Indian Bank has raised interest rates on fixed deposits under Rs 2 crore. According to the bank’s official website, the new interest rates will be effective from July 4, 2022. has increased interest rates on fixed deposits maturing in one to five years and up to three years by 15-25 basis points.
On fixed deposits with maturities between 7 and 29 days, the bank will continue to offer a 2.80 percent interest rate. Indian Bank will continue to offer a 3 percent interest rate on deposits with maturities between 30 days to 45 days.
Fixed deposits with maturities of 46 to 90 days will continue to earn 3.25 percent interest, while those with maturities of 91 to 120 days will earn 3.50 percent interest and for 121 to 180 days the interest rate offered is 3.75 percent. The bank will now offer an interest rate of 4 percent on deposits maturing in 181 days to less than nine months, and 4.40 percent for tenures between nine months to less than one year.
On deposits maturing in one year, the bank will now offer an interest rate of 5.25 percent, up from 5.10 percent and a 15-basis point rise. The interest rate on deposits with a maturity of over one year to less than 2 years has increased by 20 basis points, from 5.20 percent to 5.40 percent. For tenures between two years to less than three years, the interest rate has been hiked to 5.50 percent from 5.25 percent.
Indian Bank term deposit rates
Indian Bank senior citizen domestic term deposit accounts
For amounts up to Rs 10 crore for all tenors, an additional rate of interest of 0.50 percent per year would be payable to senior citizens with regard to short-term deposits, fixed deposits, and money multiplier deposits schemes, stated the Indian Bank website.
According to the website, “A special offer for Senior Citizens (Aged 60 years & above) was offered 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.” Source Link