Indian Bank, a public sector bank, launched a new retail term deposit on Monday offering a slightly higher interest rate to women depositors. This special deposit named “IND SUPER 400 DAYS” is open for investment from March 6, 2023, and offers a slightly higher interest rate to women investors.
The Chennai-based bank also raised interest rates recently on fixed deposits of less than Rs2 crore on March 4. The bank raised its interest rate by 20 basis points on a select tenor, and retail customers can now earn up to 6.70 per cent on their deposits.
IND SUPER 400 DAYS
According to the Indian Bank website, “Special Retail Term Deposit Product “IND SUPER 400 DAYS” has been launched w.e.f 06.03.2023 offering higher rate of interest for investment starting from Rs.10,000 to less than 2 Crore for 400 days in the form of FD/MMD with callable options.” This scheme is available for women investors and also open to others. Under this scheme, the bank offers 0.05 per cent higher interest rate to women investors. Note that the scheme is valid till April 30, 2023.
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Indian Bank FD Rates
On fixed deposits maturing in 7 days to 29 days, the bank will continue to offer an interest rate of 2.80 per cent and on those maturing in 30 days to 45 days, Indian Bank will continue to offer an interest rate of 3 per cent. Indian Bank will continue to offer an interest rate of 3.25% on a deposit tenor of 46 days to 90 days and the bank will continue to offer an interest rate of 3.50 per cent on a deposit tenor of 91 days to 120 days.
Deposits maturing in 121 days to 180 days will continue to fetch an interest rate of 3.85 per cent and those maturing in 181 days to less than 9 months will continue to fetch an interest rate of 4.50 per cent. The bank will continue to give an interest rate of 4.75 per cent on fixed deposits maturing in 9 months to less than 1 year, while the Indian Bank will continue to offer an interest rate of 6.10% on those maturing in 1 year.
For deposits with a tenor of more than one year but less than two years, Indian Bank will still give an interest rate of 6.30 per cent, but on deposits with a tenor of two years but less than three years, the bank has hiked the interest rate by 20 basis points to 6.70 per cent from 6.50 per cent. Deposits that mature in 3 to 5 years will earn interest at a rate of 6.25 per cent, while those that mature after 5 years will continue to earn interest at a rate of 6.10 per cent.