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Indian Bank Hikes Interest Rates On Fixed Deposits Up To 15 bps; Check New Rates Here
Indian Bank, a public sector bank, has recently hiked the FD rates for deposits under Rs 2 crore. The updated rates are effective as on August 24, 2022, according to the bank's official website. The bank raised interest rates by 5 to 15 basis points (bps).
The bank continues to offer fixed deposit rates of 2.80% for deposits maturing in 7 to 29 days and 3% for deposits maturing in 30 to 45 days. The interest rates on fixed deposits will remain at 3.25% with maturities of 46 to 90 days and 3.50% with maturities of 91 to 120 days.
The interest rates for the FD maturity period of 121 days to 180 days will continue to receive 3.75% and 4% on deposits maturing in 181 days to less than 9 months. FD for the maturity period of 9 months to less than 1 year will also continue to get 4.40% according to the bank's official website.
The interest rate on FDs that mature in a year has increased from 5.30% to 5.45%, a 15 basis point rise. The bank will now offer an interest rate of 5.50% on fixed deposits maturing in more than a year to less than two years, up from 5.40% previously with a 10 basis point increase. The Bank will now offer an interest rate of 5.55% on fixed deposits for the maturity period of two years to less than three years, up from 5.50% previously with a 5 basis point increase.
On deposits maturing in 3 years to less than 5 years, the Bank will now give an interest rate of 5.75%, up from 5.60% previously. On fixed deposits maturing in 5 years and above, the bank will now give an interest rate of 5.65%, up from 5.60% previously.
Revision of FD Interest Rates on Deposits less than Rs 2 Cr w.e.f 24.08.2022
| Maturity Period | Existing (% p.a) | Revised (% p.a) |
|---|---|---|
| 7 days to 14 days | 2.8 | 2.8 |
| 15 days to 29 days | 2.8 | 2.8 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 90 days | 3.25 | 3.25 |
| 91 days to 120 days | 3.5 | 3.5 |
| 121 days to 180 days | 3.75 | 3.75 |
| 181 days to less than 9 months | 4 | 4 |
| 9 months to less than 1 year | 4.4 | 4.4 |
| 1 year | 5.3 | 5.45 |
| Above 1 year to less than 2 years | 5.4 | 5.5 |
| 2 years to less than 3 years | 5.5 | 5.55 |
| 3 years to less than 5 years | 5.6 | 5.75 |
| 5 year | 5.6 | 5.65 |
| Above 5 years | 5.6 | 5.65 |
According to the bank's official website, "The revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits." The bank added, "The above interest rates are also applicable to NRE term deposits, Tax Saver Scheme and Capital Gains Scheme Type B (Term Deposits) 1988 Scheme."
According to the bank's official website, "For Domestic Term Deposit for Senior Citizens, additional rate of interest payable would be 0.50% p.a. for amount up to Rs10 crore. The additional rate would be offered on deposits of 15 days to 10 years over the card rate in respect of Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Schemes."
