This government bank increased the interest rates of Fixed Deposit, knowing how much it will earn
Indian bank has increased interest rates on domestic fixed deposits of less than Rs 2 crore. The bank announced this change on june 1, 2022.
Another public sector lender indian bank has increased interest rates on domestic fixed deposits of less than Rs 2 crore. The bank announced this change on june 1, 2022. Under which the bank has increased the interest rates on various tenures, promising from 2.80 percent to 5.35 percent on deposits of 7 days to 5 years and above.
Interest rates from 7 to 6 months
The bank will continue to offer a 2.80 percent interest rate on deposits for 7 to 29 days, while the interest rate on deposits for 30 to 45 days has been increased from 2.80 percent to 3 percent. The bank will continue to offer a 3.25 percent interest rate on term deposits with a maturity period of 46 to 90 days, while the interest rate on term deposits with a maturity period of 91 to 120 days has been increased from 3.35 percent to 3.50 percent. On fixed deposits of 121 days to 180 days, indian bank will now offer an interest rate of 3.75 percent as against 3.50 percent earlier, i.e. an increase of 25 basis points by the bank.
Interest rates on FDs up to 3 years
The bank will continue to offer interest rates of 4 percent and 4.40 percent on deposits of less than 9 months and 9 months to less than 1 year in 181 days. The interest rate on one-year fixed deposits has increased from 5 percent to 5.10 percent, an increase of 10 basis points. On deposits of more than one year but less than two years, the interest rate has been increased from 5.05 percent to 5.20 percent, an increase of 15 basis points. On fixed deposits of two years but less than three years, the interest rate has increased from 5.10 percent to 5.25 percent, an increase of 15 basis points.
Rate of interest on FDs from 3 to 5 years
The interest rate on deposits from 3 years to less than 5 years has increased from 5.20 percent to 5.35 percent, an increase of 15-basis points. On deposits of 5 years, the interest rate has increased from 5.25 percent to 5.35 percent. On deposits of more than 5 years, the interest rate has increased from 5.15 percent to 5.35 percent, a 20-basis-point increase.
Interest Rates for Senior Citizens
To benefit Senior Citizens, indian bank has announced an additional interest rate of 0.50 percent over and above the card rate in respect of Short Term Deposits, Fixed Deposits, and Money Multiple Deposit Schemes for all tenors up to Rs 10 crore. Similarly, for recurring deposit accounts, an additional rate of interest will be eligible for a tenure of 6 months to 120 months (in multiples of 3 months).
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