Indian Bank's two new fixed deposits offer interest upto 7.9 percent
Indian Bank has introduced IND Secure with effect from May 8 with investment starting from ₹ 1,000 to ₹ 3 crore. The validity of this fixed deposit (FD) is till Sept 30, 2025.
The interest offered on this fixed deposit is 7.15 percent to the normal public, for senior citizens it is 7.65 percent and for senior citizens -- it is 7.90 percent.
Another fixed deposit offered by Indian Bank is IND Green which is meant to promote sustainable development while providing guaranteed returns with investment starting from ₹ 1,000 to less than ₹ 3 crore for a maturity tenor of 555 days.
On IND Green, Indian Bank offers 6.80 percent to general citizens, 7.30 percent to senior citizens and 7.55 percent to super senior citizens. IND Secure Interest (%) Public 7.15 Senior 7.65 Super 7.90
Meanwhile, two fixed deposit schemes which have been discontinued are IND Super 400 Days and IND Supreme 300 Days Retail Term Deposits.
The Indian Bank also offers special tenure FDs for 444 days offering 7.15 percent interest and for 555 days offering 6.80 percent. In one year, this government bank offers 6.10 percent interest. Between 1-2 years, the bank offers 7.10 percent per annum. Between 2-3 years, the bank offers 6.70 percent and for tenure between 3 to 5 years, the bank offers 6.25 percent. When someone opens an FD for 5 years, the interest is 6.25 percent.
Meanwhile, the bank also revised its savings bank deposits last month. Up to ₹ 10 lakh, the bank was earlier offering 2.90 percent which was reduced to 2.75 percent.
For bank deposits (savings not fixed) between ₹ 10 lakh to ₹ 2 crore, the revised interest rate is 2.80 percent and for an amount above ₹ 2 crore, the revised interest is same as earlier i.e., 2.90 per cent. Notably, most banks have revised their interest rates downward after RBI cut its benchmark interest rate for the second consecutive time by 25 basis points on April 9.
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