Public sector Indian Bank has once again cut the interest rates on its fixed deposit (FD) schemes. The new rates are already in effect.
These changes apply to deposits of less than ₹3 crore, including some special FD schemes. Just a month ago, in July, the bank had revised its rates.
Now, the interest rate ranges from 2.80% to 6.70%, depending on the FD tenure.
Earlier, the maximum interest offered was 6.90%. Senior citizens will still get an additional 0.50% interest.
From August 1, general customers will now receive 6.50% instead of 6.60% on FDs with a tenure of more than 1 year but less than 2 years.
Also, the interest on two special FD schemes – Ind Secure Product and Ind Green Product – has been reduced by 20 basis points (bps). These reduced rates also apply to senior citizens.
Latest Interest Rates on Special FD Schemes
Ind Secure FD Scheme
Tenure: 444 days
General citizens: 6.70% (earlier 6.90%)
Senior citizens: 7.20%
Super senior citizens: 7.45%
Investment limit: ₹1,000 to less than ₹3 crore
Scheme valid till: 30 September 2025
Ind Green FD Scheme
Tenure: 555 days
General citizens: 6.60%
Senior citizens: 7.10%
Super senior citizens: 7.35%
