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IndusInd Bank hikes FD rates by up to 50 bps

Published on March 19, 2023
Current context: The private sector lender IndusInd Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. The bank is now offering interest rates ranging from 3.50% to 7.00% for the general public and 4.00% to 7.50% for senior citizens. 
IndusInd Bank hikes FD rates by up to 50 bps
  • The maximum interest rate on a deposit with a term of one year, six months to three years, three months will be 7.75% for the general public and 8.25% for senior citizens. This takes effect on March 18, 2023.
  • The bank will continue to give an interest rate of 3.50% on domestic term deposits of less than ₹2 Cr maturing in 7 days to 30 days, while IndusInd Bank will continue to offer an interest rate of 4.00% on deposits maturing in 31 days to 45 days. 
  • The interest rates offered by IndusInd Bank will remain at 4.50% for deposits held for 46 days to 60 days and 4.60% for deposits held for 61 days to 90 days.
  • Deposits that mature in 91 to 120 days will continue to earn 4.75% interest, while those that mature in 121 to 180 days will continue to earn 5.00% interest. On domestic term deposits maturing in 181 days to 210 days will continue to offer an interest rate of 5.75% and on those maturing in 211 days to 269 days, IndusInd Bank will continue to offer an interest rate of 5.80%.
  • IndusInd Bank has hiked interest rate by 50 bps from 7% to 7.50% on a deposit tenor of 1 year to below 1 year 6 months and has hiked interest rate by 50 bps from 7.25% to 7.75% on a deposit tenor of 1 year 6 months below 2 years. Deposits maturing in 2 years up to 3 years 3 months will now fetch an interest rate of 7.75% up by 25 bps from 7.50%. On Indus Tax Saver Scheme of 5 years, the bank will continue to fetch an interest rate of 7.25%.
  • For senior adults who are 60 years of age or above and have term deposits worth less than ₹2 Cr, the bank provides an additional 0.50% over and above card rates.

Question: 

Q.1 IndusInd Bank hikes FD rates by up to 50 bps, offers up to 8.25% on these tenors. This will be in effect from?
a. 18th March
b. 12th March
c. 13th March
d. 16th March

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