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Interest Rates for Deposits of above Rs.5.00Crore

Interest Rates for Deposits of above Rs.5.00Crore

 CARD RATE

INDIANBANK Treasury Branch Mumbai Tel No.022-49343361/49343367 Email ID: bulkdeposit@indianbank.co.in

Re: Interest Rates for Deposits of above Rs.5.00Crore

 

Period Applicable Rate of Interest as on 25.09.2020
Period Amount Above Rs. 5 Crs- Upto Rs. 25 Crs Amount Above  Rs.25 Crs – Upto    Rs. 100 crs Amount Above       Rs. 100 Crs – Upto Rs. 500 crs Amount Above Rs. 500 Crs
7 days to 14days 2.80% 2.80% 2.80% 2.80%
15 days to 29 days 2.80% 2.80% 2.80% 2.80%
30 days to 45 days 2.80% 2.80% 2.80% 2.80%
46 days to 90 days 3.00% 3.00% 3.00% 3.00%
91 days to 120 days 3.10% 3.10% 3.10% 3.10%
121 days to 180 days 3.20% 3.20% 3.20% 3.20%
181 days to less than 9 months 3.20% 3.20% 3.20% 3.20%
9 months to less than 1 year 3.20% 3.20% 3.20% 3.20%
1 year 3.65% 3.65% 3.65% 3.65%
Above 1 year to less than 2 years 3.65% 3.65% 3.65% 3.65%
2 years to less than 3 years 3.65% 3.65% 3.65% 3.65%
3 years to less than 5 years 3.65% 3.65% 3.65% 3.65%
5 years 3.65% 3.65% 3.65% 3.65%
Above 5 years 3.65% 3.65% 3.65% 3.65%

 

Important: The above rates will be applicable only for 25.09.2020. Deposits as per the above rates can be accepted by branches with Prior permission of their respective Zonal Offices, who in turn would seek prior permission from C.O. Treasury.

 

Period run Applicable interest rate on foreclosure of Deposit
Less than 7 days Interest shall not be paid where the period run is less than 7 days upon premature withdrawal of deposit. In other words, a deposit is required to be retained for a minimum period of 7 days.
7 days and above Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a as foreclosure charges

No foreclosure charges is to be levied for domestic term deposits placed by Corporate/Government Departments (State, Central and Quasi Government), Institutions and non profitable organizations (which exist for Educational / Religious or Charitable reasons and from which its share holders or trustees do not benefit financially) wherein the deposits are placed based on the quotation submitted by the Bank.

We have also put the above rates on our Banks Internet website. We will be updating the website as and when the rates are changed

The quotes are valid for a day and should not be quoted for interbank deposits and parties enjoying credit facilities with our bank without prior permission of Corporate Office.

 

Please contact nearest Indian Bank Branch for deposits above Rs. 5Crore.

 

The rates quoted are for a single lot under respective slabs. The deposit accepted under each slab should not be split into smaller lots and classified as core deposit.

 

Assistant General Manager

( Last modified on Sep 25, 2020 at 10:09:27 AM )