Indian Bank Revises Interest Rates On Fixed Deposits FD By Up To 90 bps. Check Latest Rates

Now, depositors will now earn a maximum interest rate of 6.50 per cent at Indian Bank for bank deposits maturing in two years to less than three years

Indian Bank increased interest rates on deposits maturing in one year to five years or above by up to 90 bps.

Source : Getty

Public sector lender, Indian Bank, has raised interest rates on fixed deposits below Rs 2 crore. The new rates were in effect from Saturday, according to the bank's website. The bank also increased interest rates on deposits maturing in one year to five years or above by up to 90 bps. The interest rates on deposits that mature in seven days to over five years usually range from 2.80 per cent to 6.30 per cent.

Now, depositors will now earn a maximum interest rate of 6.50 per cent at Indian Bank for bank deposits maturing in two years to less than three years.

The bank will continue to give an interest rate of 4.75 per cent on fixed deposits maturing in nine months to less than one year, but it has increased the rate from 5.50 per cent to 6.10 per cent — a 60 bps increase — on deposits maturing in one year.

Indian Bank has hiked interest rate by 80 bps from 5.50 per cent to 6.30 per cent on deposits maturing in above one year to less than two years and the bank has hiked interest rate by 90 bps from 5.60 per cent to 6.50 per cent on deposits maturing in two years to less than three years.

Check the revised rates of the Indian Bank

• 7 to 14 days – 2.80 per cent
• 15 to 29 days – 2.80 per cent
• 30 to 45 days – 3.00 per cent
• 46 to 90 days – 3.25 per cent
• 91 to 120 days – 3.50 per cent
• 121 to 180 days – 3.85 per cent
• 181 days Less than 9 months – 4.50 per cent
• Less than 9 months to 1 year – 4.75 per cent
• 1 year – 6.10 per cent
• More than 1 year Less than 2 years – 6.30 per cent
• 2 years to less than 3 years – 6.50 per cent
• 3 years to less than 5 years – 6.40 per cent
• 5 years – 6.40 per cent
• Above 5 years- 6.30 per cent

Source: Indian Bank website

For deposits up to Rs 10 crore, an additional rate of interest of 0.50 per cent 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 per cent higher rate of interest will be provided over and above the additional rate that is currently being offered for senior citizens aged 60 years and above on term deposit.

Other lenders including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank also hiked interest on term deposits recently.