This Bank is offering up to 7.5% on FDs, senior citizens to get additional 0.75% return

IndusInd Bank FD rate 2023: Private sector lender IndusInd Bank has revised the interest rates on Fixed Deposits (FD), effective from March 12. The bank is now offering up to 7.5 per cent return to the general public on FDs from Rs 2 crore to less than Rs 5 crore. Similarly, the interest rate for senior citizens is up to 8.25 per cent.

Let us take a quick glance at how much the general public and senior citizens will benefit in 3 years on a lump sum deposit of 10 lakhs at the new rates.

IndusInd Bank FD rate 2023: Calculation

IndusInd Bank is guaranteeing 7.5 per cent interest of FD for the general public if they stay invested for 3 years. To put things into perspective, if a customer makes an FD of Rs 10 lakh, then they will get Rs 12,49,716 on maturity. 

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Similarly, senior citizens are provided with 8.25 per cent interest per annum on 3 years FD. So, to put things into perspective, if senior citizens make an FD of Rs 10 lakh, then they will get Rs 12,77,599 on maturity.

IndusInd Bank FD rate 2023:Tax saving on 5-year FD

Interest earned on FD is taxable but taxpayers can claim a deduction under section 80C on FD of 5 years. Under 80C, a maximum tax deduction of up to Rs 1.5 lakh can be claimed in a financial year.

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