Indian Bank Deposit Rates
The tenure can range from 7 days up to 180 days. The minimum deposit is Rs.1,000 but no maximum limit. Senior citizens get an additional interest rate of 0.5% for deposits of up to Rs.10 crore, bank staff get 1.00% for deposits up to Rs.2 crore, and bank ex-staff who are senior citizens get 1.50% on deposits of up to Rs.10 crore. . Premature withdrawal facility is available on the term deposits held in Indian Bank. Interest rates on term deposits vary in the range of 4.50% per annum – 6.75% per annum. India's economy with a population of 1.19 billion (Est 2010) ranks 4th in the world with a GDP PPP of 3.5 trillion and GDP PPP per capita of 3,015 vs 45,934 (United States) according to the IMF in 2009. Its currency is the Indian Rupee (INR). Bank deposits held for a fixed term in India are called term deposit or fixed deposits.
Now this is plain and simple. People are attracted to those banks that offer high rates of interest. Irrespective of the deposits offers, Indian banks are recognized as the best and the safest option to go with. Depositing in SBI or any other nationalized banks are not considered a very good option by many. Some offer 8% or 8.5% for your money while some other offers deposit interest rates up to 10%. Though the variation might seem very small, even a minor difference of 0.5% interest rate will fetch you around Rs.500 more per year. This way over the years your hard earned money will increase in figure. Therefore, whenever you plan on depositing your money, make sure you deposit it with higher rate of interest.
For Non-Resident Indian, the benefits of making NRE Deposits are awesome. NRI gets a waiver on income tax as whatever money you sent from abroad is considered income tax-free plus the interest you can bag.
We have come up with the top 10 banks that offer the highest Deposit interest rates in the NRE/ NRI Fixed deposit sector. Read along:
1. Catholic Syrian Bank (CSB)
Catholic Syrian Bank or CSB has been an active part of the banking business for more than 93 years now. This Phenomenal Scheduled bank offers an NRE interest rate of 10.1% for a period of 3- 5 years.
2. ICICI Bank
ICICI is the largest private bank in India and offers an interest rate of up to 9.5% for an NRE Deposit for 3-5 years.
3. Federal Bank
Federal Bank is known for offering the highest NRE Fixed deposit interest rates for 1111 days at 10% for any NRE Deposit.
4. South Indian Bank (SIB)
SIB offers 10% interest rates for an NRE FD for 3 long years.
5. Karnataka Bank
Karnataka Bank offers 9.5% interest rate for an NRE FD for 3-5 years.
6. IDBI
IDBI offers 9.5% rate of interest in the NRE sector for 3-5 years.
7. Lakshmi Vilas Bank (LVB)
Lakshmi Vilas Bank gives away an interest rate of 9.5 % for 1 year for NRI citizens in the NRE Fixed deposit sector.
8. Dhanalakshmi Bank (DLB)
Dhanalakshmi Bank has a 9.5% fixed interest rates on NRE Deposit for 3-5 years to offer.
9. Tamilnadu Mercantile Bank (TMB)
Tamilnadu Mercantile Bank offers 9.5% interest rates in the NRE fixed deposit sector for 1 year.
10. Karur Vysya Bank (KVB)
Karur Vysya Bank gives away an interest rate of 9.5% for1-2 years.
Note: The list above is just to make you aware about the best options available. The interest rates offered by these banks might however change from time to time. Again, outside of these, there are many other banks that offer better interest rates for a high value deposit, probably above 1 crore. Daily quotes are also provided to give you better returns on your money.
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Indian Bank Deposit Interest Calculator
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Indian bank is a popular bank in India which offers several schemes to its customers, helping them invest their money. The bank provides many facilities to its customers which are useful for long term. Indian Bank FD rates range from 4% to 6.25% and a higher interest rate of up to 7% for senior citizens.
The tenure can range from 7 days to 10 years and with the investment schemes and the Indian Bank FD interest rates provided, it comes out as one of the best investment options available for customers of various categories. Also, the Indian bank provides its customers with a calculator which can calculate the maturity amount and interest rates.
Indian Bank Fixed Deposit Interest Rate
The Indian bank offers a wide range of investment options in the form of fixed deposits. The Indian Bank FD interest rates range from 4% to 6.25% from tenures ranging from 7 days to 10 years. Moreover, the rate of interest is higher for senior citizens. Given below is the table displaying the Indian Bank FD rates for investments which are less than Rs. 1 crore.
Tenure | Indian Bank FD Rates (Annually) |
| 7 – 14 Days | 4.50 Percent |
| 15 – 29 Days | 4.50 Percent |
| 30 – 45 Days | 4.50 Percent |
| 46 – 90 Days | 5.00 Percent |
| 91 – 120 Days | 5.75 Percent |
| 121 – 180 Days | 6.00 Percent |
| 181 – 269 Days | 6.25 Percent |
| 9 Months to 364 Days | 6.25 Percent |
| 1 Year | 6.50 Percent |
| 1 Year 1 Day to 1 Year 364 Days | 6.25 Percent |
| 2 Years to 2 Years 364 Days | 6.25 Percent |
| 3 Years to 10 Years | 6.00 Percent |
Indian Bank Senior Citizen FD
As mentioned above, the interest rates for Indian Bank FD senior citizen are higher than the regular investments. Indian bank offers an additional interest rate of 0.50% to senior citizens. If submitted with the age proof in the Indian Bank FD senior citizen can avail for a loan of up to 7% for a period of 7 years. Given below is the table displaying the Indian Bank FD Interest rates for investments made by the senior citizen which are less than Rs. 1 crore.
Tenure | Indian Bank Senior Citizen FD Rates (Annually) |
| 7 – 14 Days | 5.00 Percent |
| 15 – 29 Days | 5.00 Percent |
| 30 – 45 Days | 5.00 Percent |
| 46 – 90 Days | 5.50 Percent |
| 91 – 120 Days | 6.25 Percent |
| 121 – 180 Days | 6.50 Percent |
| 181 – 269 Days | 6.75 Percent |
| 9 Months – 364 Days | 6.75 Percent |
| 1 Year | 7.00 Percent |
| 1 Year 1 Day to 1 Year 364 Days | 6.75 Percent |
| 2 Years – 2 Years 364 Days | 6.75 Percent |
| 3 Years to 10 Years | 6.50 Percent |
Indian Bank FD schemes
Indian bank offers many FD types to its customers. Investors can choose among them if they are satisfied with the Indian Bank fixed deposit rates and the facilities provided. These schemes which include the regular fixed deposits, reinvestment plan, tax saver deposits, facility deposit, and the deposit scheme for senior citizens satisfy the financial goals of many. Given below is the detailed description about each scheme.
Regular Fixed Deposits
Customers can invest a minimum of Rs. 100 for a period of 7 days to a maximum of 10 years. There is no limit on the maximum investment amount and customers get a number of facilities with this scheme such as automatic renewal, pre-closure of deposits, and loan/ overdraft facility.
Reinvestment Plan
The dividend earned through this scheme is reinvested for future gains, thus proving to be a good option for investors. Deposits in this scheme come with a tenure ranging from 6 months to 10 years. Interest is compounded quarterly, and customers can avail nomination facilities along with overdraft facility and loan.
Tax Saver Deposits
This is a good option for customers looking to avail tax benefits while continuing to earn the interest rate on investments. Customers can invest in multiples of Rs. 100 for a tenure ranging from 5 years to 10 years. They come with a lock-in period of minimum 5 years and investors cannot avail any loan on these deposits.
Facility Deposit
Facility deposit type comes with a built-in overdraft facility of up to 90%. The minimum period of investment is 1 year, and the maximum is 3 years. Investors have to invest a minimum amount of Rs.10,000. Customers can avail facilities like the automatic renewal facility.
Deposit Scheme for Senior Citizens
This scheme is intended for senior citizens only. They can get a higher rate of interest along with other value-added benefits through this scheme. The minimum term of investment is 15 days up to 10 years. Customers need to make an initial investment of Rs.1,000. This scheme comes with several facilities such as automatic renewal, foreclosure, and loan. Customers need to submit the age proof to avail this scheme.
Indian Bank FD Calculator
Calculating the maturity amount is cumbersome and time-consuming. Therefore, the bank provides its customers with the Indian Bank FD calculator which is very convenient for the customers not only to calculate the maturity amount but also to compare various schemes and its rates. Customers can check their profit if invested in the Indian Bank and compare it with that provided by the other banks. Depending on the scheme which suits them the best, customers can take their decision on which scheme to invest in. This saves the customers time, money and effort of going to the bank personally and inquiring about the details. Indian bank provides this facility free of cost online.
How to Calculate Indian Bank Fixed Deposit Interest Rate
The best way to calculate the Indian Bank fixed deposit rates is by using the calculator provided by the bank online. Customers need to feed in details such as the principal amount, interest compounding frequency, rate of interest, and tenure of the deposit into the Indian Bank FD calculator. It then gives accurate numbers within seconds.
Indian Bank Deposit Rates 2021
Fixed deposits are a very efficient way of investment. Instead of keeping the money in the bank, keeping them in a fixed deposit will increase the returns effortlessly. And if done from the Indian Bank, customers can also avail many facilities along with high interest rates.