Home / Money / Personal Finance /  Indian Bank launches special fixed deposit scheme of 610 days: Details inside

For a limited period, the public sector lender Indian Bank introduces a special fixed deposit product for retail investors. The special fixed deposit plan is known as the "IND UTSAV 610" plan and has a 610-day tenure, according to the bank's official website. An interest rate of 6.10% per annum for the general public, 6.25% per annum for senior citizens, and 6.5 per cent per annum for super senior citizens 80 years of age and above are promised under this special plan. The expiration date of Indian Bank's "IND UTSAV 610" Special Term Deposit Plan is October 31, 2022.

Indian Bank has mentioned on its website that “IND UTSAV 610 – A Special Term Deposit Plan for 610 days @ 6.10 % p.a for Public , 6.25 % p.a for Senior Citizens & 6.50 % p.a for Super Senior Citizens (80 Years and above ) valid up to 31.10.2022."

IND UTSAV 610 FD Scheme
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IND UTSAV 610 FD Scheme (indianbank.in)

Using the INDOASIS app, Indian Bank customers can book this special fixed deposit plan. Customers may easily and conveniently book their "IND UTSAV 610" fixed deposit scheme online from the comfort of their home thanks to the entirely paperless approach. The bank last modified its interest rates on 24.08.2022, and that was for domestic term deposits under 2 Cr. Considering the adjustment, Indian Bank is now providing fixed deposits with maturities ranging from 7 days to more than 5 years with interest rates ranging from 2.80% to 5.65%.

Indian Bank is currently offering the highest interest rate of 5.75% for non-senior citizens and 6.25% for senior citizens on regular fixed deposits maturing in 3 years or less than 5 years. However, for those who book the "IND UTSAV 610" deposit scheme, which is valid till October 31, 2022, Indian Bank is offering an interest rate of 6.10% for non-senior citizens with special interest rate benefits of 0.15% additional for senior citizens and 0.40% additional for super senior citizens.

To enhance the benefit of senior citizens looking to open a fixed deposit, Indian Bank has mentioned on its website that “A special offer for Senior Citizens (Aged 60 years & above): An additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit (0.50+0.25 = 0.75) for deposit bucket “above 5 Years up to 10 Years". “IB – Golden Ager" – A Special Term Deposit Account for Super Senior Citizen" (Age 80 years and above) is offering additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit for all deposit buckets."

 

 

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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