2023-12-19 15:35:04
IndusInd Bank Updates Interest Rates for Fixed Deposits and Savings Accounts
The trend of investing in fixed deposit schemes is on the rise as many people seek out opportunities to grow their income. To cater to this growing demand, many banks are offering higher interest rates on fixed deposit schemes. IndusInd Bank is one such institution that has recently updated its interest rates for savings accounts as well as fixed deposits.
Effective from December 5th, IndusInd Bank has implemented a new interest rate for savings accounts. In addition to this, the bank is also offering up to 7 percent interest on fixed deposits, making it an attractive option for individuals looking to invest their money.
The updated rates for the bank’s Savings Account are as follows: for daily balance up to Rs 1 lakh, the annual interest rate is 3.50 percent. For balance above Rs 1 lakh and up to Rs 10 lakh, the annual interest rate is 5.00 percent. Similarly, for balance above Rs 10 lakh and up to Rs 25 lakh, the annual interest rate is 6.00 percent.
For those with higher balances, the bank also offers competitive rates, with the annual interest rate set at 6.75 percent for daily balances ranging from more than Rs 25 lakhs and up to Rs 5 crores. For balances above Rs 5 crore and up to Rs 50 crore, the annual interest rate is also at 6.75 percent. The rate drops slightly to 6.00 percent for daily balances ranging from above Rs 50 crore to Rs 100 crore.
This new list of interest rates has been released to provide the benefit of annual interest on savings bank account to NROs and NREs.
Senthil Kumar, the Senior Digital Content Producer at Times of India, Tamil site, shared his opinion on these updates. “IndusInd Bank’s new interest rates make it an attractive option for individuals looking to invest and grow their savings. With competitive rates on both fixed deposits and savings accounts, the bank is catering to the needs of a growing number of investors.”
With these updated rates, IndusInd Bank aims to provide its customers with the best possible returns on their investments and attract new customers looking for a secure and profitable investment option.
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