Indian Bank cuts deposit rates up to 150 bps

Chennai-based public sector bank Indian Bank has revised its interest rates on domestic term deposits which will come into effect from December 15, 2008.

The new revised interest rate for Rs 1 crore to Rs 5 crore for 46 days to 90 days has brought down to 6 per cent (7.50 existing), 91-120 days new interest rate would be  7 per cent ( 8 per cent).

For 2 years to less than 3 years the bank has revised to 9.25 per cent from 9.50 per cent, for 3 years to less than 5 years it has brought down to 9.25 per cent from 9.50 per cent.

For five years and above interest rate dropped to 9 per cent from 9.50 per cent, according to bank's announcement in BSE today.