Mumbai : Several banks have boosted interest rates in response to the RBI’s interest rate cycle shift, while others are in the process of implementing new rates. The good old Fixed Deposit (FD) has resurfaced as a viable alternative thanks to increasing deposit rates. However, in an era of over 6% inflation, depositors don’t have many options for earning even inflation-beating rates. Senior persons, on the other hand, receive significantly superior FD rates from all banks.
On a 5-year tenor or deposit period, senior folks can earn up to 7% interest in Mumbai-based IndusInd Bank; the rate for other depositors is 6.50 percent. This is a greater rate than most others.
IndusInd provides older folks 7% interest on savings under Rs 2 crore with terms ranging from 2 years to under 61 months or 5 years and 1 month. For the same period, the rate for other depositors is 6.50 percent. IndusInd refers to these tenor FDs as Green Deposits.
“The Bank will use the proceeds from these deposits to finance a wide range of sectors under the United Nations Sustainable Development Goals (SDGs) themes, including energy efficiency, renewable energy, green transportation, sustainable food, agriculture, forestry, waste management, and greenhouse gas reduction,” IndusInd explains on its website.
“A green Deposit Certificate and FD Advice would be sent to the Fixed Deposit Holder,” IndusInd added.
On deposits of less than Rs 2 crore for a period of 61 months or more, the bank offers 6.50 percent to senior folks. The bank’s Indus Tax Saver scheme, which has a 5-year maturity period, pays elderly citizens 7% and other depositors 6.50 percent.