Fixed Deposit or FD is a good interest rate investment option. Indian Bank offers a Fixed Deposit Account with a high-interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. You can visit the official website.
Benefits of Indian Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Indian Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Indian Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Indian Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Indian Bank.
Indian Bank of India Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Indian Bank Fixed Deposit Interest Rate
| TIME PERIOD | INTEREST RATES | |
|---|---|---|
| For Deposits Below 1 Crore | For Deposits 1-5 Crore | |
| 7 Days to 14 Days | 4.50% | 4.50% |
| 15 Days to 30 Days | 4.50% | 4.50% |
| 31 Days to 45 Days | 4.50% | 4.50% |
| 46 Days to 60 Days | 5.00% | 5.00% |
| 61 Days to 90 Days | 5.00% | 5.00% |
| 91 Days to 180 Days | 6.50% | 6.25% |
| 181 Days to 270 Days | 6.50% | 6.25% |
| 271 Days to 1 year | 6.50% | 6.25% |
| 1 Year | 6.75% | 6.50% |
| 1 Year to 2 Years | 6.60% | 6.00% |
| 2 Years to 3 Years | 6.50% | 5.50% |
| 3 Years to 5 Years | 6.75% | 5.00% |
| 5 Years to 10 Years | 6.50% | 5.00% |
Indian Bank NRE Fixed Deposit
| Period | Below 1 Crore | 1 to 5 Crore |
|---|---|---|
| 1 Year | 6.75% | 6.50% |
| 1 Year to 2 Years | 6.60% | 6.00% |
| 2 Years to 3 Years | 6.50% | 5.50% |
| 3 to 5 Years | 6.75% | 5.00% |
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