The bank has revised the FD rates for both premature withdrawal and non-withdrawal categories above or equal to Rs 5 crore.
IndusInd Bank of the private sector has given a gift to the customers before Holi. The bank has changed the interest rates of bulk fixed deposits .Big News! IndusInd Bank changes fixed deposit interest rates, check new rates here
The bank has revised the FD rates for both premature withdrawal and non-withdrawal categories above or equal to Rs 5 crore.
Let us tell you that till now major banks like State Bank of India ( SBI ), HDFC Bank , Axis Bank , ICICI Bank and Canara Bank have reduced their FD rates on bulk deposits. amended. The new rates of IndusInd have come into effect from March 14, 2022.
IndusInd Bank is offering 4.9 per cent interest on deposits between Rs 10 crore and Rs 100 crore for tenures above 61 months and up to 10 years. Interest is being offered at 4.8 per cent on deposits between Rs 5 crore to Rs 5.5 crore and Rs 5.75 crore to Rs 10 crore in the same period.
At the same time, the bank is giving 4.25 percent interest on fixed deposits between Rs 5.50 crore to Rs 5.75 crore on tenures ranging from 1 year to 10 years. Apart from this, the interest rate for the tenure of 7 days to less than 1 year will be 3.1-3.5 percent.
However, the rates for the value of these deposits are lower as compared to the FD interest rates offered by the bank for other tenors and other deposits.
FD interest rates
FD rates at IndusInd range from 4.7 per cent to 4.85 per cent on deposits above 1 year and less than 61 months, excluding rates on deposits between Rs 5.5 crore and Rs 10 crore. Meanwhile, rates for tenures ranging from 7 days to less than 1 year ranged from 3.1 per cent to 4.75 per cent. These rates were applicable on FDs withdrawable in IndusInd.
However, for non-withdrawal FDs starting from Rs 5 crore to Rs 100 crore, the interest rate ranges from 3.1 per cent to a maximum of 5 per cent.
Interest will not be available on premature withdrawal
Note that the minimum tenure for premature withdrawal is 7 days for domestic and NRO term deposits and no interest is payable for premature withdrawals within 7 days from the date of deposit.
Meanwhile, the minimum tenure for NRE term deposits is 1 year and no interest is payable on premature withdrawals within this period. In addition, a penal interest of up to 1 per cent will be levied on premature withdrawal.
At the same time, there will be no premature withdrawal facility in fixed deposits under non-withdrawal term i.e. the FD cannot be closed by the depositor before the expiry of the period of such deposit.
