Indian Bank FD Rates: If you want to earn good returns in a short period while keeping your money safe, then Indian Bank’s 555 days FD scheme is suitable for you. On investing Rs 2,00,000, you will get guaranteed interest which will help in your financial needs.
It is important to understand the interest rate, tax rules and bank terms before investing, so that you can make the right investment wisely.
Indian Bank FD Rates : In today’s time when economic instability and market uncertainties are increasing, the search for safe investment has become the priority of every investor. In such a situation, Indian Bank’s 555-day Fixed Deposit (FD) scheme can prove to be a reliable option. If you invest an amount of Rs 2,00,000, then this scheme can give you fixed and attractive returns. Let us know about this FD scheme in detail.
Indian Bank’s 555 days FD scheme
Indian Bank has introduced its 555 days FD scheme especially for those investors who want to earn good interest by making safe investments in the medium term. This time period of 555 days i.e. a little more than 1.5 years is suitable for those who want to keep their money safe for a long time but do not want to spend too long.
How much return will you get on investing Rs 2,00,000?
Let’s assume that Indian Bank is offering an interest rate of 6.6% per annum on this FD (interest rates may change over time, so it is important to check with the bank before investing). You will get interest for a period of 555 days.
- Investment amount: ₹2,00,000
- Duration: 555 days (about 1.52 years)
- Interest Rate: 6.5% per annum (sample rate)
The total interest on this basis
- Interest = P × R × T / 100
- = 2,00,000 × 6.6 × 1.52 / 100
- = around 20064 rupees
- This way, your total amount at the end of the investment will be
- 2,00,000 + 20064 = Rs 2,20064
- This amount will be fixed and guaranteed for you, without any risk.
Benefits of FD
Safe Investment – Your principal amount is completely safe in FD as it is covered under bank guarantee.
Fixed Returns – You get fixed interest without being affected by market fluctuations.
Flexible Tenure – Indian Bank’s 555 days tenure is the perfect choice for medium term.
Tax benefits – Some FD schemes may also offer tax benefits, such as tax saving FDs.
Online Facilities – Indian Bank FD schemes can also be easily opened online.
How to invest?
It is very easy to invest in Indian Bank’s FD scheme. You can go to the nearest branch and fill the form or you can also invest through Indian Bank’s website or mobile app. It is necessary to keep the necessary documents for investment like identity card, address proof and bank account number with you.
What is Fixed Deposit?
Fixed Deposit, also known as FD, is a banking product in which you deposit money in the bank for a fixed period and you get fixed interest during this period. Investment in FD is considered safe as there is no risk to your principal and the bank gives you returns at a fixed interest rate.
