Fixed Deposit Details
Bank Name
Indian Bank
Eligibility
Account should be opened in the name of an Indian resident.
Interest Rate
6.00% to 6.50% per annum.
Tenure
5 - 10 years.
Fixed Deposit Type
Tax Saver
IB Tax Saver Scheme
Tax Benefits
Tax benefits under Sec. 80 C of the Income Tax Act is applicable.
Credit Ratings
CRISIL AAA
Interest Payment Frequency
Quarterly or monthly, with a discount or on maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
- Minimum deposit amount of Rs 1000.
- The maximum amount of this deposit is Rs. 1,50,000 in a financial year.
- Loan facility is not available in the case of Tax savings deposit.
- The lock-in period is 5 years.
- Tax exemption under section 80C of the Income Tax Act, 1961.
Minimum Investment Amount
1000
Features & Benefits
Pros
- Tax exemption under Section 80C of the Income Tax Act, 1961.
- The minimum deposit amount is Rs 1000 only.
Cons
- There is no loan facility against the deposit.
- Premature withdrawal of this deposit is not allowed.
- Lock-in period of 5 years.
Pros & Cons
How to Open?
You can open the FD online by visting the website https://www.indianbank.in/#!
Product Review
About this content
Public source: Original MyRupaya page
Captured 2026-11-06T10:59:17Z. Public page text has been preserved and restyled. Historical financial/product information may be outdated. Embedded widgets and forms are not copied or connected to live services.
