Fixed Deposit Details
Bank Name
Induslnd Bank Ltd
Eligibility
IndusInd Bank’s young saver deposit can be opened by a guardian for a minor.
Interest Rate
5.75 - 7.25
Tenure
6 to 120 months Minimum tenure Tenure is 6 months to 10 years
Fixed Deposit Type
Children
Young Saver Deposit
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
The balance in the savings bank account transferred to a flexi recurring deposit on the last day of every month sparing only Rs 100 in the account. TDS on interest: As per the current income tax regulations. Deposit tenure: 6 to 120 months Nomination facility: Available Premature closure: Allowed
Minimum Investment Amount
Rs. 11* Minimum opening balance* *No upper limit on deposit
Features & Benefits
Pros
- Flexibility
- Recurring deposit option
Cons
- Low interest rates
- Parental involvement required
Pros & Cons
How to Open?
Visit an IndusInd Bank Branch: This is the only way to apply for the Young Saver Deposit scheme. You cannot apply online.Locate your nearest branch using the IndusInd Bank branch locator https://www.indusind.com/in/en/personal/locate-us.html .
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About this content
Public source: Original MyRupaya page
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