Indian Bank raised interest rates on Fixed deposit Less than Rs 2 crore According to the official website of the bank, the new interest rates will be effective from August 4, 2022. Interest rates on fixed deposits maturing in one year have been increased by 5 basis points. There has been no change in the interest rates for other tenors. The bank will continue to offer interest rates in the range of 2.80 per cent to 5.60 per cent on fixed deposits with maturities of 7 to 10 years.

The interest rates mentioned above also apply to the NRE Fixed Deposit, Tax Saver Program and Capital Gains Program Type B (Fixed Deposit) 1988 program. The revised domestic fixed deposit interest rates are applicable on fresh deposits and renewal of mature deposits.

Senior Citizen Domestic Fixed Deposit Account

According to the Indian Bank website, senior citizens will receive an additional interest rate of up to Rs 10 crore for all tenors of 0.50 per cent per annum for short-term deposits, fixed deposits, and money multiplier deposit programs.

“A special offer was offered for senior citizens (aged 60 years and above) with an additional interest rate of 0.25% over and above what is currently offered on fixed deposits (0.50 + 0.25 = 0.75) But the deposit bucket is being offered for general senior citizens “from 5 years up to 10 years,” according to the bank.