Indian Bank increases fixed deposit rates by up to 15 bps from today

24 Aug 2022 , 01:56 PM

Indian Bank has increased the fixed deposit (FD) interest rates by up to 15 basis points (bps) for select tenors. According to the bank's official website, the new revised interest rates are effective from August 24, 2022 onwards.

The bank will now offer interest rates ranging from 2.80 percent to 5.75 percent on fixed deposits, with maturities ranging from 7 days to 10 years term. The bank has raised the interest rate on 1 year fixed deposits by 15 bps to 5.45 percent, which is up from 5.30 percent. Similarly, the interest rate for tenures of more than one year to less than two years has been raised by 10 basis points at 5.50 percent from 5.40 percent. The bank interest rate was raised to 5.55 percent, an increase of 5 basis points on terms of 2 to 3 years.

Indian Bank offered the highest interest rate at 5.75 percent, up from 5.60 percent previously on FD terms of 3 years to less than 5 years. After the revision, for tenure 5 years and above, it offers 5.65 percent rate.

Interest rates of tenures below one year have not been changed by the Bank and the revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits, the bank said in an official statement on website.

In addition to 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."

At around 1:54 PM, Indian Bank is currently trading at Rs177.25 per share down by Rs0.1 or 0.06% from its previous closing of Rs177.35 per share on the BSE.