It depends.
Say the index page links to page 2 then that links to page 3 where your link is then its fine. Of course what you want is a link on the page that has the most rank with few other outbound links on it.
But if the page you are on is not linked to other pages then no.
Here is one way to check. Go to google. Type in the url of the page that has your link. Hit enter. See if google has a cache of that page. If no then at least at this time google does not know that page or the links on it exist.
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