The private sector lender IndusInd Bank has hiked interest rates on fixed deposits of less than ₹ 2 Cr.
The private sector lender IndusInd Bank has hiked interest rates on fixed deposits of less than ₹ 2 Cr. The higher interest rates are effective as of August 12, 2022, according to the bank's official website. After the adjustment, the bank is now offering fixed deposits with maturities ranging from 7 days to 10 years with interest rates ranging from 3.50% to 6.75% for the general public and 4.25% to 7.50% for senior citizens.
On fixed deposits maturing in 7 days to 14 days, the bank has hiked the interest rate from 2.75% to 3.50% an interest rate hike of 75 bps and on fixed deposits maturing in 15 days to 30 days the interest rate has been hiked from 3.00% to 3.50% a hike of 50 bps. Fixed deposits maturing in 31 days to 45 days will now offer an interest rate of 4.00% which was earlier 3.50% a hike of 50 bps and fixed deposits maturing in 46 days to 60 days will now offer an interest rate of 4.00% which was earlier 3.65% a hike of 35 bps.
IndusInd Bank has hiked its interest rate from 3.75% to 4.25% a hike of 50 bps on fixed deposits maturing in 61 days to 90 days and the bank has hiked its interest rate from 4.00% to 4.50% a hike of 50 bps on fixed deposits maturing in 91 days to 120 days. On fixed deposits maturing from 121 days to 180 days the bank has hiked the interest rate from 4.50% to 4.75% a hike of 25 bps and on fixed deposits maturing from 181 days to 210 days, the bank has hiked the interest rate from 4.75% to 5.00% a hike of 25 bps.
Fixed deposits maturing in 211 days to 269 days will now offer an interest rate of 5.25% which was earlier 5.00% a hike of 25 bps, while deposits maturing in 270 days or 354 days will continue to offer an interest rate of 5.50%. On fixed deposits maturing in 355 days or 364 days the bank will continue to offer an interest rate of 5.50% and on fixed deposits maturing in 1 Year to below 1 Year 6 Months the bank has hiked the interest rate from 6.00% to 6.25% a hike of 25 bps.
On fixed deposits maturing in 1 Year 6 Months to below 2 Years, the bank has hiked the interest rate from 6.00% to 6.75% a hike of 75 bps. IndusInd Bank has hiked interest rate from 6.50% to 6.75% on fixed deposits maturing in 2 years to below 61 months and the bank has hiked interest rate from 6% to 6.25% on fixed deposits maturing in 61 months and above. On Indus Tax Saver Scheme (5 years) the bank has hiked the interest rate from 6.50% to 6.75%, a hike of 25 bps.
IndusInd Bank has mentioned on its website that “In the event of Premature withdrawal before the specified tenure, the offered interest rate applicable will be the interest rate corresponding to the amount based slab (withdrawn amount) and basis the actual run period (tenure). Additionally, penal interest of 1% shall be levied on the premature withdrawal, if applicable."
For senior citizens benefits on fixed deposits, IndusInd Bank has said on its website that “An additional interest rate of 0.75% over and above the card rates is applicable for Term Deposits of Senior citizens (Age 60 years & above) for value below Rs. 2 cr. (Not applicable for NRO deposits). However, in case the senior citizen opts to place deposits of value greater than or equal to 2 Cr, the benefit of additional interest shall not be available."
IndusInd Bank also increased the interest rates on savings accounts on August 10th, 2022. In accordance with the current, the bank is now giving a 3.50% interest rate on daily balances in savings accounts up to Rs. 1 lakh and above ₹ 1 lakh up to Rs. 10 lakh. IndusInd Bank will now give an interest rate of 4.50% on daily savings account balances above Rs. 10 Lakh and up to Rs. 1 Crore, and a maximum interest rate of 5.50% on daily savings account balances over Rs. 1 Crore and up to Rs. 100 crore.
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