Public sector lender Indian Bank has hiked the interest rates on its deposits of Rs five crore and below the maturity of two years and above by 50 basis points from 7.25 per cent to 7.75 per cent, the bank said today.
The new rates are effective from August 15, which also marks the Bank's 104th Foundation Day, Indian Bank said in a statement.
The Bank also introduced two new fixed maturity deposit products, "Indouble" and "Indouble Senior", which doubles the principal amount in 100 months and 108 months respectively.
All other facilities including nomination, premature withdrawal and loan against deposits to normal Fixed Deposits have also been extended to these products, it added.
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