Indian Bank, a public sector lender, has raised interest rates on fixed deposits of less than Rs 2 crore. The bank has increased the interest rate on deposits maturing in one year and less than two years from 4.95 percent to 5.00 percent and 5.00 percent to 5.05 percent, respectively, with effect from 5th April 2022. Apart from the tenors mentioned above, the bank has kept the interest rate on the rest of the tenors unchanged.
Indian Bank Regular Fixed Deposit Interest Rates
Indian Bank is giving 2.80 percent on domestic term deposits of less than Rs 2 crore expiring in 7 to 45 days to the general public. Regular residents will receive a 3.25 percent interest rate on deposits maturing in 46 to 90 days. On deposits maturing in 91 days to 120 days and 121 days to 180 days, the bank will give interest rates of 3.35 percent and 3.50 percent, respectively. Fixed deposits maturing in 181 days to less than 9 months and 9 months to less than 1 year will generate 4.00 percent and 4.40 percent interest, respectively.
The interest rate on term deposits maturing in one year and above one year but less than two years will now be 5.00 percent and 5.05 percent, respectively. On term deposits maturing in 2 years to less than 3 years, 3 years to less than 5 years, 5 years, and above 5 years, Indian Bank is now providing interest rates of 5.10 percent, 5.20 percent, 5.25 percent, and 5.15 percent. With effect from 05.04.2022, the interest rate on domestic term deposits of less than Rs 2 Cr has been altered as follows.
|7 days to 14 days||2.8||2.8|
|15 days to 29 days||2.8||2.8|
|30 days to 45 days||2.8||2.8|
|46 days to 90 days||3.25||3.25|
|91 days to 120 days||3.35||3.35|
|121 days to 180 days||3.5||3.5|
|181 days to less than 9 months||4||4|
|9 months to less than 1 year||4.4||4.4|
|Above 1 year to less than 2 years||5||5.05|
|2 years to less than 3 years||5.1||5.1|
|3 years to less than 5 years||5.2||5.2|
|Above 5 years||5.15||5.15|
|Source: Bank Website. With effect from 05.04.2022.|
Indian Bank Fixed Deposit Interest Rates For Senior Citizens
The additional rate of interest payable by Indian Bank for amounts up to Rs 2 crore for all tenors would be 0.50 percent. Senior Citizens (aged 60 and up) were offered an additional 0.25 percent higher rate of interest over and above the additional rate of 0.50 percent that is currently being offered for normal Senior Citizens on term deposits maturing in 5 years to 10 years. A special term deposit account called "IB - Golden Ager" was launched on 17.12.2020, and under the scheme, the bank promises super senior citizens aged 80 years and above an additional 0.25 percent higher rate of interest over and above the 0.50 percent rate offered for normal senior citizen on term deposit for all tenors.
Also read important bank updates in the month of April till date:-
- HDFC Bank Makes Interest Rate Revision On Savings Account: Check New Rates Here
- HDFC Bank Hikes Interest Rates On FDs of Less Than Rs 2 Cr (W.e.f. 06.04.2022)
- PNB Slashes Interest Rates On Savings Accounts: Check New Rates
- Axis Bank Makes Service Charges Revision For Savings & Salary Account Holders
- Ujjivan Small Finance Bank Cuts Interest Rates On Savings Account By 50 Bps
- SBI & HDFC Bank Extends Special Fixed Deposit Scheme For Senior Citizens
- IDFC First Bank Hikes Interest Rate On Savings Account: Check Details
- RBL Bank Slashes Interest Rates On Savings Account: Details Inside