Latest interest rates in Indian Bank (Feb-2013)-A quick review
Some time back, we were predicting that the interest rates in India would come down. The interest rates on fixed deposits and recurring deposits are stable now. I was enquiring about some of the good banks deposit rates in nationalized sector. Here is the quick snapshot about Indian Bank interest rates which I found useful.
Latest interest rates in Indian Bank
Indian Bank is one of the old and nationalized banks in India. Latest interest rates in Indian Bank are enclosed below. The interest rates are high comparing to any other top private bank or any other top nationalized banks. Short term deposit for 111 days would yield 8.5% interest rate per annum which no other bank is offering.
Another good option in Indian bank is choosing a Variable recurring deposit. Variable deposit scheme is one where you can open for a minimum of Rs 1,000. Every month you need to deposit this minimum amount. In case you have surplus in any month, you can deposit that amount and you would still get the interest rates at which you have opened the deposit account.
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Latest interest rates in Indian Bank (Feb-2013)
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I have a simple doubt regarding the tax on interest earned on FD. Suppoe i earned some interest approx 30 thousands for 2 years over 3 financial years from 1st oct 2015 till 30th sep 2017. So do i need to divide that interest across 3 financial years and add into total income? If yes. Do banks provide thd interest certificate for that financial year? Or they provide at once at maturity?
Thanks for your efforts and steps taken. Its good that we identified a mistake from Bank's website and updated our myinvestmentideas blog with the correct data 🙂
Arun, We always hear our readers voice and make an attempt to resolve or correct ourselves.
After seeing this post, I went to Indian bank last saturday to open a VRD. But the bank offcials said that they can give only 9% not 9.5% for VRD…They opened the VRD application page in their system and showed me. The system itself shows 9% as the interest rate(which is auto generated and cannot be modifided). I had big big discussion with bank staffs and manager. They said that whatever mentioned in the website may be a wrong information(or) site development mistake and they are sure that they can give only 9% but not 9.5%. i was very disappointed and retured back. Could you please help me in this.
Thanks and Regards,
Arun, have you shown the URL of their bank http://www.indian-bank.com/rate_deposit.php. There is note under IMPORTANT section where it says “For Recurring Deposit, additional interest rate of 0.50% p.a is payable for the period of 6 months to 120 months (multiples of 3 months)”. If bank website itself shows incorrect data, I do not know how to believe the online rates. I will call the bank customer care tomorrow and update you further
Yes i showed them the particular content you mentioned. But still they said its an incorrect data.
waiting for your reply…
Arun, I tried reaching their customer care no yesterday several times, could not get, may be due to strike all over India. Let me try again today and tomorrow and will update you.
Arun, I called Indian bank customer support and they were not sure how their website is shows 0.5% more for recurring deposit. They indicate that the rate is only 9% and their website is wrong. They are asking me to contact their other department to get this corrected. I do not know what to respond because we all believe that online info available website is correct. I am correcting this in my above chart too.
Many thanks for giving this information on the Interest rates. Pls clarify what is "Tax Saving FD" having interest @ 9.5%, which is mentioned in above article…
Tax saving FD’s where we can get IT exemption as per section 80C. The tenure is 5+ years