State Bank of India provides information on the various Interest rates offered by it on various loans and deposit schemes. Details of Up-to-date interest rates scheme-wise is given in the sections one could click on to. . Premature withdrawal facility is available on the term deposits held in Indian Bank. Interest rates on term deposits vary in the range of 4.50% per annum – 6.75% per annum.
A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
- . Premature withdrawal facility is available on the term deposits held in Indian Bank. Interest rates on term deposits vary in the range of 4.50% per annum – 6.75% per annum.
- Indian Bank established on 15th August 1907 as part of the Swadeshi movement. ISS certified Standard ISO very few Banks certified worldwide.
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.
Indian bank is a popular bank in India which offers several schemes to its customers, helping them invest their money. The bank provides many facilities to its customers which are useful for long term. Indian Bank FD rates range from 4% to 6.25% and a higher interest rate of up to 7% for senior citizens.
The tenure can range from 7 days to 10 years and with the investment schemes and the Indian Bank FD interest rates provided, it comes out as one of the best investment options available for customers of various categories. Also, the Indian bank provides its customers with a calculator which can calculate the maturity amount and interest rates.
Indian Bank Fixed Deposit Interest Rate
The Indian bank offers a wide range of investment options in the form of fixed deposits. The Indian Bank FD interest rates range from 4% to 6.25% from tenures ranging from 7 days to 10 years. Moreover, the rate of interest is higher for senior citizens. Given below is the table displaying the Indian Bank FD rates for investments which are less than Rs. 1 crore.
Tenure | Indian Bank FD Rates (Annually) |
| 7 – 14 Days | 4.50 Percent |
| 15 – 29 Days | 4.50 Percent |
| 30 – 45 Days | 4.50 Percent |
| 46 – 90 Days | 5.00 Percent |
| 91 – 120 Days | 5.75 Percent |
| 121 – 180 Days | 6.00 Percent |
| 181 – 269 Days | 6.25 Percent |
| 9 Months to 364 Days | 6.25 Percent |
| 1 Year | 6.50 Percent |
| 1 Year 1 Day to 1 Year 364 Days | 6.25 Percent |
| 2 Years to 2 Years 364 Days | 6.25 Percent |
| 3 Years to 10 Years | 6.00 Percent |
Indian Bank Senior Citizen FD
As mentioned above, the interest rates for Indian Bank FD senior citizen are higher than the regular investments. Indian bank offers an additional interest rate of 0.50% to senior citizens. If submitted with the age proof in the Indian Bank FD senior citizen can avail for a loan of up to 7% for a period of 7 years. Given below is the table displaying the Indian Bank FD Interest rates for investments made by the senior citizen which are less than Rs. 1 crore.
Tenure | Indian Bank Senior Citizen FD Rates (Annually) |
| 7 – 14 Days | 5.00 Percent |
| 15 – 29 Days | 5.00 Percent |
| 30 – 45 Days | 5.00 Percent |
| 46 – 90 Days | 5.50 Percent |
| 91 – 120 Days | 6.25 Percent |
| 121 – 180 Days | 6.50 Percent |
| 181 – 269 Days | 6.75 Percent |
| 9 Months – 364 Days | 6.75 Percent |
| 1 Year | 7.00 Percent |
| 1 Year 1 Day to 1 Year 364 Days | 6.75 Percent |
| 2 Years – 2 Years 364 Days | 6.75 Percent |
| 3 Years to 10 Years | 6.50 Percent |
Indian Bank FD schemes
Indian bank offers many FD types to its customers. Investors can choose among them if they are satisfied with the Indian Bank fixed deposit rates and the facilities provided. These schemes which include the regular fixed deposits, reinvestment plan, tax saver deposits, facility deposit, and the deposit scheme for senior citizens satisfy the financial goals of many. Given below is the detailed description about each scheme.
Regular Fixed Deposits
Customers can invest a minimum of Rs. 100 for a period of 7 days to a maximum of 10 years. There is no limit on the maximum investment amount and customers get a number of facilities with this scheme such as automatic renewal, pre-closure of deposits, and loan/ overdraft facility.
Reinvestment Plan
The dividend earned through this scheme is reinvested for future gains, thus proving to be a good option for investors. Deposits in this scheme come with a tenure ranging from 6 months to 10 years. Interest is compounded quarterly, and customers can avail nomination facilities along with overdraft facility and loan.
Tax Saver Deposits
This is a good option for customers looking to avail tax benefits while continuing to earn the interest rate on investments. Customers can invest in multiples of Rs. 100 for a tenure ranging from 5 years to 10 years. They come with a lock-in period of minimum 5 years and investors cannot avail any loan on these deposits.
Facility Deposit
Facility deposit type comes with a built-in overdraft facility of up to 90%. The minimum period of investment is 1 year, and the maximum is 3 years. Investors have to invest a minimum amount of Rs.10,000. Customers can avail facilities like the automatic renewal facility.
Deposit Scheme for Senior Citizens
This scheme is intended for senior citizens only. They can get a higher rate of interest along with other value-added benefits through this scheme. The minimum term of investment is 15 days up to 10 years. Customers need to make an initial investment of Rs.1,000. This scheme comes with several facilities such as automatic renewal, foreclosure, and loan. Customers need to submit the age proof to avail this scheme.
Indian Bank FD Calculator
Calculating the maturity amount is cumbersome and time-consuming. Therefore, the bank provides its customers with the Indian Bank FD calculator which is very convenient for the customers not only to calculate the maturity amount but also to compare various schemes and its rates. Customers can check their profit if invested in the Indian Bank and compare it with that provided by the other banks. Depending on the scheme which suits them the best, customers can take their decision on which scheme to invest in. This saves the customers time, money and effort of going to the bank personally and inquiring about the details. Indian bank provides this facility free of cost online.
How to Calculate Indian Bank Fixed Deposit Interest Rate
The best way to calculate the Indian Bank fixed deposit rates is by using the calculator provided by the bank online. Customers need to feed in details such as the principal amount, interest compounding frequency, rate of interest, and tenure of the deposit into the Indian Bank FD calculator. It then gives accurate numbers within seconds.
Indian Overseas Bank Deposit Rates
Fixed deposits are a very efficient way of investment. Instead of keeping the money in the bank, keeping them in a fixed deposit will increase the returns effortlessly. And if done from the Indian Bank, customers can also avail many facilities along with high interest rates.