New Delhi: There are many banks in India that offer attractive interest rates through their fixed deposit (FD) schemes. Banks frequently adjust these interest rates, and it is important to stay informed about such changes. Indian Bank has increased the interest rates on two of its special fixed deposit schemes by 15 basis points.
Under these schemes, the interest rate for the 555-day ‘Ind Grow Deposit’ has been raised to 6.80%, while the rate for the 777-day ‘Ind Prosper Deposit’ has been increased to 6.75%. These new rates have been in effect since October 23, 2026. With this, Indian Bank has joined the ranks of banks offering higher interest rates compared to many others.
Which bank is offering what interest rate?
Indian Bank is among the public sector banks offering some of the highest interest rates. Meanwhile, certain private banks and small finance banks continue to provide even higher returns across various tenures. Bank of India, for instance, offers up to 6.85% interest on 999-day deposits.
Punjab National Bank and Canara Bank offer a maximum interest rate of 6.60%. Consequently, with its new rate of 6.80%, Indian Bank stands out as a leader within the public sector banking segment.
What kind of returns do these banks offer on fixed deposits?
Did you know that small finance banks also offer competitive interest rates on fixed deposits? These banks often provide higher returns compared to public sector banks and many other private banks, with such gains frequently available on long-term investments.
At the same time, public sector banks like Indian Bank are also delivering strong returns, offering 6.80% even for a relatively short tenure of 555 days. For instance, Suryoday Small Finance Bank is offering an interest rate of 8.25% on deposits with a tenure of up to five years, while Indian Bank offers a revised rate of 6.80% for a tenure of 555 days.
Earn Substantial Returns with Fixed Deposits
In the current climate of rising inflation, many people are looking for ways to grow their money. Those who are employed often seek investment avenues where their capital remains completely secure. If you are looking for a way to earn returns without any hassle, a fixed deposit is an excellent option.
It is a completely stress-free investment. Bank fixed deposit schemes are highly popular among people; there is virtually no risk of losing your principal, and they offer the potential for significant gains in the future.
