Indian Bank Fixed Deposit Plans

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Indian Bank FD Rates

Indian Bank is regarded as one of the top performing and best servicing financial services company which was established in 1907. The company boasts of overseas branches in Sri Lanka and Singapore.

Indian Bank offers great additional interests to senior citizens, eligible ex-staff members and ex staff cum senior citizens. For instance, the additional FD interest rates in Indian Bank for senior citizens are 0.50% p.a. above the normal rate of interest, but for amounts less than Rs.1 crore. This additional rate of interest is offered for tenure of investment between 15 days to 10 years over the normal rate for Indian Bank fixed deposit scheme, short term deposit scheme and Reinvestment plan scheme.

As part of customer friendly measure, the Indian Bank ensures that all types of deposits like Reinvestment plan deposits, fixed deposits and short term deposits are automatically rolled over the same tenure under the similar scheme. The prevailing rate of interest on FD in Indian Bank is applicable on the date of automatic renewable to the rolled over amount.

It should be noted that the rate of interest on the banks deposit in domestic term is actually applicable to Capital Gains Scheme. Recently, there have been revised rate of interests, but they are applicable on renewal of any maturing deposits and fresh deposits.

Indian Bank Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits – less then Rs. 1cr (As on Feb 10, 2017)

For Domestic Deposits – Rs. 1 cr to 5 crs (As on Feb 10, 2017)

Tax Saver FD (Max Deposit – 1 LPA)

Tax Implications

  • The amount invested in Fixed Deposit with a tenure of 5 years with Indian Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  • The applicable tax will be deducted at source, i.e. Indian Bank, in case the annual interest earned crosses Rs. 10,000.

For NRE Fixed Deposit – less then Rs. 1cr (As on Feb 10, 2017)

For NRE Fixed Deposit – Rs. 1 cr to 5 crs (As on Feb 10, 2017)

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