has increased interest rates on fixed deposits maturing in one year by 5 basis points. Interest rates of other tenures have not been changed. On fixed deposits with maturities between 7 and 10 years, the bank will continue to offer interest rates in the range of 2.80 percent to 5.60 percent.
The interest rates mentioned above also apply to NRE term deposits, the Tax Saver Program, and the Capital Gains Program Type B (Term Deposits) 1988 Program. The revised domestic term deposit interest rates apply to new deposits and renewals of maturing deposits.
Senior Citizen Domestic Term Deposit Account
According to the Indian Bank website, senior citizens will receive an additional rate of interest for short-term deposits, permanent deposits, and money multiplier deposit programs for sums up to Rs 10 crore for all tenors of 0.50 percent annually.
“A special offer for Senior Citizens (Aged 60 years & above) was offered 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,” according to the bank.