has increased the interest rates of fixed deposit (FD) by up to 15 basis points (bps) for select tenors. The new interest rates are effective from August 24, 2022, according to the bank’s official website.

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. The bank has raised the interest rate on one-year fixed deposits by 15 bps to 5.45 percent, up from 5.30 percent. The interest rate for tenures of more than one year to less than two years has been raised to 5.50 percent from 5.40 percent, a 10 basis point increase. The bank interest rate was raised by 5 basis points to 5.55 percent on terms of 2 to 3 years.

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

Indian Bank FD interest rates

Interest rates of tenures below one year have not been changed The revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits.

According to the website, “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.”

Indian Bank’s IB – Golden Ager

As per the website, the bank offers a special term deposit account for Super Senior Citizen (Age 80 years and above) offers an additional 0.25% higher rate of interest over and above the additional rate that is currently being offered for normal Senior Citizens on Term Deposit for all deposit buckets.