Indian Bank hikes FD interest rate for this tenure: (Check Details)

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Fixed deposits below Rs2 million at Indian Bank, a public sector lender has seen an increase in interest rates.

According to the bank’s website, the revised rates were effective from 04.08.2022.

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After the revision, the bank raised interest rates on fixed deposits that have a one-year maturity.

Current interest rates at the bank include maturities of 7 to 5 years, and rates for seniors that are between 3.30 to 6.10 percent.

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Indian Bank FD Rates

The bank will offer a 2.80% interest rate on deposits that mature within 7 to 29 days.

Fixed deposits that mature in 30 to 45 days will still be eligible for a 3% interest rate.

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Indian Bank will offer a 3.25% interest rate on fixed deposits that mature within 46 days to 90 day.

The bank will also continue to offer a 3.50% interest rate on term deposits that mature in 91 days or 120 days.

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Fixed deposits that mature in the next 121 days to 180 day will continue to have an interest rate at 3.75%.

Term deposits that mature in 181 days or less than 9 months will still be offered an interest rate at 4.00%.

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The bank will continue to offer a 4.40 percent interest rate on deposits that mature in less than one year.

It has also increased its interest rate by five basis points from 5.25 to 5.30% on deposits that mature in one year.

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Deposits for more than one year or less than two years will still be subject to a 5.40 percent interest rate.

However, deposits for two years or less will continue to receive a 5.50% interest rate.

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Indian Bank will continue to offer a 5.60 percent interest rate on deposits that mature in the next three to five years.

Indian Bank stated on its website that an “Additional Rate of Interest payable would be 0.50% p.a.”

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All tenors above the card rate for Short Term Deposits or Fixed Deposits as well as Money Multiplier deposit schemes up to 10 million.

Additional interest rate for Recurring Deposit accounts would also be available for periods ranging from 6 months to 12 months (in multiples of three months).

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Indian Bank says that the current interest rates apply to NRE term deposit, Tax Saver Scheme and Capital Gains Scheme Type B (Term deposits) 1988 Scheme.

The repo rate at the Reserve Bank of India (RBI), was increased by 50 basis points today to 5.40 percent in an effort to combat inflation.

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Banks may raise interest rates on retail loans such as personal loans, home loans and auto loans.

Fixed deposit rates will also be affected by the RBI’s rise in key interest rates.

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