Chennai: From November 12, Indian Bank has also revised its interest rates on domestic term deposits. This information was provided by the bank authorities to the Bombay Stock Exchange (BSE).

From now onwards the Indian Bank Tax Saver Scheme will have an interest rate of 8.50 percent per annum for general public and the senior citizens will earn an interest 50 basis points above this value, sums up to 9 percent. These revised interest rates on domestic term deposits are available only to new deposits and in cases where the deposits are renewed after maturity.

Indian Bank is a premier bank owned by the Government of India and was established on 15th August 1907 as part of the Swadeshi movement. It has a vast network of more than 1400 branches spread all over India. Indian Bank offers many deposit schemes for its customers.

Indian Bank fixed deposits are accepted for a minimum amount of Rs.100/- with minimum period of 7days and a maximum period of 120 months. There is no ceiling for maximum deposit amount. Interest is payable quarterly or monthly (at a discounted rate). The fixed deposits of Indian Bank allow the interest to be transferred to the savings bank account or current account of the customer.

The Indstar Deposits of Indian Bank are fixed deposits placed for short term periods i.e. 7 days to 180 days. These deposits can be renewed automatically on the due date on the basis of the request from depositor.