| Started On | 1907 |
| Head Quarters | Chennai |
| CRISIL Rating | NA |
| CEO | Padmaja Chunduru |
| Listed on exchange as | Indian Bank |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
For an Indian Bank FD with a tenure ranging from 7 days to 12 months, the interest rate offered is around 2.80 - 4.75% p.a. These deposits are known as short-term deposits as they have a tenure of less than 1 year.
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 5.50 - 5.75%
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 5.65%.
| Name | Tenure | Interest rate |
|---|
An Indian Bank FD account can be opened via different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening an Indian Bank FD account via internet banking-
2) Mobile App - Indian Bank App
Follow the below-mentioned steps to open an FD account via Indian Bank Mobile App-
3) Offline Indian Bank FD Opening
For opening an Indian Bank FD account via offline mode, one has to visit the nearest Indian Bank branch. Fill out the Indian Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Indian bank.
Investors must meet the following requirements when looking to invest in Indian Bank FDs.
Investors must ensure that they have the following documents handy when starting an Indian Bank FD investment.
Proof of Identity
Proof of Address
Customers also need to furnish two passport-sized photographs at the time of investment initiation.
An investment in Indian Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Indian Bank FDs entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Indian Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Indian Bank FD exceeds Rs. 40,000 p.a.`
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Indian Bank FD customers can avail a loan against their investment. The limit is set at 90% of the FD valuation. The interest rate levied is between 5% and 7.5%. The maximum tenure for such a loan coincides with the maturity term for the FD.
Indian Bank Fixed Deposits can be withdrawn prematurely except for the tax-saving Fixed Deposits. No penalty is levied for deposits below Rs. 5 lakhs if kept for 181 days. For fixed deposits greater than Rs. 5 lakhs and if withdrawn before 181 days, a penalty of 1% will be applicable.
What is the minimum amount needed to open an FD with Indian Bank?
One needs to deposit a minimum amount of Rs. 100 to open an FD with Indian Bank.
What documents are needed to open an FD account in Indian Bank?
One needs a PAN card, two photographs, identity proof, and address proof.
Can a customer deposit an additional amount after opening the FD account?
No, an additional amount cannot be deposited once the account is opened with a certain deposit amount.
Is premature withdrawal allowed in Indian Bank Tax Saver Scheme?
No. Premature withdrawal is not allowed on the IB Tax Saver Scheme since the money is to be locked in with the bank for a fixed term of five years to avail the income tax benefits.