Product Details
Bank Name
IndusInd Bank
Eligibility
Individuals above 60 years of age.
Interest Rate
4 to 8.25% per annum.
Tenure
7 days to 120 months.
Fixed Deposit Type
Senior Citizen
Senior Citizen Fixed Deposits Scheme
Tax Benefits
No
Credit Ratings
AA+ Crisil and ICRA
Interest Payment Frequency
monthly, quarterly, half-yearly, yearly or at 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
Cumulative
Features
Minimum deposit of Rs 10,000.
The interest rate is 0.50% more than the regular interest rate.
Deposit tenure is from 7 days to 120 months.
Nomination facility is available.
Premature closure is allowed.
Minimum Investment Amount
10,000
Fees and Charges
Pros
Up to 0.50% more interest than what applies to a regular customer.
Flexibility in interest credit frequency on a monthly, quarterly, half-yearly, annually or at maturity.
Flexible tenure as per convenience.
Premature withdrawal is allowed.
Cons
No tax saving options.
Pros & Cons
Account Opening and Procedure
How to Open?
1. Online:
Visit the IndusInd Bank website or app.
Log in to your existing IndusInd Bank account.
Look for the "Fixed Deposit" or "FD" option.
Choose the desired deposit amount and tenure.
Provide the necessary details and submit the application.
2. Visiting a Branch:
Locate an IndusInd Bank branch near you.
Visit the branch with the required documents, which may include:
Identity proof (e.g., Aadhaar card, PAN card)
Address proof (e.g., utility bill, passport)Income proof (may be required for higher amounts)
Fill out the necessary application forms.
Submit the required documents and deposit the desired amount
Application Procedure
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