India’s 5th largest private sector bank hikes interest rates on fixed deposit

Interest rates on fixed deposits of less than ₹2 crore have been raised by IndusInd Bank, India's fifth-largest private sector bank by revenue. 

Interest rates on various tenors have been raised to a maximum of 6.50 per cent for non-senior citizens and 7% for senior citizens. 

The interest rate on term deposits maturing from 121 days to 180 days will remain at 4.50 per cent 

The bank increased the interest rate on deposits with a maturity period of 211 days to 269 days from 4.75 per cent 

IndusInd Bank will continue to give a 5.50 per cent interest rate on deposits held for 270 to 364 days.  

The interest rate on deposits of one year to less than two years has remained steady at 6%. 

The interest rate on term deposits maturing in two years to less than 61 months has remained steady at 6.50 per cent.  

The bank has mentioned on its website that “An additional interest rate of 0.50% over and above the card rates is applicable for Term Deposits of Senior citizens 

However, in case the senior citizen opts to place deposits of value greater than or equal to 2 Cr, the benefit of additional interest shall not be available."