Chennai, Aug 17: After the State Bank of India (SBI), Indian Bank has decided to hiked its fixed deposit rates by 0.5 per cent.
The public sector lender on Tuesday, Aug 17 said that it has hiked its interest rates on its deposits of Rs 5 crore and below the maturity of two years and above by 50 basis points from 7.25 per cent to 7.75 per cent.
In a statement, the bank informed that the new rates are effective from Aug 15, which also marks the Bank"s 104th Foundation Day.
Besides this, the bank also introduced two new fixed maturity deposit products, namely “Indouble" and “Indouble Senior".
These products doubles the principal amount in 100 months and 108 months respectively, the bank said, adding that all other facilities including nomination, premature withdrawal and loan against deposits to normal Fixed Deposits have also been extended to them.