Indian Bank announces Revision of Interest Rates on Domestic Term Deposits

Indian Bank has announced about the revision of interest rates on Domestic Term Deposits.

The Interest rates on domestic term deposits stand revised as under with effect from March 01, 2007:

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			Applicable rates of interest % p.a.
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Period			For less than Rs 15 Lakh	For Rs 15 lakhs to less than 
							Rs 1 Crore
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7 days to 14 days		3.50*				4.00
15 days to 29 days		4.50				4.50
30 days to 45 days		5.00				5.25
46 days to 90 days		5.50				5.75
91 days to 180 days		6.50				6.50
181 days to 365 days		8.75				8.75
Over 1 year to 2 years	9.00				9.00
Over 2 years to 3 years	9.00				9.00
Over 3 years to 5 years	8.75				8.75
Over 5 years to 10 years	8.50				8.50
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* Applicable for single bulk deposits of Rs 1 lakh and above.

IMPORTANT:

- The schedule of rate of interest has been given for term deposits of less than Rs 1 Crore. The rate of interest for single bulk deposits of Rs 1 crore and above for all maturity periods will be as per schedule provided to Circle Offices / Branches by Head Office from time to time. Branches are advised to contact their Circle Offices for any clarifications.

- Acceptance of single bulk term deposits of Rs 1 crore and above is required to be referred to circle Offices / Head Office, as it is need based.

The rate of interest for period above 10 years will be the same as the rate applicable for over 5 years to 10 years.

For IB Tax Saver Scheme, rate of interest will be 8.75% p.a. for the deposit of 5 years and 8.50% p.a. for the period of over 5 years for general public. For the deposits of Senior Citizens, under this scheme, additional rate of 0.50% p.a. is payable for the respective maturity periods of 5 years and over 5 years.

The rate of interest on domestic term deposits are also applicable to Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.

For Special Deposit scheme for Senior citizens (short Term Deposit, Fixed Deposit, Reinvestment Plan Schemes), additional rate of interest of 0.50% p.a. is payable for 15 days to 10 years over the card rate of less than Rs 15 lakhs.

The revised interest rates on domestic term deposits is applicable only to fresh deposits and on renewal of maturing deposits.

Source : Equity Bulls

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