PSU Bank Debuts Special FD Scheme of 300 Days Tenure With Up To 7.80% Return

For its retail investors, Indian Bank has established a special retail term deposit product. On July 1, 2023, the bank commenced the "IND SUPREME 300 DAYS" special FD programme. Under the scheme, the bank is providing outstanding interest rates for a 300-day period. The general public will receive returns of 7.05%, senior citizens will receive returns of 7.55%, and super senior citizens will receive returns of 7.80%. The special FD plan can be booked at any bank branch within the scheme validity date of 31.08.2023, with a deposit amount ranging from Rs. 5000 to less than 2 Crore for 300 days in the form of FD/MMD with callable options.

"Special Retail Term Deposit Product "IND SUPREME 300 DAYS" has been launched w.e.f 01.07.2023 offering attractive rate of interest for investment starting from Rs.5000 to less than 2 Crore for 300 days in the form of FD/MMD with callable options," mentioned Indian Bank on its website.

On 06.03.2023, Indian Bank also introduced a special retail term deposit product "IND SUPER 400 DAYS". The bank has also extended the scheme till 31.08.2023, and customers can now take interest rate benefits of up to 8.00%. Under the "IND SUPER 400 DAYS" special FD scheme, the bank is offering a standard rate of 7.25%, 7.75% to senior citizens and 8% to super senior citizens. "Special Retail Term Deposit Product "IND SUPER 400 DAYS" has been launched w.e.f 06.03.2023 offering higher rate of interest for investment starting from Rs.10000 to less than 2 Crore for 400 days in the form of FD/MMD with callable options," mentioned Indian Bank on its website.

On retail domestic term deposits, Indian Bank made an interest rate revision on 04.03.2023. The bank is now giving an interest rate of 2.80% on fixed deposits that mature in the next 7 to 29 days, while Indian Bank is currently offering an interest rate of 3.00% on deposits that mature in the next 30 to 45 days. The current interest rates offered by Indian Bank are 3.25% for deposits held for 46 days to 90 days and 3.50% for deposits held for 91 days to 120 days. Deposits with maturities between 121 and 180 days will pay interest at a rate of 3.85%, while those with maturities between 181 and less than nine months will now pay interest at a rate of 4.50%.

The bank is presently giving an interest rate of 4.75% on fixed deposits maturing in 9 months to less than 1 year, and an interest rate of 6.10% on those maturing in 1 year. The current interest rates offered by Indian Bank are 6.30% for deposits held for more than a year but less than two years and 6.70% for deposits held for two years but less than three years. Deposits that mature within the next 3 to 5 years will now pay 6.25% interest, while those maturing above 5 years will now pay 6.10% interest.