The bank will now offer interest rates ranging from 2.80 per cent to 5.75 per cent on fixed deposits with maturities ranging from 7 days to 10 years. The bank has increased the interest rate on deposits of 180 days from 121 days to 3.75 percent by 5 bps to 3.85 percent. For tenures ranging from 181 days to less than 9 months, the interest rate has been increased from 4 per cent to 4.50 per cent, an increase of 50 basis points. The bank’s interest rate was increased by 35 basis points to 4.75 per cent on terms of less than 1 year from 9 months to 4.40 per cent earlier. Indian Bank has increased the interest rate by 5 bps to 5.50% on tenure of one year and from 2 years to less than 3 years, it is now 5.60% from 5.55% earlier.
Indian Bank latest FD Interest Rates
Note that the revised interest rates on domestic fixed deposits are applicable only for fresh deposits and renewal of mature deposits.
Ind Fest 610
The bank has introduced special fixed deposits offering higher interest rates than the regular deposit rates. However, this is only a limited period offer and is valid till October 31, 2022.
According to Indian Bank’s website, “A special tenure for 610 days @ 6.10% p.a. for public, 6.25% p.a. for senior citizens and 6.50% p.a. for very senior citizens (80 years and above). The deposit scheme is valid till 31.10.2022.”
premature withdrawal
For deposits that are closed after 7 days and above, the bank said, “No penalty will be levied for pre-closure of deposits, provided the deposit has been kept for at least 181 days, i.e. eligible interest The rate will be the card rate applicable for the actual tenure prevailing as on the date of deposit. For deposits closed before 181 days, the eligible rate will be the card rate applicable for the actual period prevailing on the date of deposit which is 1.00% per foreclosure charges. year will be less.
