Public sector lender, Indian Bank has raised deposit rates on short term maturities by 50-75 basis points.
Speaking about long term maturities, CMD of the bank, TM Bhasin said that the bank has already raised interest rates for deposits above two years to 7.75% in August. The base rate of the bank has also been raised by 50 bps to 8.5%.
The rise in base rate would however not effect agricultural sector under interest subvention scheme and the Bank's special schemes under poultry and fisheries.
Lending to micro industries would also be partially exempted.