India’s 117 Years Old PSU Bank Hikes FD Rates; Debuts 2 Super Tenors Valid Till 30th June

With effect from June 12, 2024, Indian Bank Ltd., a 1907-incorporated bank, has revised the interest rates on retail domestic and NRO term deposits. Apart from the modification of interest rates, the bank has unveiled two unique special products that are only available until June 30th. The bank is now offering interest rates on tenures of 7 days to 5 years above, ranging from 2.80% to 6.10%, in response to the change.

Indian Bank FD Rates

On fixed deposits of less than Rs 3 Cr maturing in 7 days to 29 days, the bank is now offering an interest rate of 2.80% and on those maturing in 30 days to 45 days, Indian Bank is offering an interest rate of 3%. For a deposit period of 46 days to 90 days, Indian Bank is giving an interest rate of 3.25%; for a duration of 91 days to 120 days, the interest rate is 3.50%. The interest rate on deposits at Indian Bank maturing in 121 days to 180 days is 3.85%, while the interest rate on deposits maturing in 181 days to less than 9 months is 4.50%.

The bank is giving 4.75% interest on term deposits that mature between nine months to less than a year, and for a limited time only through June 30, 2024, Indian Bank will pay 7.05% interest on deposits maturing in three hundred days (the "Ind Supreme Product"). For fixed deposits running its course in one year, Indian Bank will pay an interest rate of 6.10%; for a limited time, up to June 30, 2024, on deposits with a 400-day term (Ind Super Product), the interest rate will be 7.25%.

Deposits maturing above 1 year to less than 2 years will fetch an interest rate of 7.10% and those maturing in 2 years to less than 3 years will pay an interest rate of 6.70%. Indian Bank will pay 6.25% interest on deposits maturing in 3 years to 5 years and 6.10% on deposit tenure of above 5 years.

Period / Tenor of Deposit	Less than Rs.3 crore, Revised Rate (% per annum )
7 days to 14 days	2.8
15 days to 29 days	2.8
30 days to 45 days	3
46 days to 90 days	3.25
91 days to 120 days	3.5
121 days to 180 days	3.85
181 days to less than 9 months	4.5
9 months to less than 1 year	4.75
300 days (Ind Supreme Product) **Valid up to 30.06.2024	7.05**
1 year	6.1
400 days (Ind Super Product) **Valid up to 30.06.2024	7.25**
Above 1 year to less than 2 years	7.1
2 years to less than 3 years	6.7
3 years to less than 5 years	6.25
5 year	6.25
Above 5 years	6.1
Source: Bank Website

"Special Retail Term Deposit Product "IND SUPER 400 DAYS", offering higher rate of interest for investment starting from Rs.10000 to less than 3 Crore for 400 days in the form of FD/MMD with callable options. Note : w.e.f 12.06.24 , Limit of maximum investment per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr," mentioned Indian Bank on its website.

On Ind Super FD of 400 days, the general public will get an interest rate of 7.25%, while senior citizens and super senior citizens will get 7.75% and 8% returns respectively.

"Special Retail Term Deposit Product "IND SUPREME 300 DAYS" offering attractive rate of interest for investment starting from Rs.5000 to less than 3 Crore for 300 days in the form of FD/MMD with callable options. Note : w.e.f 12.06.24 , Limit of maximum investment per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr," the lender has stated on its website.

On Ind Supreme FD of 300 days, Indian Bank is paying a standard interest rate of 7.05% and 7.55%, 7.80% respectively to senior citizens and super senior citizens respectively.