Fixed Deposits (FDs) have traditionally been the most-loved savings tool for the majority of Indians. There’s good news for those looking to park their savings in FDs at attractive rates with Indian Bank, a public-sector bank, extending the deadline for its special FD schemes.
This is an opportunity for customers to take advantage of interest rates that are being offered for as high as 8.05 per cent. Initially set to expedite on November 30, 2024, these schemes are now available until March 31, 2025.
Here’s the interest rate breakdown under Indian Bank’s special FD schemes:
Indian Bank’s special FDs come under two schemes based on the tenure of deposits, including, IND Supreme (300 Days) and IND Super (400 Days). These products offer higher interest rates than the bank’s regular fixed deposit rates. This is what both schemes offer:
- IND Supreme (400 Days)
This scheme offers a fixed deposit option for a tenure of 400 days on the following interest rates:
General Public - 7.30 per cent
Senior Citizens (over the age of 60) - 7.80 per cent
Super Senior Citizens (over the age of 80 years) - 8.05 per cent
Those looking to open an account should note that the depositors need to invest a minimum of Rs 10,000 which can go up to Rs 3 crore. Borth FD and money multiplier deposits (MMD) are eligible under this scheme.
- IND Supreme (300 Days)
Under this FD scheme, the bank is offering a slightly shorter tenure of 300 days with interest rates as follows:
General Public - 7.05 per cent
Senior Citizens - 7.55 per cent
Super Senior Citizens - 7.80 per cent
The bank is extending this scheme with a minimum investment beginning from Rs 5,000 and extending up to Rs 3 crore.
The high interest rates being offered under these schemes is the biggest draw for customers. For instance, the Indian Bank’s regular FDs offer rates that vary from 2.80 per cent to 7.10 per cent for general citizens, depending on the tenure. The rates are effective from June 12, 2024.
On the other hand, these special FDs offer more attractive interest rates, particularly for senior and super-senior citizens who can earn up to 8.05 per cent.
Here’s the Interest rate breakdown for Indian Bank’s FD based on different tenures:
7 and 14 days – 2.80 per cent
15 and 29 days – 2.80 per cent
30 and 45 days – 3 per cent
46 and 90 days – 3.25 per cent
91 and 120 days – an interest rate of 3.50 per cent applies.
121 and 180 days, the interest rate is 3.85 per cent
181 days to under 9 months – 4.50 per cent
9 months and under 1 year – 4.75 per cent
300 days give a 7.05 per cent interest rate (special FD)
1 year - a rate of 6.10 per cent
400 days offer a 7.30 per cent interest (special FD)
1 year and 2 years – 7.10 per cent
2 and under 3 years – 6.10 per cent
3 to less than 5 years – 6.25 per cent
A period of 5 years will give an interest rate of 6.25 per cent.
For more than 5 years, the bank is extending a 6.10 per cent interest rate.
