Indian Bank 555-Day FD offers an interest rate of 7.00% per annum to general depositors and 7.50% to senior citizens, according to the bank’s current information for its special IND Shakti 555 Days deposit.
The special deposit has a tenure of 555 days, or around 18 months. Indian Bank says the product is available for deposits below Rs 2 crore and can be opened as either a fixed deposit or a Money Multiplier Deposit.
Indian Bank 555-Day FD Offers Higher Rates
For a 555-day deposit, the general public can earn 7.00% per annum, while senior citizens can receive 7.50% per annum under the IND Shakti 555 Days scheme.
These rates are higher than the bank’s standard rates for several regular deposit tenures.
The senior-citizen rate includes the additional interest benefit offered by Indian Bank.
The bank states that senior citizens are eligible for an additional 0.50 percentage point on eligible domestic term deposits, subject to the applicable conditions.
How the 555-Day Deposit Works
The 555-day product is designed as a special term deposit with a fixed investment period.
Depositors can choose between an FD and a Money Multiplier Deposit, depending on the available product terms.
Indian Bank says the scheme permits investments below Rs 2 crore.
The bank also provides options such as premature closure, nomination and loan facilities for its fixed-deposit products, subject to applicable conditions.
The interest rate applicable to a deposit is important because even a small difference can affect the maturity amount over a fixed tenure.
Depositors should check the rate and terms applicable on the date they actually book the deposit.
What Senior Citizens Should Know
Senior citizens receive an additional interest benefit on eligible Indian Bank term deposits.
The bank currently states that the additional 0.50% per annum applies to senior citizens for an aggregate amount up to Rs 10 crore, with specific limits on individual deposits.
Interest earned from an FD is taxable according to the depositor’s applicable tax rules. TDS provisions may also apply when interest income crosses the prescribed threshold.
Check Latest Rate Before Investing
Indian Bank 555-Day FD rates can change, so investors should verify the latest applicable rate and product conditions with the bank before opening a deposit.
The rate available at the time of booking is the relevant rate for the investment.
Depositors should also check premature-withdrawal rules, interest-payment options and other applicable terms before committing their money for the full 555-day period.
