Private sector lender IndusInd Bank has raised its retail deposit rates €2 crore to less than €5 crores. Following the announcement, the bank is now offering interest rates on deposits with maturities from 7 days to 61 months and beyond ranging from 4.90% to 7.00% for the general public and 5.40% to 7.50% for seniors. Deposit maturities of 1 year to 3 years and 3 months are now achieved with a maximum interest rate of 7.50% for the general public and 8.25% for seniors. According to the bank’s official website, the new fixed-term deposit rates will apply from March 12, 2023.
IndusInd Bank Bulk FD Rates
The bank promises a 4.90% interest rate on retail deposits maturing in the next 7 to 14 days, and IndusInd Bank is now offering a 5.00% interest rate on retail deposits maturing in the next 15 to 30 days . The current interest rates offered by IndusInd Bank are 5.25% for deposits with a holding period of 31 to 45 days and 5.50% for deposits with a holding period of 46 to 60 days.
Deposits with maturities between 61 and 90 days now earn 6.00% interest, while deposits between 91 and 120 days earn 6.25%. On large fixed deposits with a term of 121 to 180 days, the bank promises an interest rate of 6.50% and on those with a term of 181 to 210 days, IndusInd Bank is now offering an interest rate of 6.60%.
IndusInd Bank is now offering an interest rate of 6.65% for a deposit maturity of 211 days to 269 days and a 6.75% interest rate for a deposit maturity of 270 days to 354 days. Deposits with a maturity of 355 to 364 days earn an interest rate of 6.85% and deposits with a maturity of 1 year to 3 years and 3 months now earn a maximum interest rate of 7.50%.
At IndusInd Bank, fixed-term deposits of more than three years and three months but less than 61 months bear interest at 7.25% and terms of more than 61 months at 7%.
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“High quality/bulk deposits of 2 Crs and above will be accepted at the sole discretion of the bank,” states IndusInd Bank’s website.
“Please note the additional 0.75% over card rates applicable to senior (aged 60+) term deposits for the value below €5 Cr (callable) and a maturity of more than 2 years up to 3 years and 3 months (not applicable to NGO/NRE deposits). For residual maturities, the additional benefit is 0.50% over card rates,” IndusInd Bank mentioned on its website.
“In the case of a high value deposit (>5 crore), the interest rate offered on the relevant deposit is for that day only for the deposit and only for the relevant term,” IndusInd Bank’s website reads.
In the event of premature withdrawal before the end of the specified term, default interest of 1% will also be charged.
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