The public sector lender Indian Bank has revised interest rates on fixed deposits of less than ₹2 Cr. According to the bank’s official website, the new rates are in effect as of today, December 19, 2022. Along with this adjustment, the bank also announced the availability of the “IND SHAKTI 555 DAYS” special retail term deposit product, which has a minimum amount of Rs. 5000 and runs for 555 days with an interest rate of 7.00% for the general public and 7.15% for senior citizens.
Indian Bank has mentioned on its website that “Special Retail Term Deposit Product “IND SHAKTI 555 DAYS” has been launched w.e.f 19.12.2022 offering higher rate of interest for investment starting from Rs.5000 to less than 2 Crore for 555 days in the form of FD/MMD with callable options.”
Indian Bank FD Rates
The bank is giving an interest rate of 2.80% on deposits that mature in the next 7 to 29 days, and Indian Bank is offering an interest rate of 3.00% on deposits that mature in the next 30 to 45 days. On deposits maturing in 46 days to 90 days, Indian Bank is giving an interest rate of 3.25%, and on deposits maturing in 91 days to 120 days, the bank is promising an interest rate of 3.50%. FDs with maturities between 121 and 180 days will now pay interest at a rate of 3.85%, while those with maturities between 181 and less than nine months will now pay interest at a rate of 4.50%.
The bank is giving an interest rate of 4.75% on FDs maturing in 9 months to less than 1 year, whereas Indian Bank is offering an interest rate of 6.10% on those maturing in 1 year. The interest rate offered by Indian Bank is 6.30% for deposits maturing in less than 2 years and less than 3 years, and 6.50% for deposits maturing in less than 2 years and under three years. Deposits maturing in the next three to five years will now pay 6.25% interest, while those maturing in the next five years or more will now pay 6.10% interest.
For deposits up to ₹10 crore, an additional rate of interest of 0.50% per year would be paid on domestic term deposits for senior citizens. On deposits made for 15 days to 10 years, the higher rate would be available in addition to the standard rate. For deposit buckets of more than 5 years and up to 10 years, an additional 0.25% higher rate of interest will be provided over and above the additional rate (0.50 + 0.25 = 0.75) that is already offered for regular senior citizens on term deposits. The “IB- Golden Ager” a special term deposit account for super senior citizens (aged 80 years and above) is provided by Indian Bank promising an additional 0.25% higher rate of interest over and above the rate of 0.50% or 50 bps currently being offered for standard senior citizens on term deposit for all maturity tenors.
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