Indian Bank Fixed Deposit Rates
- Indian Bank Fixed Deposit Rates For 5 Years
- State Bank Of India Fixed Deposit Rates
- Indian Bank Fixed Deposit Rates 2021
Minimum Deposit- Rs.1000/-Max Amt: No Maximum; Min Period: Minimum 7 days, Maximum 10 years; Senior Citizens are eligible for additional rate of 0.50% p.a for an aggregate amount up to Rs.10 crore. However, no single deposit to be opened in a day for more than Rs 2 Cr within the overall limit of Rs 10 Cr tagged to a single CIF. Top lenders like State Bank of India (SBI), ICICI, HDFC Bank, Axis Bank and others offer FDs ranging from 7 days to 10 years. (iStock) Bank fixed deposit (FD) interest rates at 7.5%.
As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.
Indian Bank FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Indian Bank FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Indian Bank_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.
You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Indian Bank FD for a tenure of 5 years or more.
Following table provides you Indian Bank FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Indian Bank FD for different tenures by clicking on the 'calculate' button provided in the table.
Indian Bank Fixed Deposit Interest Rates (as on 06 Mar 2021)
| Maturity Period | Interest Rate (p.a.) | Calculate Interest Rate |
|---|---|---|
| 30 Days | 3.05% | |
| 45 Days | 3.05% | |
| 60 Days | 3.05% | |
| 90 Days | 3.05% | |
| 120 Days | 3.95% | |
| 6 Months | 3.95% | |
| 9 Months | 4.45% | |
| 12 Months | 5.25% | |
| 2 Years | 5.15% | |
| 3 Years | 5.15% | |
| 4 Years | 5.15% | |
| 5 Years | 5.15% | |
| 10 Years | 5.15% |
Features & Benefits: Indian Bank Fixed Deposit
- Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
- FD account can be opened online or by visiting your nearest Indian Bank branch.
- No cap on the Maximum Amount of FD
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
- Part withdrawal facility and auto-renewal facilities are also available
- Senior citizens can enjoy higher interest rate as compared to regular citizens
- NRE, NRO and FCNR deposit facility is offered by the bank
Who is Eligible for Indian Bank Fixed Deposit
Indian Bank Fixed Deposit Rates For 5 Years
Any of the following persons is eligible to invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Important Things to Know Before Investing in Fixed Deposits
- Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
- The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
- Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
- You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
- If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
- Don't forget to make nomination in your FD account.
- If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
- When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.
Calculation of Interest on FD of Indian Bank
Interest on FD for different tenures is calculated in following manner:
- Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
- Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
- Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
- In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate
Indian Bank FD Interest Calculator
Indian Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.
Automatic Renewal of Bank FD
Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.
You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.
Bank FD News Mar 2021
13-01-2020: SBI revised FD interest rate
SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.
09-01-2020: Axis Bank reduced FD interest rate
Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.
07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019
The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..
State Bank Of India Fixed Deposit Rates
24-12-2019: HDFC Bank revised FD interest rate
The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.
01-12-2019: PNB cuts off FD rates
With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.
12-11-2019: ICICI Bank reduces FD interest rate
The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.
Indian Bank Fixed Deposit Rates 2021
Public Sector Banks FD Interest Rates
| Allahabad Bank | Andhra Bank | Bank Of Baroda |
| Bank Of India | Bank Of Maharashtra | Canara Bank |
| Central Bank Of India | Corporation Bank | Idbi Bank |
| Indian Bank | Indian Overseas Bank | Oriental Bank Of Commerce |
| Punjab National Bank | Syndicate Bank | Uco Bank |
| Union Bank Of India | United Bank Of India | Vijaya Bank |
| State Bank Of India | State Bank Of Mysore | State Bank Of Patiala |
| State Bank Of Travancore | State Bank Of Bikaner And Jaipur | Punjab And Sind Bank |
Private Sector Banks FD Interest Rates
| Axis Bank | Bandhan Bank Limited | Catholic Syrian Bank Limited |
| City Union Bank Limited | Dcb Bank Limited | Dhanalakshmi Bank |
| Federal Bank | Hdfc Bank | Icici Bank Limited |
| Idfc Bank Limited | Jammu And Kashmir Bank Limited | Indusind Bank |
| Karnataka Bank Limited | Karur Vysya Bank | Kotak Mahindra Bank Limited |
| Laxmi Vilas Bank | The Nainital Bank Limited | Rbl Bank Limited |
| South Indian Bank | Tamilnad Mercantile Bank Limited | Yes Bank |
| Equitas Small Finance Bank Limited | Ujjivan Small Finance Bank Limited | Utkarsh Small Finance Bank |
| Suryoday Small Finance Bank | Au Small Finance Bank Limited | Capital Small Finance Bank Limited |
| Esaf Small Finance Bank Limited | North East Small Finance Bank Limited | Fincare Small Finance Bank Ltd |
Table of Contents
- 3 IOB Fixed Deposit Schemes
- 4 Who are Eligible to Open Indian Overseas Bank Fixed Deposit?
- 5 Indian Overseas Bank FD Calculator
- 5.1 Indian Overseas Bank Fixed Deposit Form
About Indian Overseas Bank FD
Mulling over the options to secure your financial life for the future? Choose the tool of fixed deposit that will multiply your capital with the effect of compounding interest. Talking about the bank, you can choose Indian Overseas Bank (IOB) as your fixed deposit partner. The bank provides fixed deposit facility to all the resident and non-resident Indians (NRIs) through its 3,350 branches, more than 2400 ATMs and six overseas branches. You have to deposit a minimum amount as stipulated under different fixed deposit schemes. But what could grab your attention is the interest rate, which differs as per the period of deposit. So, let’s get down and introspect what IOB has in store for you in terms of interest rate offerings.
Indian Overseas Bank FD Interest Rates March 2021
| Period of Deposit | Interest Rate on Deposit Upto Rs 1 Cr (Domestic) | Interest Rate on Deposit upto Rs 25 lacs (For Domestic Senior Citizens Only) | Interest Rate on NRO Fixed Deposit for Amount Upto Rs 1 Cr | Interest Rate on NRE Fixed Deposit for Amount Upto Rs 1 Cr |
|---|---|---|---|---|
| 7-14 Days (For Single Deposit of Rs 1 lac and more) | 4.00% | 4.50% | 4.00% | N.A. |
| 15-29 Days | 4.00% | 4.50% | 4.00% | N.A. |
| 30-45 Days | 4.00% | 4.50% | 4.00% | N.A. |
| 46-60 Days | 4.00% | 4.50% | 4.00% | N.A. |
| 61-90 Days | 4.50% | 5.00% | 4.50% | N.A. |
| 91-120 Days | 5.00% | 5.50% | 5.00% | N.A. |
| 121-179 Days | 5.00% | 5.50% | 5.00% | N.A. |
| 180-269 Days | 5.75% | 6.25% | 5.75% | N.A. |
| 270 Days-Less than a Year | 6.25% | 6.75% | 6.25% | N.A. |
| 1-2 Years | 7.30% | 7.80% | 7.30% | 7.50% |
| 2-3 Years | 7.00% | 7.50% | 7.00% | 7.25% |
| 3-5 Years | 7.00% | 7.50% | 7.00% | 7.25% |
| 5 Years and Above | 7.00% | 7.50% | 7.00% | 7.25% |
IOB Fixed Deposit Schemes
The bank offers various fixed deposit schemes tailoring to the needs of the customers. Depending upon your requirements, you can choose a scheme from fixed deposit, floating rate deposit, and tax saver scheme. You can check the information for each of the schemes below.
Fixed Deposit
As per the scheme, the depositors are required to park a lump sum amount for a certain time period. On the deposit amount, you can yield interest at a prescribed rate and get the total payout at the maturity. The minimum deposit for the scheme is Rs 1,000. The time period for deposit under the scheme is 6 months-10 years. The interest gets credited half-yearly as per the scheme.
Floating Rate Deposit
Want to take advantage of the favorable interest rate environment in the country? Avail Floating Rate Deposit option that will offer fixed deposit at a floating rate instead of fixed rates. The bank reset the rates every six months in a financial year. Based on the changes, the interest rate on your fixed deposit will vary. This type of deposit runs for a period of 3-10 years. However, unlike other deposits where the minimum amount is Rs 1,000-50,000, here you will have to make a minimum deposit of Rs 1 lac and in multiples of Rs 10,000 afterward. Premature withdrawal is allowed subject to some charges.
Tax Saver Scheme
Enjoy tax saving benefits by availing the option of Tax Saver Scheme, which has a deposit period of 5-10 years. The lock-in period of the scheme is 5 years. A maximum of Rs 1.5 lacs is permitted in a financial year. The interest rate offered on the scheme is 7% per annum for an amount up to Rs 1 lac.
Who are Eligible to Open Indian Overseas Bank Fixed Deposit?
- Salaried Individuals
- Self-employed & Professionals
- Small Trader
Documents Required
- A Duly Signed Application Form
- Cheque or Demand Draft
- Identity Proof- Passport, PAN Card, Driving License, Voter ID, Aadhaar Card, Photo Ration Card, Senior Citizen ID Card
- Address Proof- Passport, Electricity Bill, Telephone Bill, Bank Statement, Certificate or ID Card Issued by Post Office
Indian Overseas Bank FD Calculator
The FD calculator will help you arrive at an amount that you are supposed to earn on your fixed deposit amount. All you need is the feeding of principal amount, interest rate, compounding interval, total deposit period in the calculator, which will compute the number you will have on your wallet at the time of maturity.
Indian Overseas Bank Fixed Deposit Form
You can download the fixed deposit account opening form, which is uploaded on the IOB’s website. After you download the form, fill the details and send it along with necessary documents to the nearest branch of the bank, which upon satisfactory verification, will open the fixed deposit account in your name. In case you want to go completely offline, then you have to request for the form at the branch and the rest process is same as explained earlier.