Indian Bank raises fixed deposit (FD) interest rates by up to 90 basis points

Indian Bank, a major public sector lender, has raised interest rates on term deposits to below 2 crores. The new rates are effective as of today, October 29, 2022, according to the bank’s official website. Following the amendment, the bank raised interest rates on deposits maturing in 1 year to 5 years or more by up to 90 basis points. Indian Bank now offers interest rates on deposits with maturities of 7 days to more than 5 years, ranging from 2.80% to 6.30%. Following today’s change, deposits maturing in 2 years to less than 3 years will now earn a maximum interest rate of 6.50% at Indian Bank.

Indian Banks FD Rates

The interest rate on term deposits with a maturity of 7 to 29 days remained constant at 2.80%, while Indian Bank will continue to grant an interest rate of 3.00% on deposits with a maturity of 30 to 45 days. Deposits with maturities between 46 and 90 days will continue to earn 3.25% interest, and term deposits with maturities between 91 and 120 days will continue to earn 3.50% interest . On deposits maturing in 121 days to 180 days, Indian Bank will continue to grant an interest rate of 3.85% and on deposits maturing in 181 days less than 9 months at a rate of 4, 50%.

The bank will continue to pay an interest rate of 4.75% on term deposits maturing in 9 months to less than a year, but has increased the rate from 5.50% to 6.10% – an increase of 60 basis points – on deposits maturing in 1 year. Indian Bank increased the interest rate by 80 basis points from 5.50% to 6.30% on deposits maturing in more than one year to less than 2 years and the bank increased the rate to interest of 90 basis points, rising from 5.60% to 6.50% on deposits maturing in 2 years to less than 3 years.

Deposits maturing in 3 years to less than 5 years will now earn an interest rate of 6.40%, which was previously 5.75%, representing an increase of 65 basis points. The interest rate for deposits maturing in 5 years increased from 5.65% to 6.40%, an increase of 75 basis points, while the interest rate for deposits maturing in 5 years or more increased from 5.65% to 6.30%, an increase of 65 basis points. .

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Indian Banks FD Rates (indianbank.in)

For deposits up to 10 crore, an additional interest rate of 0.50% per annum would be paid on national term deposits for the elderly. For the duration of the deposit of “over 5 years up to 10 years”, an additional interest rate of 0.25% higher will be provided on top of the additional rate currently offered to persons aged 60 and over on a a term deposit.

The special IB Golden Age Term Deposit Scheme for Super Seniors (80+) provides an additional interest rate of 0.25% above the additional rate currently given to Standard Seniors on Term Deposit for all tenors. deposit. “IND UTSAV 610” is a special 610-day term deposit plan that gives 6.10% pa for general public, 6.25% pa for seniors and 6.50% pa for super seniors (80 years and over). more). The plan is active until 31.10.2022.

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Leslie M. Gill