Indian Bank’s special FD with higher interest rate extended to this date, hikes interest rates

Indian Bank, a public sector bank, has extended the special fixed deposit dubbed “IND SUPER 400 DAYS” and has increased its interest rates by 10 basis points. The revised rates are effective from April 20, 2023, as per the bank’s website.

IND SUPER 400 DAYS
Indian Bank had launched this new retail term deposit product called “IND SUPER 400 DAYS” on March 2023 with April 19, as the deadline. Now it has been extended to June 30, 2023. The minimum investment is Rs.10,000 to less than Rs 2 crore for 400 days in the form of FD/MMD with callable options.


Also read: Best FDs: Banks offering interest rates up to 8% on 2-year fixed deposits

Earlier, the bank was offering higher interest rates to women investors under this scheme.
Indian Bank will now offer 7.25% interest rates to the general public, 7.75% to seniors, and 8.00% to super senior citizens.

IND SUPER 400 DAYS — Rate of Interest(% p.a)
	Women	Others
	(06.03.2023 – 19.04.2023)
Public	7.15 %	7.10 %
Senior Citizen	7.65 %	7.60 %
Super Senior Citizen ( 80 yrs and above)	7.90 %	7.85%
Revised Rate of Interest (% p.a) w.e.f 20.04.2023
Public	7.25%
Senior Citizen	7.75%
Super Senior Citizen	8.00%

Source: Bank website.

Indian Bank FD interest rates
Indian Bank offers interest rate between 2.80% to 6.70% for tenure ranging from 7 days to 10 years.

Period
	Revised (% p.a)
7 days to 14 days	2.8
15 days to 29 days	2.8
30 days to 45 days	3
46 days to 90 days	3.25
91 days to 120 days	3.5
121 days to 180 days	3.85
181 days to less than 9 months	4.5
9 months to less than 1 year	4.75
1 year	6.1
Above 1 year to less than 2 years	6.3
2 years to less than 3 years	6.7
3 years to less than 5 years	6.25
5 year	6.25
Above 5 years	6.1

Senior citizen FD rates
The additional rate of interest that will be applicable for domestic term deposits for senior citizens would be 0.50% per year for sums up to Rs. 10 crore. For Short Term Deposits, Fixed Deposits, and Money Multiplier Deposit Schemes, the higher rate would be available on deposits made for 15 days to 10 years over the card rate. The highest interest rate offered to senior citizen is 7.20%

Super senior citizens

The bank offers an additional 0.25% higher rate of interest over & above the additional rate that is now being offered for standard senior citizen on term deposit (0.50+0.25 = 0.75) for deposit bucket "above 5 Years up to 10 Years"

Foreclosure Charges

Period Run	Deposits upto Rs. 5 lakhs	Deposits above Rs. 5 lakhs
< 7 days	No interest will be paid on foreclosure of deposit	No interest will be paid on foreclosure of deposit
7 days and above	No penalty to be levied for pre closure of deposits provided the deposit has been retained for atleast 181 days i.e. eligible interest rate will be the applicable card rate for the actual period run prevailing on the date of deposit. For deposits closed before 181 days, eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges	Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges
	No foreclosure charges to be levied for domestic term deposits placed by Corporate/Government Departments (State, Central and Quasi Government), Institutions and non profitable organizations (which exist for Educational / Religious or Charitable reasons and from which its share holders or trustees do not benefit financially) wherein the deposits are placed based on the quotation submitted by the Bank.
	No foreclosure charges to be levied for deposits in the name of staff/ex staff/ex staff cum senior citizen.