Indian Bank FD Interest Rates & Calculator

Explore financial security and consistent returns with Indian Bank Fixed Deposits - where trust meets competitive interest rates for your savings.

Invest Now In FD

Book your FD in 4 simple steps

Earn interest up to 8.60% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable) Invest Now

Indian Bank FD (Fixed Deposit)Interest Rates for Senior Citizens & Non-Senior Citizens

Check out the Indian Bank FD interest rates given below for a better understanding.

Tenures	Indian Bank FD Interest Rates for Non-Senior Citizens	Indian Bank FD Interest Rates for Senior Citizens
7 days to 45 days	2.80%	3.30%
46 days to less than 3 months	3.35%	3.75%
3 months to less than 4 months	3.35%	3.85%
4 months to less than 6 months	3.50%	4.00%
6 months to less than 9 months	4.00%	4.50%
9 months to less than 1 year	4.40%	4.50%
1 year	5.00%	5.50%
1 year 1 day to less than 2 years	5.05%	5.55%
2 years to less than 3 years	5.10%	5.60%
3 years to less than 5 years	5.20%	5.70%
5 years	5.25%	5.75%
5 years to up to 10 years	5.15%	5.65%

*The aforementioned Indian Bank interest rates are valid as of 05-Apr-2022, for deposits of up to Rs. 200 crore, and may be subject to change as per bank announcements.

Indian Bank Fixed Deposit Interest Rate Calculator

Deposit Amount

₹

Tenure

Months

Interest Rate

Interest Payout

Your Total Maturity Amount is

Total Investment

Total Interest Earned

Indian Bank FD Interest Rates and Interest Earned for Different Tenures

The Indian Bank fixed deposit monthly income scheme gives the best interest when the investment tenor is 5 years. This provides 5.25% for non-senior citizens.

Check out the table showing what the monthly payout would look like for an amount of Rs. 10 lakh for different tenures at the different interest rates in the case of a non-senior citizen.

Tenor	Interest Rates of FD	Rs. 10 Lakh Fixed Deposit Interest Per Month	Total Interest Amount for Rs. 10 Lakh	Maturity Amount for Rs. 10 Lakh
1 year	5.00%	Rs. 4,264	Rs. 51,162	Rs. 10,51,162
2 years	5.10%	Rs. 4,465	Rs. 1,07,144	Rs. 11,07,144
3 years	5.20%	Rs. 4,679	Rs. 1,68,432	Rs. 11,68,432
4 years	5.20%	Rs. 4,805	Rs. 2,30,660	Rs. 12,30,660
5 years	5.25%	Rs. 4,990	Rs. 2,99,432	Rs. 12,99,432

*The Indian Bank FD interest rates are valid as of 05-Apr-2022, and may be subject to change as per the Bank’s discretion.

Indian Bank FD Interest Rates and Interest Earned for Different Tenures - Senior Citizen

The Indian Bank FD interest rates are 0.50% higher for senior citizens than the general customers. The highest interest rate provided is 5.75% for a tenure of 5 years.

Check out the table showing what the monthly payout would look like for an amount of Rs. 10 lakh for different tenures at the different interest rates in the case of a senior citizen.

Tenor	Interest Rates of FD	Rs. 10 Lakh Fixed Deposit Interest Per Month	Total Interest Amount for Rs. 10 Lakh	Maturity Amount for Rs. 10 Lakh
1 year	5.50%	Rs. 4,701	Rs. 56,408	Rs. 10,56,408
2 years	5.60%	Rs. 4,926	Rs. 1,18,222	Rs. 11,18,222
3 years	5.70%	Rs. 5,167	Rs. 1,86,011	Rs. 11,86,011
4 years	5.70%	Rs. 5,320	Rs. 2,55,407	Rs. 12,55,407
5 years	5.75%	Rs. 5,536	Rs. 3,32,176	Rs. 13,32,176

*The Indian Bank FD interest rates are valid as of 05-Apr-2022, and may be subject to change as per the Bank’s discretion.

Indian Bank FD Interest Rates and Interest for Different Deposit Amount

The monthly interest payout for an Indian Bank FD of a higher amount is much greater than the lower one. Indian Bank offers interest rates for FDs depending on the type of deposit scheme you choose.

Details about the maturity amounts and interest earned for different amounts invested for 5 years as fixed deposit in Indian Bank at the rate of 5.25% have been provided below.

Investment Amount	Monthly Interest	Cumulative interest for 5 years
Rs. 1 Lakh	Rs. 499	Rs. 29,943
Rs. 5 Lakh	Rs. 2,495	Rs. 1,49,716
Rs. 10 Lakh	Rs. 4990	Rs. 2,99,432
Rs. 15 Lakh	Rs. 7486	Rs. 4,49,148
Rs. 20 Lakh	Rs. 9,981	Rs. 5,98,865
Rs. 25 Lakh	Rs. 12,476	Rs. 7,48,581

*The Indian Bank FD interest rates are valid as of 05-Apr-2022, and may be subject to change as per the Bank’s discretion.

Indian Bank FD Interest Rates and Interest for Different Deposit Amount - Senior Citizens

The interesting aspect of an Indian Bank FD is that it can provide an additional 0.50% for senior citizens, depending on the type of the FD chosen and the investment tenor. You can find the details about the maturity amounts and interest earned for different amounts invested for 5 years as fixed deposit in Indian Bank at the rate of 5.75 in this table.

Investment Amount	Monthly Interest	Cumulative interest for 5 years
Rs. 1 Lakh	Rs. 554	Rs. 33,218
Rs. 5 Lakh	Rs. 2,768	Rs. 1,66,088
Rs. 10 Lakh	Rs. 5536	Rs. 3,32,176
Rs. 15 Lakh	Rs. 8304	Rs. 4,98,263
Rs. 20 Lakh	Rs.11,072	Rs. 6,64,351
Rs. 25 Lakh	Rs. 13,841	Rs. 8,30,439

*The Indian Bank FD interest rates are valid as of 05-Apr-2022, and may be subject to change as per the Bank’s discretion.

How is Indian Bank FD Maturity Amount Calculated?

There are two methods used to calculate interest on a fixed deposit. They are:

Simple Interest
Compound Interest.

Banks and NBFCs may use both depending on the tenure and the amount of the fixed deposit.

1. Simple Interest

To calculate simple interest, you can use the formula:

Simple interest = (P x R x T)/100

Where P stands for Principal amount, R for Rate of interest per annum and T for no. of periods (in years).

Let’s take an example. If you invest Rs. 50,000 at 5% per annum for 5 years; you can calculate the interest like this.

Simple interest = (50000 x 5 x 5)/100

= Rs. 12,500

So, the interest you earn for 5 years is Rs. 12,500.

Therefore, if you invest Rs. 50,000 in a fixed deposit with 5% p.a. simple interest, you will get back Rs. 62,500 at the end of 5 years as the maturity amount.

Similarly, you can calculate the same for different FD amounts.

2. Compound Interest

In this case, you can earn interest on the principal, and you earn interest on the interest also.

You can use a simple formula to calculate the compound interest.

Compound interest = P ( 1 + r/n)nt - P

Where P stands for Principal amount, n for no. of times the interest is compounded annually, r for rate of interest per period and t for overall tenure.

Let us take an example. If you invest Rs. 50,000 at 5% per annum for 5 years; you can calculate the interest like this.

Compound interest = [50000 x ( 1+ 0.05/12)12 x 5] - 50000

= Rs. 14,167.

So, the interest you earn for 5 years is Rs. 14,167.

Therefore, if you invest Rs. 50,000 in a fixed deposit with 5% p.a. compound interest, you will get back Rs. 64,167 at the end of 5 years as the maturity amount.

Similarly, you can calculate the same for different FD amounts.

You can use a FD interest calculator to easily carry out these operations in a second. To use the calculator, you just have to enter all values, including tenure, interest rate, etc.

Eligibility Criteria for Opening FD in Indian Bank

The following are eligible to open an FD with the Indian Bank:

Indian Resident
Non-Indian Resident
Two or more individuals – Joint account
Hindu Undivided Family
Minors
A firm, a company or an association in its name

How to Open FD in the Indian Bank?

If you are an existing savings bank account holder of Indian Bank, you can easily open a Fixed Deposit account (FD) using mobile banking. If you are not, then you can open an account online or physically visit the nearest Indian Bank branch and fill out the necessary forms. Follow the steps given below to open an Indian Bank FD online.

Visit the Google PlayStore and download the IndPay app.
Install the app on your mobile phone.
Enter your personal details like mobile number, name, account number, etc.
Verify your bank registered mobile number using the OTP provided.
Once it is verified, you can go to the ‘Deposits’ section.
Choose ‘Term Deposits’.
Select the tenure and FD amount.
Transfer the amount from the savings account to the new FD account in a few minutes.
Click on ‘OK’ for approving the FD application.

Features & Benefits of Indian Bank Fixed Deposit

Here are the features and benefits of the Indian Bank fixed deposit.

A time deposit for a fixed period to earn interest with easy liquidity
Stable, guaranteed and low-risk returns
Attractive interest rates as high as 5.25% for non-senior citizens and 5.75% for senior citizens.
Automatic renewal facility for equal period
Tenures ranging between 7 days and 10 years
Rs. 1000 as minimum deposit amount and no maximum limit

Who Can Invest in Indian Bank Fixed Deposit? - Eligibility Criteria

To be eligible to apply for an Indian Bank FD, the applicant should be:

Indian Resident
Non-Indian Resident
Two or more individuals – Joint account
Hindu Undivided Family
Minors
A firm, a company or an association in its name

Documents Required for Opening FD in Indian Bank

Following are the documents required for an Indian Bank fixed deposit.

KYC of all applicants

PAN card
Aadhaar card/Voter’s ID/Driving Licence/Passport

Latest passport size photograph

Different Types of Indian Bank Tax Saving Schemes

A standard FD in Indian Bank does not provide any tax benefits. However, if you invest in an IB Tax Saver Scheme, then you can get the dual advantage of attractive returns with tax saving. Other features and benefits include:

A maximum of Rs. 1.5 Lakh can be invested in the FD to save tax
Tenor ranging from 5 to up to 10 years for maximum returns
Specially designed scheme to avail tax rebate under section 80C of Income Tax Act
Additional interest rate of 0.50% for senior citizens
Available under FD/MMD schemes.
Nomination facility available.

TDS on Indian Bank Fixed Deposit

As per the Income Tax Act of India, the interest earned on a fixed deposit is taxable. Hence, Indian Bank is mandated to deduct tax at source (TDS) at the rate of 10%. This is done if the interest exceeds Rs. 40,000 for the financial year for non-senior citizens. This limit is Rs. 50,000 for senior citizens.

Fixed Deposit Rates for Other Banks
SBI FD Interest Rates	ICICI Bank FD Rates	Canara Bank FD Rates
Axis Bank FD Rates	PNB FD Interest Rates	Union Bank FD Rates
HDFC FD Interest Rates	Indusind Bank FD Rates	Bank of Baroda Fixed Deposit Interest Rate
Bandhan Bank FD Rates	Bank of India FD Rates	Karnataka Bank FD Interest Rates
Kotak Bank FD Rates	RBL FD Rates	UCO Bank FD Rates
IDFC First Bank FD Rates	Federal Bank FD Rates	Central Bank FD Interest Rate
IDBI FD Interest Rates	Punjab and Sind Bank FD Rates	DCB Bank FD Rates
Bank of Maharashtra FD Rates	KVB FD Interest Rates	Utkarsh Small Finance Bank FD Rates
IOB FD Interest Rates	Ujjivan Bank FD Rates	Saraswat Bank FD Rates
AU Bank FD Rates	YES Bank FD Rates	-

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Other Pages

Monthly Interest on FD

Indian Bank allows you to conveniently withdraw your amount under its premature FD withdrawal facility. This can be done online or by visiting the bank’s branch. However, you will be charged a penalty fee of 1% of the total amount liable for return.

It is easy to extend the investment tenor. Automatic renewal facility for equal period is available for Indian Bank FDs. Else, you can extend your FD online as well as by submitting a physical application that specifies the duration.

By pledging your Indian Bank FD you can get a loan of upto 90%-95% of the maturity amount.

Indian Bank gives you the option to enter a nominee for your FD. In case of the unfortunate death of the primary holder, the nominee (s) get the amount payout after furnishing the relevant documents.

When you open an Indian Bank FD, you simply need to submit your details in the account opening form and submit the relevant documents. If you would like to avoid getting TDS deducted then you need to submit form 15G (for non-senior citizens) and 15H (for senior citizens).

Indian Bank’s Tax Saver Scheme allows you tax benefits of Rs. 1.5 L under the section 80C of the Income Tax Act.

Since the interest earned of FD is taxable, the bank is required to deduct TDS for it. This can be avoided by submitting forms 15 G / H to the bank.

If you need to claim a TDS refund then a corresponding application will need to be filed on the Income Tax website. The application will undergo a verification process before the refund is confirmed.

Upon successful processing of the refund application, the payout usually happens between 3 to 6 months.

Yes, you can add a nominee to your Indian Bank FD. This can be done online or by submitting a physical form to the branch office.

Yes, you can avail a loan for up to 90% of the amount held in your fixed deposit account.

Since having a FD makes you an existing customer, you can request for an Indian Bank credit card by simply furnishing your identity proof. You will be required to visit a branch for this.