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%.
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|
|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|
|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|
|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.