Indian Bank has raised rates by 15 basis points on its Ind Grow and Ind Prosper special fixed deposits, taking returns to 6.80% and 6.75% respectively from 23 October.
Indian Bank has raised interest rates on two of its special fixed deposit plans, offering slightly better returns to savers from October 23. The public sector lender has increased the rate on its 555-day “Ind Grow” deposit to 6.80% from 6.65%, while the 777-day “Ind Prosper” scheme now pays 6.75%, up from 6.60%, according to the bank’s latest revision.
The change is limited to those two tenures and does not amount to a wider reshaping of the bank’s fixed deposit book. Indian Bank customers looking at other maturities will still need to check the applicable rate for their chosen term before placing money. The increase works out to 15 basis points, or 0.15 percentage point, on each of the two special deposits.
The timing also fits a broader pattern in the deposit market, where banks have been adjusting rates in response to shifting funding costs and monetary policy. In October 2023, several lenders, including HDFC Bank, ICICI Bank and Bank of Baroda, changed their fixed deposit offers, while some others cut rates on selected tenures. The Reserve Bank of India also lifted the repo rate by 25 basis points to 5.50% in its October policy review, a move that can influence deposit pricing even if banks do not pass it through immediately or in full.
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