Indian Bank, a public sector lender, increased interest rates on fixed deposits below ₹2 crore. According to the bank’s official website, the new rates take effect on August 24, 2022. Following the modification, the bank increased interest rates on deposits maturing in 1 to 5 years or more by 5 to 15 bps.
Indian Bank FD Rates
The bank will continue to offer a 2.80% interest rate on fixed deposits maturing in 7 days to 29 days and a 3% interest rate on fixed deposits maturing in 30 days to 45 days. Fixed deposits with maturities between 46 and 90 days will continue to earn 3.25% interest, while those with maturities between 91 and 120 days will continue to pay 3.50% interest. The bank will continue to give an interest rate of 3.75% on fixed deposits maturing in 121 days to 180 days, and an interest rate of 4% on fixed deposits maturing in 181 days to less than 9 months, according to Indian Bank.
Fixed deposits that mature in 9 months to less than 1 year will still pay an interest rate of 4.40%, while those that mature in 1 year will now earn an interest rate of 5.45%, up from 5.30% before, a 15 basis point increase. On fixed deposits maturing in more than 1 year to less than 2 years, the bank will now fetch an interest rate of 5.50% which was earlier 5.40% a hike of 10 bps and on fixed deposits maturing in 2 years to less than 3 years, Indian Bank will now fetch an interest rate of 5.55% which was earlier 5.50% a hike of 5 bps. Indian Bank will now offer an interest rate of 5.75% which was earlier 5.60% a hike of 15 bps on deposits maturing in 3 years to less than 5 years and on fixed deposits maturing in 5 years and above the bank will now offer an interest rate of 5.65% which was 5.60% earlier.
Indian Bank has mentioned on its website that “The revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits.”
Indian Bank has said on its website that “For Domestic Term Deposit for Senior Citizens, additional rate of interest payable would be 0.50% p.a. for amount up to ₹10 crore. The additional rate would be offered on deposits of 15 days to 10 years over the card rate in respect of Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Schemes. Similarly, for Recurring Deposit accounts, additional interest rate would be eligible for the period from 6 months to 120 months (In multiples of 3 months).”
Indian Bank also offers a special fixed deposit scheme named “IB – Golden Ager” for super senior citizens, for which it has specified on its website that “A Special Term Deposit Account for Super Senior Citizen” (Age 80 years and above) is offering additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit for all deposit buckets.”
On fixed deposits maturing in above 5 Years up to 10 Years, Indian Bank offers a total benefit of 0.75% which is 0.25% additional to the existing premium of 0.50%. For the same Indian Bank has said on its website that “A special offer for Senior Citizens (Aged 60 years & above) : An additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit (0.50+0.25 = 0.75) for deposit bucket “above 5 Years up to 10 Years”.”