Indian Bank’s special FD with higher interest rate extended to this date, hikes interest rates
Indian Bank, a public sector bank, has extended the special fixed deposit dubbed “IND SUPER 400 DAYS” and has increased its interest rates by 10 basis points. The revised rates are effective from April 20, 2023, as per the bank’s website.IND SUPER 400 DAYS
Indian Bank had launched this new retail term deposit product called “IND SUPER 400 DAYS” on March 2023 with April 19, as the deadline. Now it has been extended to June 30, 2023. The minimum investment is Rs.10,000 to less than Rs 2 crore for 400 days in the form of FD/MMD with callable options.
Also read: Best FDs: Banks offering interest rates up to 8% on 2-year fixed deposits
Earlier, the bank was offering higher interest rates to women investors under this scheme.
Indian Bank will now offer 7.25% interest rates to the general public, 7.75% to seniors, and 8.00% to super senior citizens.
IND SUPER 400 DAYS — Rate of Interest(% p.a)
Women Others (06.03.2023 – 19.04.2023)Public 7.15 % 7.10 %Senior Citizen 7.65 % 7.60 %Super Senior Citizen ( 80 yrs and above) 7.90 % 7.85% Revised Rate of Interest (% p.a) w.e.f 20.04.2023Public 7.25%Senior Citizen 7.75%Super Senior Citizen8.00%Source: Bank website.Indian Bank FD interest rates
Indian Bank offers interest rate between 2.80% to 6.70% for tenure ranging from 7 days to 10 years.
Period Revised (% p.a)7 days to 14 days2.815 days to 29 days2.830 days to 45 days346 days to 90 days3.2591 days to 120 days3.5121 days to 180 days3.85181 days to less than 9 months4.59 months to less than 1 year4.751 year6.1Above 1 year to less than 2 years6.32 years to less than 3 years6.73 years to less than 5 years6.255 year6.25Above 5 years6.1
Senior citizen FD rates
The additional rate of interest that will be applicable for domestic term deposits for senior citizens would be 0.50% per year for sums up to Rs. 10 crore. For Short Term Deposits, Fixed Deposits, and Money Multiplier Deposit Schemes, the higher rate would be available on deposits made for 15 days to 10 years over the card rate. The highest interest rate offered to senior citizen is 7.20%
Super senior citizens
The bank offers an additional 0.25% higher rate of interest over & above the additional rate that is now being offered for standard senior citizen on term deposit (0.50+0.25 = 0.75) for deposit bucket "above 5 Years up to 10 Years"
Foreclosure Charges
Period RunDeposits upto Rs. 5 lakhsDeposits above Rs. 5 lakhsNo interest will be paid on foreclosure of depositNo interest will be paid on foreclosure of deposit7 days and aboveNo penalty to be levied for pre closure of deposits provided the deposit has been retained for atleast 181 days i.e. eligible interest rate will be the applicable card rate for the actual period run prevailing on the date of deposit. For deposits closed before 181 days, eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure chargesEligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure chargesNo foreclosure charges to be levied for domestic term deposits placed by Corporate/Government Departments (State, Central and Quasi Government), Institutions and non profitable organizations (which exist for Educational / Religious or Charitable reasons and from which its share holders or trustees do not benefit financially) wherein the deposits are placed based on the quotation submitted by the Bank.No foreclosure charges to be levied for deposits in the name of staff/ex staff/ex staff cum senior citizen.
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This story originally appeared on: India Times - Author:Faqs of Insurances
