Ahead of the crucial meeting of the Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) scheduled between 4th and 6th October, IndusInd Bank has announced revisions to its interest rates on Fixed Deposits (FDs) below ₹2 crore.
Post revision, IndusInd Bank now offers interest rates to its general customers ranging from 3.5% for short-term deposits of 7 days to 7% for longer tenures up to 10 years. Senior citizens benefit from a slightly higher interest, getting rates from 4.25% to a maximum of 7.75%. For a tenure between 1 year 6 months to 1 year 7 months, general customers can expect a return of 7.85%, while senior citizens are offered 8.25%.
Breaking it further down, for deposits maturing between 7 to 30 days, the bank offers 3.50% interest; for 31 to 45 days, it’s 3.77%; for 46 to 60 days, 4.25%; and for 61 to 90 days, it stands at 4.60%. Deposits maturing between 91 to 120 days will fetch 4.75%, and between 121 to 180 days, it’s 5.00%. For periods between 181 to 210 days, it’s 5.85%, and between 211 to 269 days, customers will earn 6.10%. Deposits held for 270 to 364 days will get an interest of 6.35%.
For longer durations, a deposit of 1 year to 1 year and 6 months will yield 7.5%. For those held from 1 year 7 months to 2 years, the rate is set at 7.50%. FDs with tenures exceeding 2 years but less than 61 months will fetch 7.25%, while those extending beyond 61 months will earn 7%.
Under the Sindhu Tax Saver Scheme with a 5-year lock-in, general customers are offered 7.25%, and senior citizens, 8%. As per IndusInd’s official website, senior citizens get an additional 0.75% interest on FDs, and for the specific period of 1 year 6 months to 1 year 7 months, an extra 0.40% is applicable.
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