Indian Bank hikes deposit rates

Chennai, May 31 (UNI) Indian Bank today announced revision of interest rates on domestic term deposits.

A release here said for 180 to 364 days, the bank increased the interest rate from 5.6 per cent to six per cent, for one year to less than three years from 6.25 per cent to 6.5 per cent and for the period three years to less than five years from 6.75 per cent to seven per cent.

The interest rate has been increased from seven per cent to 7.25 per cent for periods of five years and above, the release said adding the hike will take effect from tomorrow.

Indian Bank also announced revision in interest rate on advances.

The benchmark PLR was hiked by 50 basis points from 11 per cent to 11.5 per cent, it added.

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