Indian Bank Fixed Deposit (FD) Interest Rates

There is no maximum limit set by Indian Bank on its fixed deposit amount. However, for deposits made above Rs.5 crore, approval of the Treasury Branch is needed for acceptance of such deposits.

Yes. According to the Income Tax Act 1961, interest earned on fixed deposits with banks is taxable. However, for it to become taxable, the aggregate interest on deposits must exceed Rs.10,000 in a financial year. The bank will deduct a TDS at 10% on the interest.

FD rates in Indian Bank start from 2.90% and go up to 5.15%. Senior citizens can further enjoy an additional markup of 0.50% on the Indian fixed deposit rates.

If you wish to open an FD account with Indian Bank, you can visit the nearest branch and fill up a form. Along with the form you are required to submit KYC documentation. It includes your identity proof and address proof documents such as Passport, PAN Card, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, or any other Government ID. Lastly, to open an FD you can either deposit the amount in cash, cheque, or a demand draft.

You can take the online route and open an FD with Indian Bank by visiting their official website and uploading the necessary documents online.

Yes, you can open an RD account with Indian Bank with a minimum amount of Rs.100 and in multiples thereof. The minimum period for RD is 6 months and the maximum is normally 10 years. Indian Bank RD interest rates are in the range of 5.25% to 5.65% as on 1st May 2020.

Yes, you can choose a close family member including spouse, parents, or children as nominees for your FD account with the bank.

For deposits closed before 181 days, the eligible rate will be the card rate for the actual period run as on the deposit date less 1.00% p.a. as foreclosure charges.