Fixed Deposit Details
Bank Name
Induslnd Bank Ltd
Eligibility
Above 60 years
Interest Rate
0.50% more than what’s applicable to a regular customer
Tenure
7 days to 120 Months
Fixed Deposit Type
Senior
Senior Citizen Scheme
Tax Benefits
Credit Ratings
CRISIL A1+ (Reaffirmed)
Interest Payment Frequency
Monthly, quarterly, half-yearly, yearly or at maturity.
Cummulative/Non-Cummulative
No information provided
Features
Minimum deposit: Rs 10,000. Interest rate: 0.50% more than what’s applicable to a regular customer. TDS on interest: As applicable Deposit tenure: 7 days to 120 months Nomination facility: Available Premature closure: Allowed
Minimum Investment Amount
Minimum deposit: Rs 10,000.
Features & Benefits
Pros
- Higher Interest Rates
- Security and Reliability
- Flexible Tenure
Cons
- No Tax Savings
- Early Withdrawal Penalty
Pros & Cons
How to Open?
- Online Banking (for existing IndusInd Bank customers):Visit the IndusInd Bank website https://www.indusind.com/in/en/personal.html . Login to your NetBanking account. Look for the "Fixed Deposits" or "Investments" section. There might be a specific option for "Senior Citizen FD" or similar. If not, choose "New FD" and look for options to indicate you're a senior citizen during the application process. Enter your preferred deposit amount and tenure. The bank will pre-fill your details based on your existing account. Verify and submit the application.
- Branch Visit (for existing or new IndusInd Bank customers):Locate your nearest IndusInd Bank branch https://www.indusind.com/in/en/personal/locate-us.html . Visit the branch and inform them you want to open a Senior Citizen Scheme FD. You might be provided a specific Senior Citizen FD application form, or they might guide you through the regular FD form, highlighting where to indicate your senior citizen status. Fill out the form with your details including name, address, contact information, PAN, nominee details, etc. Provide your preferred deposit amount and tenure. Decide how you want to receive interest payouts (monthly, quarterly, or on maturity). Submit the completed form along with the required documents and your deposit amount (cash or cheque).
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