Good news for Indian Bank customers! Bank hikes its FD rates, check lettuce here

Indian Bank FD Rates: The Reserve Bank of India increased the repo rate for the third time in a row on 5 August 2022. Since this increase, many banks and non-financial institutions of the country have continuously increased their deposit rates. Now the name of the country’s largest public sector bank Indian Bank has also been included in this list. The bank has increased the interest rates in its fixed deposit scheme of less than Rs 2 crore. These rates have increased by 5 to 15 basis points.

This increase has been made in FDs from 1 to 5 years. According to the official website of Indian Bank, the new rates of FD will be applicable for 1 to 5 years. If you are also going to do FD in the bank (Indian Bank FD Rates), then definitely check the new rates once. Let us also give you information about the new interest rate of FD-

Interest accrued on FDs of less than Rs 2 crore-

  • 7-14 days-2.80%
  • 15-29 days-2.80%
  • 30-45 days-3.00%
  • 46-90 days-3.25%
  • 91-120 days-3.50%
  • 121-180 days-3.75%
  • 181 days to less than 9 months-4.00%
  • 9 months to less than 1 year – 4.40%
  • 1 year- 5.45%
  • 1 to 2 years-5.50%
  • 2 to 3 years-5.55%
  • 3 to 5 years-5.75%
  • 5 years-5.65%
  • over 5 years – 5.65%

Senior citizens get extra benefits
Indian Bank offers 0.50% extra interest rate to its senior citizens. This interest is applicable on FDs up to Rs 10 crore. The bank provides benefits to senior citizens on Fixed Deposit Scheme as well as RD Scheme. At the same time, the bank super senior citizen (over 80 years of age) gets 0.25% more interest rate than the normal senior citizen.

Let us tell you that since the decision of RBI to increase the repo rate, many banks in the country like State Bank of India, PNB, Canara Bank, Axis Bank etc. Many banks have increased their FD rates.

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