When it comes to saving money, choosing the right term deposit can be an important part of planning for the future. To offer customers more options for setting aside their funds for a defined period, Indian Bank has introduced two term deposit products, Ind Grow and Ind Prosper.

Both products offer a fixed deposit tenor with a specified rate of interest, while giving customers the flexibility to choose the option that best aligns with their financial requirements and time horizon.

Ind Grow: A 555-day term deposit

Ind Grow is a term deposit with a tenor of 555 days and an interest rate starting at 6.65% p.a. The product accepts deposits starting from ₹1,000, up to ₹2,99,99,999. Bulk deposits of ₹3 crores and above are not eligible under the scheme.

The product is available to a wide range of customers. This includes individuals, whether singly or jointly, NRI customers. Firms, companies, associations, societies, clubs, HUFs, religious, charitable and educational institutions, municipalities, panchayats, government and quasi-government bodies and other entities not prohibited by RBI.

Ind Grow provides an additional interest rate of 0.50% p.a. for senior citizens and 0.75% p.a. for super senior citizens. These additional rates are not applicable to NRE and NRO customers.

Customers can choose to receive interest, net of TDS (if applicable), at monthly or quarterly intervals or on maturity through their linked savings or current account. Where there is no operative account, maturity proceeds can be paid through demand draft or NEFT/RTGS, as chosen by the customer.

The deposit also comes with nomination and maturity instruction facilities. Premature closure is permitted, with the applicable penalty as per normal term deposit rules. Customers may also avail themselves of an overdraft or demand loan against the deposit, subject to the Bank's prevailing norms.

Ind Prosper: A 777-day term deposit

For customers looking at a slightly longer fixed tenor, IND Prosper offers a deposit period of 777 days at an interest rate starting at 6.60% p.a. Like Ind Grow, the minimum deposit amount is ₹1,000, while the maximum is ₹2,99,99,999. Bulk deposits of ₹3 Crore and above are not eligible.

Ind Prosper is also available to individuals, NRI customers, firms, companies, associations, societies, clubs, HUFs, religious, charitable and educational institutions, municipalities, panchayats, government and quasi-government bodies and other eligible entities, subject to applicable conditions.

Senior citizens can earn an additional 0.50% p.a., while super senior citizens can earn an additional 0.75% p.a. The additional interest rates do not apply to NRE and NRO customers.

Interest, net of TDS (if applicable), can be paid monthly, quarterly or on maturity through the customer's linked savings or current account. If the customer does not have an operative account, maturity proceeds can be received through demand draft or NEFT/RTGS, as per the customer's choice.

The product also offers nomination and maturity instruction facilities, along with premature closure as per applicable rules. An overdraft or demand loan against the deposit is available subject to the Bank's prevailing norms.

Which One Should You Choose?

The key difference between the two products is their tenor and interest rate. Ind Grow comes with a 555-day tenor and an interest rate of 6.65%, while Ind Prosper has a 777-day tenor and an interest rate of 6.60%.

This gives customers an opportunity to consider their preferred deposit period depending upon their investing goals while choosing between the two options. Whether the objective is to place funds for 555 days or opt for a longer 777-day period, both products offer a structured term deposit route with clearly defined tenors and interest rates.

For retail/individual customers, nomination is mandatory under both products. The account must be fully KYC compliant, and term deposits can be transferred from one branch to another at the customer's request. The products are opened under the product codes specifically allotted for these categories, while other applicable terms and conditions of existing domestic term deposits continue to apply.

A Choice Designed Around Your Financial Plans

Saving is not only about putting money aside; it is also about deciding how long you want your money to remain invested and what kind of deposit structure works for you. With Ind Grow and Ind Prosper, Indian Bank adds two clearly defined term deposit options with different tenors, allowing customers to make a choice based on their financial plans.

With a minimum deposit of ₹1,000, defined tenors, applicable additional interest for senior and super senior citizens, and facilities such as nomination, maturity instructions and loans or overdrafts against deposits, the two products offer customers more ways to structure their term deposits.

Customers should review the applicable terms and conditions, including TDS provisions and premature closure rules, before opening a deposit.

Ind Grow and Ind Prosper, two new term deposit offerings from Indian Bank, designed to help you plan your savings with a defined tenure and applicable interest rate.

Know more: https://indianbank.bank.in/en/term-deposits

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