Indian Bank, a leading public sector entity, has increased its interest rates on fixed deposits. The new rates have come into effect from October 29, 2022. This modification has allowed Indian Bank to raise interest rates on deposits maturing in 1 year to 5 years or above by up to 90 bps.
Here is the list of revised rates-
7 to 14 days – 2.80 percent
15 to 29 days – 2.80 percent
30 to 45 days – 3.00 percent
46 to 90 days – 3.25 percent
91 to 120 days – 3.50 percent
121 to 180 days – 3.85 percent
181 days Less than 9 months – 4.50 percent
Less than 9 months to 1 year – 4.75 percent
1 year – 6.10 percent
More than 1 year Less than 2 years – 6.30 percent
2 years to less than 3 years – 6.50 percent
3 years to less than 5 years – 6.40 percent
5 years – 6.40 percent
Above 5 years- 6.30 percent
On domestic term deposits for senior citizens, an additional rate of interest of 0.50% per year will be given on deposits up to Rs 10 crore. The additional rate of interest for senior citizens aged 60 years and over on term deposits will be increased by 0.25% for “above 5 Years and up to 10 Years.”
For super senior citizens (aged 80 and over), the IB Golden Age special term deposit scheme gives an extra 0.25% of interest on top of the additional rate currently offered for normal senior citizens on term deposits for all deposit tenors.
