IndusInd Bank, a large private bank, has begun adjusting its savings account interest rates effective December 5, 2023. The bank’s recent move reflects a strategic shift in financial services, with the maximum interest rate for savings accounts currently set at 6.75%. These changes underscore the bank’s commitment to remain competitive in a dynamic financial market. Customers are encouraged to stay informed of these changes and to consider the revised interest rates. We also emphasize the need to make informed decisions when managing their financial portfolios. IndusInd Bank will continue to adapt to market dynamics and provide attractive and customer-oriented services.
New Savings Account Interest Rates:
With the revised interest rates, IndusInd Bank will apply interest rates of up to 6.75% to savings accounts. The interest rate will be dependent on the daily balance in the savings account. Below is a chart of the interest rates after the change:
- Daily balance up to Rs. 1 Lakh: 3.50%
- Daily balance above Rs. 1 Lakh up to Rs. 10 Lakhs: 5.00%
- Daily balance above Rs. 10 Lakhs up to Rs. 25 Lakhs: 6.00%
- Daily balance above Rs. 25 Lakhs up to Rs. 5 Crs: 6.75%
- Daily balance above Rs. 5 Crs up to Rs. 50 Crs: 6.75%*
- Daily balance above Rs. 50 Crs up to Rs. 100 Crs: 6.00%*
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Fixed Deposit (FD) Rates at IndusInd Bank:
In addition to revising savings account deposit rates, IndusInd Bank has also revised its FD rates for various maturity periods. The new FD rates are as follows:
- FD maturing in 7 to 30 days: 3.50%
- FD maturing in 31 to 45 days: 3.75%
- FD maturing in 46 to 60 days: 4.25%
- FD maturing in 61 to 90 days: 4.60%
- FD maturing in 91 to 120 days: 4.75%
- FD maturing in 121 to 180 days: 5%
- FD maturing in 181 to 210 days: 5.85%
- FD maturing in 211 to 269 days: 6.1%
- FD maturing in 270 to 354 days: 6.35%
- FD maturing in 355 to 364 days: 6.35%
- FD maturing in 1 year to 1 year 6 months: 7.5%
- FD maturing in 1 year 6 months to 2 years: 7.5%
- FD of 2 years to 3 years: 7.25%
- FD of 3 years to 61 months: 7.25%
- 5-year FD: 7.25%
IndusInd Bank’s interest rate changes are intended to provide customers with competitive and attractive options for both savings and time deposits. Individual investors are encouraged to stay informed about these changes and consult their financial advisors for individual guidance on investment strategies.