Indian Bank has increased interest rates on two of its special fixed deposit (FD) schemes, giving depositors an opportunity to earn higher returns on eligible investments.
The changes apply to deposits below ₹3 crore. The bank has raised the rates on both schemes by 0.15 percentage points, while eligible senior citizens continue to receive an additional interest benefit.
New Interest Rates on Indian Bank FDs
Under the revised structure, the interest rate on the 555-day Ind Grow fixed deposit has increased from 6.65% to 6.80% per year. The rate on the 777-day Ind Prosper deposit has risen from 6.60% to 6.75% per year.
Eligible senior citizens receive an additional 0.50 percentage points on these deposits. This takes the respective rates to 7.30% for the 555-day scheme and 7.25% for the 777-day scheme.
The revised rates apply to the specified tenures and should not be assumed to apply to every fixed deposit offered by the bank.
How Much Interest Can Depositors Earn?
The interest earned depends on the amount deposited, the chosen tenure, the applicable interest rate and the bank’s payout terms.
For example, a deposit of ₹1 lakh at an annual rate of 6.80% would generate approximately ₹6,800 in simple annual interest. This is an illustration, not the guaranteed maturity amount; actual returns depend on the deposit’s terms, compounding and applicable tax.
Depositors should check the bank’s official FD calculator or ask a branch for the exact maturity value before opening an account.
What Should Senior Citizens Know?
Senior citizens can receive additional interest on eligible deposits, making it important to compare the special-tenure rates with the bank’s other FD options. The highest rate may not always be the best fit for every depositor, particularly when access to funds and the investment period matter.
Before investing, customers should confirm the current rate, premature withdrawal conditions, payout frequency and applicable tax rules with Indian Bank.
