Established on March 5, 1907, Indian Bank is a leading nationalized bank whose global business has surpassed 10 lakh crore in 2022. With an existence of 114 years, the bank now has 5732 domestic branches and 3 overseas branches. The bank has recently lowered the interest rates on fixed deposits. 2 crore, and the new interest rates are applicable from July 4, 2022. The bank is now offering an interest rate of 2.80 percent to 5.60 percent on deposits maturing in 7 days to 10 years.
Indian Bank FD Rates
The Bank will continue to offer 2.80% interest rate on fixed deposits maturing between 7 to 29 days and 3.00% interest rate on fixed deposits maturing between 30 and 45 days. On deposits maturing in 46 days to 90 days, Indian Bank will continue to offer 3.25 per cent interest rate and 3.50 per cent interest rate on deposits maturing in 91 days to 120 days. The interest rate on fixed deposits ranging from 121 days to 180 days will continue to be at 3.75 per cent, while on fixed deposits with tenures ranging from 181 days to less than 9 months, the interest rate will remain constant at 4.00 per cent.
The bank has maintained its interest rate of 4.40 per cent on fixed deposits maturing in 9 months to less than 1 year, however Indian Bank has increased its interest rate from 5.10 per cent to 5.25 per cent on deposits maturing in 1 year . While the bank increased the interest rate on deposits with maturity of more than one year but less than two years by 20 basis points to 5.40 per cent from 5.20 per cent earlier. The bank has increased the interest rate on term deposits maturing in 2 years by 25 basis points from 5.25 per cent to less than 3 years.
Fixed deposits maturing in 3 to 5 years will now fetch an interest rate of 5.60 per cent from 5.35 per cent earlier, an increase of 25 basis points. Indian Bank increased the interest rate on long-term deposits of more than five years by 25 basis points from 5.35 per cent to 5.60 per cent. Indian Bank has stated on its website with regard to Senior Citizen Domestic Fixed Deposit Accounts that “the additional rate of interest payable will be 0.50% p.a. for amounts up to a maximum of 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. Similarly, for recurring deposit accounts, an additional rate of interest will be eligible for a period of 6 months to 120 months (in multiples of 3 months).”
see full image
During this, Bandhan Bank has increased the interest rates on fixed deposits of less than 2 crore as well as savings accounts. On July 4, 2022, the bank announced an interest rate hike across multiple tenors. The bank currently offers an interest rate of up to 6.25 per cent to savings account holders. Whereas on fixed deposits, interest rate of 3.00% – 5.60% for general public and 3.75% – 6.35% for senior citizens is now promised by the bank after revision.