Indian Bank revises Interest Rates

Indian Bank has informed BSE that the Bank has revised the interest rates on Domestic Term Deposits with effect from November 12, 2007 as under:

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Period Applicable rates of interest % p.a.
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For less than Rs 15 lakhs For Rs 15 lakhs to less
than Rs 1 Crore
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7 days to 14 days 3.50* 4.00
15 days to 29 days 4.00 4.00
30 days to 45 days 4.75 5.00
46 days to 90 days 5.25 5.50
91 days to 179 days 6.00 6.00
180 days to 364 days 7.25 7.25
1 year to less than 2 years 8.50 8.50
2 years to less than 3 years 8.50 8.50
3 years to less than 5 years 8.75 8.75
5 years and above 8.50 8.50
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* Applicable for single bulk deposits of Rs 1 lakh and above

Important:

- For IB Tax Saver Scheme, rate of interest will be 8.50% p.a for general public, For the deposits of Senior Citizens, under this scheme, additional rate of 0.50% p.a. is payable for the respective maturity periods of 5 years and above.

- The rate of interest on domestic term deposits is also applicable to Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.

- For Special Deposit scheme for Senior Citizens (Short Term Deposit, Fixed Deposit, Reinvestment Plan Schemes), additional rate of interest of 0.50% p.a. is payable for 15 days to 10 years over the card rate of less than Rs 15 lakhs.

- The revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits.