Indian Bank Domestic Term Deposits FD

What is Indian Bank Domestic Term Deposits FD

Indian Bank Domestic Term Deposits FD can be described as a fixed amount for a specified period received by the bank that can be taken out only after the expiry of the fixed period. Different kinds of term deposits are available, such as fixed, short-term, and money multiplier deposits. In the Indian Bank, term deposits can be opened by one or more than one individuals in their names. The depositor or depositors will need to fill up a form and provide specimen signatures in the presence of a bank official to open a domestic term deposit account. Indian Bank offers five types of Domestic Term Deposits FD named:

• Short-term Deposit Scheme
• Tax Saver Deposit Scheme
• Money Multiplier Deposits
• IND Non-Callable Deposit
• IND Shakti 555 Days

Eligibility Criteria for Indian Bank Domestic Term Deposits FD

To open an Indian Bank Domestic Term Deposits FD, the account holders need to match specific eligibility criteria:

• The account holder or holders need to be Indian residents
• HUFs can open deposit accounts
• Trusts can also open deposit accounts
• Partnership firms are also eligible to open deposit accounts
• Public or private companies can also deposit accounts

Documents Required to Open an Indian Bank Domestic Term Deposits FD

There are certain documents that an individual must submit to open an Indian Bank Domestic Term Deposits FD. These documents include the following:

• Application form of fixed deposit
• Two passport-size photographs
• Pan card or Form no 60 or 61 of the Income Tax Act
• Identity card as per KYC documents which can include driving license, Adhar Card, Passport, Voter ID Card, and others)
• Address proof as per KYC documentation (Electricity bill, Telephone Bill, Statement with cheque, Adhar card)
• Any other documents such as partnership deed, trust, and HUF documents.

Key Attractions of Indian Bank Domestic Term Deposits FD

Indian Bank term deposits are highly attractive due to the following reasons:

• Fixed returns: With the help of Indian Bank Fixed deposits, one can get fixed returns as interest. The interest rate on the amount will not change even if the interest rate in the market has changed. 

• Flexible tenure: The Indian Bank Domestic Term Deposit FD provides customers flexible tenure. One can keep a fixed deposit for as low as seven days to as high as ten years. It helps the investors choose the period according to their convenience. 

• High-interest rates: Higher interest rates are available on Indian Bank Domestic Term Deposits FD. The FD rate for normal people is between 2.8% to 7.1% p.a., depending on the deposit period, and the interest rate for senior citizens is between 3.3% to 7.6% p.a. depending on the tenure.

• Low-risk investment: There are no forms of risks associated with fixed-term deposits.
• Easy to open and manage: Opening a Fixed Term Deposit account with the Indian Bank is very easy. The individual must only complete a form and provide all the required documents. 

Features & Benefits of Indian Bank Domestic Term Deposits FD

Some of the features of the Indian Bank Domestic Term Deposits FD can be mentioned below:

• Premature withdrawal: All the fixed deposits at Indian Bank can be withdrawn prematurely except the Tax Saving FD. Moreover, no penalties must be given if the deposit amount is below Rs 5 lacs and if it is kept for 181 days at least. However, for deposits over Rs 5 lacs that have been withdrawn before 181 days, then a penalty of 1% has to be paid.
• Auto-renewal: The account holders can also opt for an auto-renewal facility
• Safety: This fixed deposit is very much safe as there are no chances of losing money in this deposit. 

How to Apply for Indian Bank Domestic Term Deposits FD?

You must follow specific steps to open a Fixed deposit account at Indian Bank. To start with:

• Select the period and the amount of the deposit

Your first concern will be to select the tenure for which you want to save money and the total amount you wish to deposit.

• Select the type of FD Scheme.

There are various options such as regular fixed deposit schemes, tax saver fixed deposit schemes, Short term fixed deposit schemes, Money Multiplier deposits, Ind Non Callable deposits, IND Shakti 555 days and others.

• Collecting the required documents

The next important step is to collect all the required documents for opening a Fixed Deposit account. These will include personal address details, KYC documents and others.

• Making the payment for the deposit

The next step will be to pay for the Fixed deposit and then monitor the deposit closely.