Indian Bank launched special retail term deposit “Ind Shakti 555 days”: Indian Bank has launched a new special retail term deposit dubbed as “Ind Shakti 555 days”, effective from December 19, 2022. This product is offering higher rate of interest for investment starting from Rs. 5000 to less than 2 Crore for 555 days in the form of FD/MMD with callable options. An interest rate of 7% for the general public and 7.15% for senior citizens. It is offering an interest rate of 3.00% on deposits that mature in the next 30 to 45 days.
December 2022 Current Affairs Quiz
Explain that in this scheme, starting from Rs 5000 for 555 days, higher interest rates are being offered for investment of less than 2 crores. The bank is offering an interest rate of 2.80% on FDs maturing in the next 7 to 29 days, and Indian Bank is offering an interest rate of 3.00% on FDs maturing in the next 30 to 45 days. On FDs maturing in 46 days to 90 days, Indian Bank is offering an interest rate of 3.25%, and on FDs maturing in 91 days to 120 days, the bank is promising an interest rate of 3.50%.
FDs with maturity between 121 and 180 days will now fetch 3.85% interest, while FDs with maturity of 181 and less than nine months will now fetch 4.50% interest. The bank is offering an interest rate of 4.75% on FDs maturing in 9 months to less than 1 year, while Indian Bank is offering an interest rate of 6.10% on FDs maturing in 1 year.
The interest rate offered by Indian Bank is 6.30% for FDs of less than 2 years and less than 3 years, and 6.50% for FDs of less than 2 years and less than three years. FDs maturing in the next three to five years will now have to pay 6.25% interest, while those maturing in the next five years or more will now have to pay 6.10% interest.
