By Consultants Review Team
The public sector lender Indian Bank debuts a special fixed deposit (FD) of 400 days for women to mark International Women's Day. The bank has announced "IND Super 400 Days," a special retail term deposit product specifically for women only, and is allowing deposits starting from Rs.10000 to less than 2 Crore for 400 days in the form of FD/MMD with callable options. The scheme is a limited-time period deal, and the scheme will be valid till 30.04.2023, according to the bank.
Indian Bank has mentioned on its website that “Special Retail Term Deposit Product “IND SUPER 400 DAYS" has been rolled out w.e.f 06.03.2023 offering higher rate of interest for investment starting from Rs.10000 to less than 2 Crore for 400 days in the form of FD/MMD with callable options."
In this special FD scheme, regular women depositors will get an interest rate of 7.15 %, senior citizens women will get an interest rate of 7.65% and super senior citizen women will get an interest rate of 7.90%. Whereas on the other hand, under the IND Super 400 Days scheme, the general public will get an interest rate of 7.10%, senior citizens will get an interest rate of 7.60% and super senior citizens will get an interest rate of 7.85%.
On December 19, 2022, Indian Bank introduced the "IND SHAKTI 555 DAYS" special retail term deposit product with the goal of providing a higher rate of interest for investments ranging from Rs. 5000 to less than 2 crore for 555 days in the form of FD/MMD with callable options. The general public will receive an interest rate of 7.00% on this 555-day product, senior citizens will receive an interest rate of 7.15%, and super senior citizens will receive an interest rate of 7.50%.
Indian Bank FD Rates
Indian Bank introduced a rise in domestic fixed deposits of less than Rs 2 Cr on March 4th, 2023. Retail customers may now earn up to 6.70% on their deposits thanks to the adjustment, which saw the bank lift its interest rate on a tenor of 2 years to less than 3 years by 20 basis points.
For deposits up to 10 crores, Indian Bank would give senior citizens an additional 0.50% annual rate of interest on domestic term deposits; this additional rate would be offered on deposits made for 15 days to 10 years. Indian Bank gives an additional 0.25% higher rate of interest on term deposits for deposit buckets "above 5 Years up to 10 Years" in addition to the additional rate of 50 bps already offered for regular elderly people.
The "IB- Golden Ager" special fixed deposit is available from Indian Bank to super senior citizens (Aged 80 years and more). Under this programme, the bank will give an additional 0.25% rate of interest on domestic term deposits for all deposit tenors, over and above the additional rate now provided for senior citizens in general. This brings the total benefit to 75 bps over the standard rates.