Public sector lender Indian Bank lowers interest rates on fixed deposits 2 crores. The Bank’s website states that the revised rates are effective from 04.08.2022. After the amendment, the bank increased the interest rates on fixed deposits with maturity of one year. The bank currently offers interest rates on deposits with maturities ranging from 7 days to 5 years, ranging from 2.80 per cent to 5.60 per cent for general public and 3.30 per cent to 6.10 per cent for senior citizens.
Indian Bank FD Rates
On deposits maturing in 7 days to 29 days, the bank will continue to offer an interest rate of 2.80% and on fixed deposits maturing in 30 days to 45 days, the bank will continue to offer an interest rate of 3%. Indian Bank will now offer an interest rate of 3.25% on fixed deposits maturing in 46 days to 90 days and the bank will continue to offer an interest rate of 3.50% on fixed deposits maturing in 91 days to 120 days. Fixed deposits maturing in 121 days to 180 days will continue to offer an interest rate of 3.75% and fixed deposits maturing in 181 days to less than 9 months will continue to offer an interest rate of 4.00%. The bank will continue to offer an interest rate of 4.40 per cent on deposits maturing in 9 months to less than 1 year and has increased the interest rate on deposits maturing in 1 year from 5.25 per cent to 5.30 per cent. , Deposits of more than one year and less than two years will continue to offer an interest rate of 5.40 percent, while deposits of two years and less than three years will continue to offer an interest rate of 5.50 percent. Indian Bank will continue to offer an interest rate of 5.60 per cent on deposits maturing in 3 to 5 years.
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Indian Bank has mentioned on its website that “the additional rate of interest payable for amounts up to Rs 10 crore for all tenors over and above the card rate in respect of short-term deposits, fixed deposits and money multiplier deposit schemes shall be 0.50% p.a.” Similarly, for Recurring Deposit Accounts, additional interest rate will be eligible for a period of 6 months to 120 months (in multiples of 3 months).”
According to Indian Bank, the current interest rates are also applicable to the NRE Term Deposit, Tax Saver Scheme and Capital Gains Scheme Type B (Term Deposit) 1988 scheme.
To deal with inflation, the Reserve Bank of India (RBI) today increased the repo rate by 50 basis points to 5.40 percent. Following RBI’s hike in key interest rates, banks may increase interest rates on retail loans including personal loans, home loans, auto loans, etc., as well as interest rates on fixed deposits.
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