Indian Bank revises rates on term deposits

Chennai, Feb 2 (UNI) Indian Bank today hiked its interest rates on domestic term deposits.

According to a press release from the bank, deposits of less than Rs 15 lakh for periods of seven to 14 days will now carry an interest rate of 3.5 per cent, for Rs 15 lakh to Rs five crore, the rate will be four per cent.

For periods of 15 to 29 days, the rates will be 4.50 per cent for deposits under various slabs. Deposits of less than Rs 15 lakh for 30-45 days will now carry five per cent. For Rs 15 lakh and more, it will be 5.25 per cent.

For 46 to 90 days, deposits of less than Rs 15 lakh will carry 5.50 per cent For Rs 15 lakh and more, the rates will be 5.75 per cent.

From 91 to 180 days, deposits of less than Rs 15 lakh will carry six per cent. For loans upto Rs 15 lakh and above, the rate will be 6.25 per cent.

From 181 to 365 days, deposits up to Rs 50 lakh will carry rate of seven per cent. For Rs 50 lakh to Rs five crore, customers will get 7.25 per cent.

For deposits of one to two and two to three years upto Rs 50 lakh will carry eight per cent. While those from Rs 50 lakh to Rs five crore will bear 8.25 per cent.

In the three to five year and Over five to ten year categories, deposits upto Rs five crore will carry 8.25 per cent.

Indian Bank has also revised bench mark prime lending rate by 50 basis points from 12 per cent to 12.50 per cent per annum with effect from February one.

Lending rates for personal and home loans were also revised by 25 basis points to 12.25 per annum.

UNI