New Delhi: If you’re planning to invest in a fixed deposit (FD), here’s an update for you. Indian Bank has increased the interest rates on two of its key FD schemes. The bank has raised the interest rate by 0.15% on the 555-day Ind Grow and 777-day Ind Prosper FDs. The new rates are effective today, October 23, 2026. As a result, customers will now receive higher interest rates on both these schemes than before.
How much interest will be received on 555 days FD?
Indian Bank’s 555-day Ind Gro FD scheme now offers 6.80% annual interest to general customers. Previously, this scheme offered 6.65% interest. This means the bank has increased the interest rate by 0.15%. Meanwhile, the interest rate on the 777-day Ind Prosper FD scheme has been increased from 6.60% to 6.75% annually. Both schemes can be options for those who want to deposit their money for a fixed period and earn fixed interest. However, before investing in an FD, it’s important to consider how long you can keep your money deposited and the rules for withdrawing it if needed.
Senior citizens will get more interest
Senior citizens can also benefit from extra interest rates under these Indian Bank FD schemes. According to the bank’s regulations, senior citizens receive an additional 0.50% interest rate compared to regular customers, and super senior citizens receive an additional 0.75% interest rate. This additional interest rate can help senior customers earn higher returns on their deposits. However, before investing, please confirm the applicable interest rate based on your age with the bank.
Keep these things in mind before investing in FD
The biggest advantage of investing in FDs is that they earn interest on deposits at a pre-determined rate. However, it’s important to understand a few important points before investing. First, the interest earned on FDs may be taxable depending on your income tax system and applicable regulations. Second, prematurely breaking an FD may result in a penalty or interest deduction, depending on bank regulations. Also, compare FD rates at other banks before investing. Sometimes, FDs with different tenures can offer higher interest rates. So, don’t base your decision solely on the interest rate, but also consider your needs and investment period.
