Fixed Deposit Details
Bank Name
Indian Bank
Eligibility
A person in his/her own name;
Minor(s) represented by his/her/their guardian;
Two persons with one of the following clauses:
A. Jointly B. Either or Survivor & C. Former or Survivor
More than two persons repayable either (a) jointly or (ii) to anyone or the survivor(s) of them:
A firm, a company or an association in its name
Interest Rate
2.80 to 4.35%
Tenure
7 to 180 days.
Fixed Deposit Type
Short Term
Short Term Deposits
Tax Benefits
None
Credit Ratings
CRISIL AAA
Interest Payment Frequency
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 1000.
There is no limit on the maximum deposit amount.
Premature closure of the deposit is allowed.
Deposit tenure starts from 7 days and up to 180 days.
Minimum Investment Amount
1000
Features & Benefits
Pros
Deposit tenure starting from 7 days.
Additional concession for senior citizens.
No limit on maximum deopisit amont.
Cons
Low interest rates for certain tenure options.
Interest payout will only be made at maturity.
Pros & Cons
Account Opening Procedure
How to Open?
You can open the FD online by visting the website https://www.indianbank.in/#!
Application Procedure
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