The Mumbai-based IndusInd Bank is offering amazing benefits to depositors. A senior citizen here can earn 7 percent interest on their FDs up to five-year tenure, while the general category will be able to earn a 6.50% rate. These are higher FD rates compared to major banks.
IndusInd Bank is offering a 7 percent interest rate on FDs for senior citizens. Fixed deposits are one of the most risk-free and safe investment options with guaranteed returns.
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This makes them one of the most preferred investment schemes for the elderly and banks offer a 50bps or 0.5 percent extra interest to senior citizens over the normal rates.
A senior citizen can earn 7 percent interest on their FDs with tenure of more than 2 years and less than 5 years. The general category can earn a 6.50 percent rate. This interest rate is higher than what most banks offer.
Here are the interest rates offered by IndusInd bank on FDs below Rs 2 crore of different tenures.
|Tenure||Rate for general category||Rate for senior citizens|
|7 - 14 days||2.75 percent||3.25 percent|
|15 - 30 days||3.00 percent||3.50 percent|
|31 - 45 days||3.25 percent||3.75 percent|
|46 - 60 days||3.50 percent||4.00 percent|
|61 - 90 days||3.75 percent||4.25 percent|
|91 - 120 days||4.00 percent||4.50 percent|
|121 - 180 days||4.50 percent||5.00 percent|
|181 - 210 days||4.60 percent||5.10 percent|
|211 - days||4.75 percent||5.25 percent|
|270 - days||5.50 percent||6.00 percent|
|355 - 364 days||5.50 percent||6.00 percent|
|1 Year to less than 1 Year 6 Months||6.00 percent||6.50 percent|
|1 Year 6 Months to less than 1 Year 7 Months||6.00 percent||6.50 percent|
|1 Year 7 Months to less than 2 Years||6.00 percent||6.50 percent|
|2 years to less than 2 years 6 Months||6.50 percent||7.00 percent|
|2 years 6 Months to less than 2 years 9 Months||6.50 percent||7.00 percent|
|2 years 9 months to less than 3 years||6.50 percent||7.00 percent|
|3 years to less than 61 months||6.50 percent||7.00 percent|
|61 month and above||6.00 percent||6.50 percent|
|Indus Tax Saver Scheme (5 years)||6.50 percent||7.00 percent|
The FDs booked for these tenures are qualified as '‘Green Deposits’ by IndusInd.
On its website, for Green Deposits, IndusInd said, "The Bank, will use the proceeds from these deposits to finance a wide array of sectors falling under the United Nations Sustainable Development Goals (SDGs) themes including energy efficiency, renewable energy, green transport, sustainable food, agriculture, forestry, waste management, and greenhouse gas reduction."