly Instalments (EMI), and the latter offers monthly interest payouts.
The deposit amount depends on the relevant tenure and a minimum monthly annuity of Rs.1,000. The tenure can range from 3 years up to 18 years as directed by the tribunal or court. Further, MACT SB is created for crediting the monthly annuity from MACAD.
IB Golden Ager
This is a special term deposit account for super senior citizens, i.e., individuals aged 80 years and above. It can be opened with a minimum deposit of Rs.1,000 and the maximum limit is Rs.10 crore. The deposit period can be 7 days to 10 years. Nomination is mandatory for this account. An additional 0.75% is provided above the normal interest rate for up to 5 years and an additional 1.00% is provided for deposits between 5 to 10 years.
Ind Non-Callable Deposit
This scheme is a term deposit scheme for bulk deposits where premature withdrawal is not allowed during the tenure of the deposit. The tenure of the deposit is 7 days to 10 years. The minimum deposit amount is Rs.3 crore, and there is no maximum limit. The interest will be paid out at quarterly or monthly intervals at a discounted rate. The interest can also be paid at maturity, calculated on a quarterly compounding basis.
Ind Super 400 Days
This scheme allows you to deposit an amount in the form of a Fixed Deposit or Money Multiplier Deposit for a fixed maturity period of 400 days and get a higher rate of interest. The minimum deposit amount is Rs.10,000, and the maximum should be less than Rs.3 crore.
Ind Supreme 300 Days
This scheme allows you to deposit an amount in the form of a Fixed Deposit or Money Multiplier Deposit for a fixed maturity period of 300 days and get a higher rate of interest. The minimum deposit amount is Rs.5,000, and the maximum should be less than Rs.3 crore.
Ind Court
This special term deposit scheme allows the bank to open multiple term deposits of different amounts in a single day to comply with the directions of Hon’ble Court or Tribunal orders. They are opened as per the direction of the Hon’ble Court during the pendency of proceedings and as per the court case number or jointly in the name of the claimant.
The bank branches can open multiple retail term and bulk deposits in a single day with a single CIF and without any cap on the intraday to comply with the order of Court or Tribunal other than MACAD Deposits. The minimum amount to open this account is Rs.100 and there is no maximum limit. The minimum deposit period is 7 days and the maximum period is 10 days.
Indian Bank FD Special Features and Benefits
- The minimum tenure is 7 days, and the maximum is 10 years.
- The minimum deposit amount is Rs.1,000.
- Senior citizens can get an additional 0.5% interest above the regular rates.
- Quarterly and monthly interest payout options are available.
- Loan and nomination facilities are available.
- Auto-renewal facilities are available.
Basic Eligibility Criteria for Indian Bank FD
- Resident individuals – Single account
- Two or more individuals – Joint account
- Minors
- Hindu Undivided Families (HUFs)
- Non-resident Indians (NRE account holders)
- A firm, a company or an association in its name
Tax Benefits on Indian Bank Fixed Deposit
IB Tax Saver Scheme
Depositing a minimum amount of Rs.1,000 up to Rs.1.5 lakh can provide income tax deductions under Section 80C of the Income Tax Act, 1961. You can choose for interest payout on a monthly or quarterly basis.
You can also opt for the accrued interest to be paid out on maturity. The minimum tenure to get the income tax benefits is five years. The maximum tenure is 10 years. Individuals and HUFs having a PAN card can open this account.
Capital Gains
This scheme allows taxpayers to claim tax exemption from capital gains if the amount of capital gains or the net consideration is deposited in this account on or before the due date of filing income tax returns as specified under Section 54 (B, D, F and G) of the Income Tax Act, 1961.
The account is offered both in the form of a savings account and as a term deposit. The minimum deposit is Rs.1,000, and the minimum tenure is seven days and can go up to three years.
FD Interest Rate Calculator
Our FD calculator tool gives you a way to predict the returns you may receive upon putting your money in a fixed deposit account.
Frequently Asked Questions
Quick Summary
Indian Bank offers various fixed deposit schemes with attractive rates and features for retail customers. New RBI rule for unclaimed, matured FD accounts. Different types of FD schemes like Fixed Deposit, Recurring Deposit, Money Multiplier Deposit. Tax benefits with IB Tax Saver Scheme for income tax deductions. FD interest rate calculator helps in predicting returns. List of other banks offering similar FDs with interest rates.
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