Indian Bank hikes interest rates on fixed deposits (FDs) by up to 90 bps | Mint
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Business News/ Money / Personal Finance/  Indian Bank hikes interest rates on fixed deposits (FDs) by up to 90 bps
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Indian Bank hikes interest rates on fixed deposits (FDs) by up to 90 bps

Indian Bank, a leading public sector lender, increased interest rates on fixed deposits below ₹2 crore.

Indian Bank is now offering interest rates on deposits that mature in 7 days to over 5 years that range from 2.80% to 6.30%. Premium
Indian Bank is now offering interest rates on deposits that mature in 7 days to over 5 years that range from 2.80% to 6.30%.

Indian Bank, a leading public sector lender, increased interest rates on fixed deposits below 2 crore. The new rates are in effect as of today, October 29, 2022, according to the bank's official website. Following the modification, the bank increased interest rates on deposits maturing in 1 year to 5 years or above by up to 90 bps. Indian Bank is now offering interest rates on deposits that mature in 7 days to over 5 years that range from 2.80% to 6.30%. Following today's change, deposits maturing in 2 years to less than 3 years will now earn a maximum interest rate of 6.50% at Indian Bank.

Indian Bank FD Rates

The interest rate on fixed deposits that mature in 7 days to 29 days has remained constant at 2.80%, while Indian Bank will continue to give a 3.00% interest rate on deposits that mature in 30 days to 45 days. Deposits maturing between 46 and 90 days will continue to earn 3.25% interest, and fixed deposits maturing between 91 and 120 days will continue to earn 3.50% interest. On deposits maturing in 121 days to 180 days, Indian Bank will continue to give an interest rate of 3.85%, and on deposits maturing in 181 days to less than 9 months at a rate of 4.50%.

The bank will continue to give an interest rate of 4.75% on fixed deposits maturing in 9 months to less than 1 year, but it has increased the rate from 5.50% to 6.10%—a 60 bps increase—on deposits maturing in 1 year. Indian Bank has hiked interest rate by 80 bps from 5.50% to 6.30% on deposits maturing in above 1 year to less than 2 years and the bank has hiked interest rate by 90 bps from 5.60% to 6.50% on deposits maturing in 2 years to less than 3 years.

Deposits maturing in 3 years to less than 5 years will now fetch an interest rate of 6.40% which was earlier 5.75% representing a hike of 65 bps. The interest rate for deposits maturing in 5 years has increased from 5.65% to 6.40%, a 75 basis point increase, while the interest rate for deposits maturing in 5 years or longer has increased from 5.65% to 6.30%, a 65 basis point increase.

Indian Bank FD Rates
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Indian Bank FD Rates (indianbank.in)

For deposits up to 10 crore, an additional rate of interest of 0.50% per year would be paid on domestic term deposits for senior citizens. For the deposit tenor of "above 5 Years up to 10 Years," an additional 0.25% higher rate of interest will be provided over and above the additional rate that is currently being offered for senior citizens aged 60 years & above on term deposit.

IB Golden Age special term deposit scheme for super senior citizens (Aged 80 and Over) offers an additional 0.25% higher rate of interest over and above the additional rate currently being given for standard senior citizens on term deposit for all deposit tenors. "IND UTSAV 610" is a special term deposit plan for 610 days that gives 6.10% p.a. for the general public, 6.25% p.a. for senior citizens, and 6.50% p.a. for super senior citizens (80 Years and above). The plan is active until 31.10.2022.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 29 Oct 2022, 02:40 PM IST
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