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With over 40000 employees and a family of over 141 million clients, Indian Bank is the seventh-largest public sector bank in India. In addition to having international branches in Singapore and Colombo and a 100% CBS network of more than 6000 branches, 5400 ATMs, and BNAs, Indian Bank has partnerships with 640 Overseas Correspondent Banks operating in 77 other countries, giving it a significant national presence. Indian Bank announced the introduction of its “IND UTSAV 610” special term deposit plan for resident customers on September 14, 2022. This Special Money Multiplier Term Deposit Product has a fixed maturity tenor of 610 days and callable options, giving a higher rate of interest.
Indian Bank Special FD
Indian Bank has mentioned on its website that ““IND UTSAV 610″ – A Special Term Deposit Plan for 610 days @ 6.10 % p.a for Public , 6.25 % p.a for Senior Citizens & 6.50 % p.a for Super Senior Citizens (80 Years and above ) valid up to 31.10.2022.”
Individuals (singly or jointly) over the age of 18, NRIs (NRO / NRE Category), Firms (Proprietorship/Partnership), Companies, Associations, Societies, HUFs, Religious, Charitable, or Educational Institutions, Municipality or Panchayat, Government or Quasi Government Body, are all eligible to open this special fixed deposit. To activate the account, a minimum deposit of Rs. 10000 up to a maximum of Rs. 2 crore must be made.
With a special tenure of 610 days, Indian Bank’s “IND UTSAV 610” special fixed deposit scheme offers a standard interest rate of 6.10% p.a., additional interest of 0.15% p.a. for elderly people, or 6.25% p.a., and an additional interest of 0.40% for super senior citizens (80 years and above), or 6.50% p.a. According to the bank, the scheme is valid until October 31, 2022, and interest will be paid at maturity. An individual may apply for a nomination facility, a preclosure of the account with underlying penalty fees, or a loan against the “IND UTSAV 610” special fixed deposit plan.
Indian Bank FD Rates
The interest rate on retail domestic term deposits under ₹2 Cr was raised by Indian Bank on 04.10.2022. Following the revision, Indian Bank is now giving a standard interest rate on deposits maturing in 7 days to more than 5 years that ranges from 2.80% to 5.65%. For amounts up to ₹10 crore, an additional rate of interest of 0.50% per year would be paid on domestic term deposits for senior citizens. On deposits made for 15 days to 10 years, the additional rate would be available over and above the standard rate.
For the benefit of elderly individuals, Indian Bank has mentioned on its website that “A special offer for Senior Citizens (Aged 60 years & above): An additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit (0.50+0.25 = 0.75) for deposit bucket “above 5 Years up to 10 Years”.”
Indian Bank has also mentioned on its website that “IB – Golden Ager – A Special Term Deposit Account for Super Senior Citizen” (Age 80 years and above) is offering additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit for all deposit buckets.”
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