The bank has increased the interest rates on select tenors. The interest rate from 30 days to 45 days is hiked to 3 percent from 2.80 percent. For tenor 91 days to 120 days, it is hiked to 3.50 percent from 3.35 percent, and 121 days to 180 days offers 3.75 percent from earlier 3.50 percent.
For 1-year tenor interest rate is hiked to 5.10 percent from 5 percent and for tenor above 1 year to less than 2 years, the bank offers 5.20 percent. The interest rate is 5.25 percent for 2 years to less than 3 years tenor. From 3 years to above 5 years, interest rate is raised to 5.35 percent.
The same rates are applicable to NRE term deposits, Tax Saver Scheme, and Capital Gains Scheme Type B (Term Deposits) 1988 Scheme are all subject to the aforesaid interest rates.
(Source: Indian Bank website)
Senior Citizen Domestic Term Deposit Accounts
Senior citizens will fetch high returns on short term deposits, fixed deposits, and money multiplier deposit schemes, the additional rate of interest due would be 0.50 percent per annum for amounts up to Rs 10 crore for all tenors.
According to the Indian Bank website, “A special offer for Senior Citizens (Aged 60 years & above) was offered 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”
Indian Bank Golden Age
A Special Term Deposit Account for Super Senior Citizen (Age 80 and up) offers an additional 0.25 percent higher rate of interest over and above the additional rate already being paid for normal Senior Citizen on Term Deposit for all deposit buckets.