FINANCE

This Bank is offering up to 7.5% on FDs, senior citizens to get additional 0.75% return

IndusInd Bank FD rate 2023: . The bank is now offering up to 7.5 per cent return to the general public on FDs from Rs 2 crore to less than Rs 5 crore. Similarly, the interest rate for senior citizens is up to 8.25 per cent.

IndusInd Bank FD rate 2023: Private sector lender IndusInd Bank has revised the interest rates on Fixed Deposits (FD), effective from March 12. The bank is now offering up to 7.5 per cent return to the general public on FDs from Rs 2 crore to less than Rs 5 crore. Similarly, the interest rate for senior citizens is up to 8.25 per cent.

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Let us take a quick glance at how much the general public and senior citizens will benefit in 3 years on a lump sum deposit of 10 lakhs at the new rates.

IndusInd Bank FD rate 2023: Calculation

IndusInd Bank is guaranteeing 7.5 per cent interest of FD for the general public if they stay invested for 3 years. To put things into perspective, if a customer makes an FD of Rs 10 lakh, then they will get Rs 12,49,716 on maturity. 

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Similarly, senior citizens are provided with 8.25 per cent interest per annum on 3 years FD. So, to put things into perspective, if senior citizens make an FD of Rs 10 lakh, then they will get Rs 12,77,599 on maturity.

IndusInd Bank FD TenorGeneral Public FD rate (%)Senior Citizen FD rate (%)
7 days to 14 days4.95.4
15 days to 30 days55.5
31 days to 45 days5.255.75
46 days to 60 days5.56.1
61 days to 90 days66.5
91 days to 120 days6.256.75
121 days to 180 days6.57
181 days to 210 days6.67.1
211 days to 269 days6.657.15
270 days to 354 days6.757.25
355 days to 364 days6.857.35
1 Year to 3 years 3 months7.58.25
Above 3 years 3 months to below 61 month7.257.75
61 month and above77.5

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IndusInd Bank FD rate 2023:Tax saving on 5-year FD

Interest earned on FD is taxable but taxpayers can claim a deduction under section 80C on FD of 5 years. Under 80C, a maximum tax deduction of up to Rs 1.5 lakh can be claimed in a financial year.

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