Aspecial limited-time fixed deposit offer by the Indian Bank will end on October 31. The festive season fixed deposit scheme was launched by the Indian Bank on September 14 and is valid till October 31. Under the scheme, the bank is offering an interest rate of 6.1 per cent for the general public on a deposit of 610 days, and thus the scheme has been aptly named Utsav 610.
Read More: IRDAI Launches Bima Sugam, One-stop Shop For All Insurance Needs; Know Details
Since the Indian Bank offers an additional interest rate for senior and super-senior citizens, the fixed deposit scheme will yield a better return for them. The bank is offering an interest of up to 6.25 per cent for senior citizens while the super senior citizens (those above 80 years of age) will get 6.5 per cent interest.
The Indian Bank offers a maximum of 5.65 per cent interest on fixed deposits. It’s only for the Utsav scheme that the bank is offering a return of 6.1 per cent.
Those above 18 years of age can join the Utsav FD scheme. A minimum deposit of Rs 10 thousand is required and the maximum amount is up to Rs 2 crore. A nomination facility is available under the scheme and advance withdrawal is permitted with some charges.
Read More: PNB Hikes FD Interest Rates By Up To 75 Basis Points, Persons Above 80 Years Age Can Get 7.8%
The bank now offers an interest of 2.8 per cent on deposits maturing between seven to 29 days, 3 per cent on deposits maturing in 30-45 days, 3.25 per cent on deposits for the period of 46 days to 90 days, 3.5 per cent on deposits of 91 days to 120 days, 3.85 per cent on deposits maturing in 121 days to 180 days, 4.5 per cent for deposits of 181 days to less than 9 months, 4.75 per cent on fixed deposits of 9 months to less than 1 year, 5.5 per cent on deposits for one year, 5.6 per cent on deposits for 2 to 3 years, 5.75 per cent on deposits for three to five years and 5.65 per cent on fixed deposits for more than 5 years
