Indian Bank, a public sector lender, has raised interest rates on term deposits to below ₹2 crores. According to the bank’s official website, the new rates come into effect on August 24, 2022. Following the change, the bank increased interest rates on deposits with maturities of 1 to 5 years or more by 5 to 15 points basic.
Indian Banks FD Rates
The bank will continue to offer an interest rate of 2.80% on time deposits with a maturity between 7 days and 29 days and an interest rate of 3% on time deposits with maturity is between 30 days and 45 days. Term deposits with a maturity between 46 and 90 days will continue to earn 3.25% interest, while those with a maturity between 91 and 120 days will continue to earn 3.50% interest . The bank will continue to pay an interest rate of 3.75% on term deposits maturing in 121 days to 180 days, and an interest rate of 4% on term deposits maturing in 181 days to less than 9 months, according to Indian Bank.
Fixed deposits that mature in 9 months to less than a 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 %, compared to 5.30% previously, an increase of 15 basis points. . On term deposits maturing in more than one year to less than 2 years, the bank will now earn an interest rate of 5.50% which was previously 5.40%, an increase of 10 bps, and on term deposits maturing in 2 years to less than 3 years, Indian Bank will now fetch an interest rate of 5.55% which was previously 5.50% an increase of 5 basis points. Indian Bank will now offer an interest rate of 5.75% which was previously 5.60% an increase of 15 basis points on deposits with maturities of 3 years to less than 5 years and on fixed deposits with maturities of 5 years and over the bank will now offer an interest rate of 5.65% which was 5.60% earlier.
Indian Bank mentioned on its website that “revised domestic term deposit interest rates only apply to new deposits and renewal of maturing deposits.”
Indian Bank stated on its website that “For National Term Deposits for Senior Citizens, the additional rate of interest payable would be 0.50% per annum for an amount up to ₹10 crore. The additional rate would be offered on deposits 15 days to 10 years above the card rate for short term deposits, fixed deposits and money multiplier deposit systems. Similarly, for recurring deposit accounts, an additional interest rate would be eligible for the period of 6 months to 120 months (in multiples of 3 months).”
Indian Bank also offers a special term deposit scheme named “IB – Golden Ager” for super seniors, for which it specified on its website that “a special term deposit account for super seniors” (80 and above) offers an additional interest rate of 0.25% above the additional rate currently offered to normal seniors on term deposits for all deposit compartments. »
On fixed deposits maturing 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 stated on its website that “A special offer for seniors (aged 60 and over): an additional interest rate of 0.25% higher than the additional rate currently offered to normal seniors on Term deposit (0.50 + 0.25 = 0.75) for the category of deposits “above 5 years up to 10 years”.
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