1162029 SIP myths you must know!

IndusInd Bank has slashed fixed deposit interest rates. Now, bank account holders will get lower interest of 7.50 per cent on fixed deposits of 1 year 7 months to 2 years. Earlier, the private lender used to give 7.75 per cent interest to depositors on the same tenure. However, other tenures of term deposits with the lender continue to fetch same interest to depositors as earlier.

This 7.50 per cent is currently the highest interest rate that depositors can get by opening a term deposit with IndusInd Bank. The Mumbai-based lender is giving 7.50 per cent rate of interest (RoI) on FDs of three different tenures. First tenure is of 12 months to 18 months. Second tenure is of 1 year 6 months to below 1 year 7 months and the third tenure is of 1 year 7 months to 2 years. IndusInd Bank is giving 7.50 per cent RoI on FDs of all these three tenures. Senior citizens will get additional of 0.75 per cent interest rate i.e. 8.25 per cent on FDs of  these tenures.

The second highest interest rate that citizens can get with FDs of the private lender is 7.25 per cent. Depositors have the option to choose six different tenures of FDs to  get 7.25 per cent rate of interest. First tenure is of above 2 years to 2 years 1 month, second option is of above 2 years 1 month to below 2 years 6 months. Third tenure is of 2 years 6 months to below 2 years 9 months. Fourth tenure is of 2 years 9 months to 3 years 3 months. Fifth tenure is of  above 3 years 3 months to below 61 months. And, the sixth option is on tax saving fixed deposit of five years tenure. Senior citizens, on the other hand, will get 8 per cent interest rate on all these six different FD tenures.

On the other hand, on FDs of 364 days, depositors will get 6.35 per cent interest rate. The lowest rate of interest of 3.50 per cent is on FDs of 7 days to 14 days.

IndusInd Bank is currently giving 0.75 per cent additional rate of interest to senior citizens on FDs of all the tenures mentioned above.

IndusInd Bank Fixed Deposit RoI: