Public sector lender Indian Bank. has raised interest rates on domestic fixed deposits of less than 2 crores. The bank announced the change on June 1, 2022, and as a result of the amendment, the bank has increased interest rates on various tenors, promising 2.80 per cent to 5.35 per cent on deposits of 7 days to 5 years and above.
Indian Bank FD Rates
The bank will continue to offer 2.80 per cent interest rate on deposits for 7 to 29 days, while the interest rate on deposits for 30 to 45 days has been increased from 2.80 per cent to 3.00 per cent, an increase of 20 basis points. The bank will continue to offer 3.25 per cent interest rate on fixed deposits with maturities of 46 to 90 days, while the interest rate on fixed deposits with maturities of 91 to 120 days has been increased from 3.35 per cent to 3.50 per cent. percent, an increase of 15 basis points. On fixed deposits of 121 days to 180 days, Indian Bank will now offer an interest rate of 3.75 per cent, up from 3.50 per cent earlier, a 25-basis-point increase.
The bank will continue to offer interest rates of 4.00 per cent and 4.40 per cent on deposits of less than 9 months and 9 months to less than 1 year in 181 days. The interest rate on one-year fixed deposits has been increased from 5.00 per cent to 5.10 per cent, an increase of 10 basis points; On deposits of more than one year but less than two years, the interest rate has been increased from 5.05 per cent to 5.20 per cent, an increase of 15 basis points; And on fixed deposits of two years but less than three years, the interest rate has been increased from 5.10 per cent to 5.25 per cent, an increase of 15 basis points.
The interest rate on deposits from 3 years to less than 5 years has been raised from 5.20 per cent to 5.35 per cent, a 15-basis-point increase; On 5-year deposits, the interest rate has been raised from 5.25 percent to 5.35 percent, a 10-basis-point increase; And on deposits of more than 5 years, the interest rate has been increased from 5.15 percent to 5.35 percent, a 20-basis-point increase.
For the benefit of senior citizens, Indian Bank has mentioned on its website that “The additional interest rate payable will be 0.50% p.a. 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).”
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