BackIndian Bank hikes FD interest rates by 5-50 bps from 4th Oct. Check new rates here
The bank has a special term deposit plan for 610 days where it offers about 6.25% to senior citizens. The increase in FD rates is in line with RBI's 50 basis points hike in repo rate to 5.9%.
PremiumPublic sector banker, Indian Bank has increased its interest rates on fixed deposits for some tenures with effect from October 4. The FD rates are hiked by 5 basis points to 50 basis points. The bank has a special term deposit plan for 610 days where it offers about 6.25% to senior citizens. The increase in FD rates is in line with RBI's 50 basis points hike in repo rate to 5.9%.
Check the latest rates here
The upside revision in interest rates is made for fixed deposits below ₹2 crore. The hike is, however, on only a few long-term tenures.
The bank raised FD rates by 10 basis points on 121 days to 180 days tenures to 3.85% from 3.75%. Further, it hiked rates by 35 basis points to 4.75% on 9 months to less than 1-year tenure compared to the previous 4.40%. Meanwhile, the bank has raised FD rates by 5 basis points each on 1 year and 2 years to less than 3 years tenures to 5.5% and 5.6% with effect from October 4 compared to the previous 5.45% and 5.55% respectively.
The highest hike is made on tenure 181 days to less than 9 months, under which, the bank offers a 4.5% rate compared to the previous 4%.
On the other hand, the remaining rates were unchanged. The bank continues to offer a 2.8% rate each on 7 days to 14 days and 15 days to 29 days tenures. A 3% rate is given on 30 days to 45 days tenures, while the interest rate is 3.25% and 3.50% on 46 days to 90 days and 91 days to 120 days tenures respectively.
On above 1 year but less than 2 years tenure, the bank gives a 5.5% rate which remains unchanged. Whereas the rate is 5.75% on 3 years to less than 5 years tenures -- which is the highest rate offered by the bank on FDs below ₹2 crore. Further, you can earn up to a 5.65% rate on 5 years and above tenures.
On its website, Indian Bank intimated about a special term deposit plan namely “IND USTAV 60". This scheme has a tenure of 610 days and offers 6.10% rate to the public, while the rate is 6.25% for senior citizens. However, for super senior citizens which means 80 years and above age group, the bank offers a 6.50% interest rate per annum. This scheme is valid till October 31, 2022.
Indian Bank said the revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits.
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