Indian Bank Hikes FD Rate For A Select Maturity Term: Check Details

Indian Bank has revised interest rate on term deposits with effect from August 4, 2022. The rates are revised for deposits below Rs. 2 crore and for specific maturity period.

Subsequent to the revision, on a 1-year FD, the bank will now offer 5.3% interest rate as against the earlier 5.25%.

Indian Bank Hikes FD Rate For A Select Maturity Term: Check Details

For other FD tenures, interest rate is maintained as though i.e. is left unaltered. The bank offers FD for tenure ranging from 7 days to above 5 years. The interest rate on term deposits at Indian Bank is in the range of 2.8-5.6% per annum.

Below is the table providing the interest rate on term deposits with Indian Bank w.e.f. 4.8.2022

Period	Less than ₹2 crore		₹2 crore to ₹5 crore
	% per annum
	Existing	Revised	Existing	Revised
7 days to 14 days	2.80	2.80	2.90	2.90
15 days to 29 days	2.80	2.80	2.90	2.90
30 days to 45 days	3.00	3.00	2.90	2.90
46 days to 90 days	3.25	3.25	2.90	2.90
91 days to 120 days	3.50	3.50	2.90	2.90
121 days to 180 days	3.75	3.75	2.90	2.90
181 days to less than 9 months	4.00	4.00	3.90	3.90
9 months to less than 1 year	4.40	4.40	3.25	3.25
1 year	5.25	5.30	3.55	3.55
Above 1 year to less than 2 years	5.40	5.40	3.25	3.25
2 years to less than 3 years	5.50	5.50	3.25	3.25
3 years to less than 5 Years	5.60	5.60	3.25	3.25
5 year	5.60	5.60	3.25	3.25
Above 5 years	5.60	5.60	3.25	3.25

As per the bank website, the given interest rate is also applicable in the case of NRE term deposits, tax saver scheme and capital gains scheme Type B 1988 scheme.

For term deposits of Rs. 2 crore to Rs. 5 crore there has been made no interest rate revision.

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