After SBI and HDFC, now this bank has also increased the interest rate on FD, see new rates on fixed deposits

After SBI and HDFC, now this bank has also increased the interest rate on FD, see new rates on fixed deposits

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new Delhi. After State Bank of India (SBI), HDFC Bank and Axis Bank, now IndusInd Bank has also increased the interest rates of Bulk Fixed Deposit. The new rates of IndusInd have come into effect from March 14, 2022.

The bank has changed the FD rates for both premature withdrawal and non-withdrawal categories of more than or equal to Rs 5 crore. Deposits between Rs 10 crore and Rs 100 crore for 61 months and up to 10 years will get 4.9 percent interest. IndusInd Bank has offered 4.8 per cent interest on deposits between Rs 5 crore to Rs 5.5 crore and Rs 5.75 crore to Rs 10 crore for deposits above 61 months and up to 10 years.

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These will be the interest rates

IndusInd Bank is offering 4.25 per cent interest on fixed deposits between Rs 5.50 crore and Rs 5.75 crore for tenures ranging from 1 year to 10 years. The interest rate will be 3.1-3.5 percent for the period from 7 days to less than 1 year. 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. The interest rates on 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. For non-withdrawal FDs starting from Rs 5 crore to Rs 100 crore, the interest rate for deposits ranges from 3.1 per cent to a maximum of 5 per cent.

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No interest on premature withdrawal

The minimum tenure for premature withdrawal is 7 days for domestic and NRO term deposits. It is worth noting that the bank does not pay interest on premature withdrawal of deposits within 7 days from the date of deposit. The minimum tenure for NRE term deposits is 1 year and no interest is payable on premature deposits within this period. Interest of 1 per cent is also levied by the bank on premature withdrawal. No premature withdrawal facility will be allowed in fixed deposits under the non-withdrawal term. This means that the FD cannot be closed by the depositor before the expiry of the period of such deposit.

Tags: Bank FD, Interest Rates

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