Public sector lender, Indian Bank has raised deposit rates for maturities of two years and above and amounting to Rs 5 crore and above by 50 basis points. The new rates now stand at 7.75% as compared to 7.25%.

The new rates have come into effect from 15th August which is also the 104th Foundation Day of the bank.

Two new FD products have also been introduced by the bank namely "Indouble" and "Indouble Senior", which doubles the principal amount in 100 months and 108 months respectively.

All other normal FD features are added to the new products too.