Indian Bank revises term deposit, lending rates

CHENNAI, MAY 12. Indian Bank has reduced the interest rates on domestic, NRE and NR NR term deposits effective from May 15.

The rate on domestic term deposits for 15 to 45 days has been reduced to 4.5 per cent from 5 per cent; 46 days to 90 days to 6 per cent from 7 per cent; 91 days to 179 days to 6.5 per cent from 8 per cent and from 180 days to less than one year to 7.5 per cent from 8.5 per cent.

Interest rates for one year to less than two years, two years to less than three years and three years to less than five years have been reduced by one percentage point each to 8.5 per cent, 9 per cent and 9.50 per cent respectively. Deposits for five years and above will attract 10 per cent against 10.50 per cent previously.

Interest rate on NRE term deposits for six months to less than one year has been revised to 8 per cent, for one year to less than two years to 9 per cent, for two years to less than three years to 9.5 per cent and for three years and above to 10 per cent.

Interest rate on NR NR term deposits for six months to less than one year has been revised to 9 per cent, for one year to less than two years 9.50 per cent, for two years to less than three years 10 per cent and for three years only to 10.50 per cent.

The bank has also reduced the prime lending rate (PLR) by one per cent to 12.50 per cent annually with effect from May 15. The prime term lending rate for term loans of three years and above has also been reduced to 12.50 per cent. The rate of interest for Indian Bank Housing Finance scheme has been reduced to 12.50 per cent upto a loan amount of Rs. 2 lakhs, while loans of above Rs. 2 lakhs and upto Rs. 10 lakhs will attract 13.50 per cent and above Rs. 10 lakhs 14.50 per cent.

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Section  : Business
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