Fixed Deposit Details
Bank Name
Indian Bank
Eligibility
Account should be opened in the name of an Indian resident.
Interest Rate
Up to 6.75%.
Tenure
3 Years.
Fixed Deposit Type
Variable Recurring Deposit
Variable Recurring Deposit
Tax Benefits
None
Credit Ratings
CRISIL AAA
Interest Payment Frequency
Not specified by the bank. 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
Initial deposit of Rs.500.
Maximum deposit of Rs 10,00,000 per month.
This deposit has the option of varying the monthly instalments.
Specific tenure of 3 years.
Minimum Investment Amount
500
Features & Benefits
Pros
Overdraft/Loan against deposit is available.
Competitive interest rates.
Flexible monthly instalment.
Cons
Specific tenure of 3 years.
Monthly limit on the deposit.
Pros & Cons
Account Opening Procedure
How to Open?
You can open the FD online by visting the website https://www.indianbank.in/#!
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.