Indian Bank has extended the deadline for its special fixed deposit (FD) schemes, IND Secure and IND Green, which offer interest rates of up to 7.45%. The bank had launched these schemes in November 2022, with an initial deadline of March 31, 2023. However, due to the popularity of the schemes, the bank has decided to extend the deadline to June 30, 2023.
The IND Secure scheme offers an interest rate of 7.25% for a tenure of 1,102 days, while the IND Green scheme offers an interest rate of 7.45% for a tenure of 1,103 days. Both schemes are available for deposits ranging from Rs 10,000 to Rs 10 crore. The interest rates offered by these schemes are higher than the standard FD rates offered by the bank, making them attractive options for investors looking for higher returns.
The IND Secure scheme is a traditional fixed deposit scheme, where the interest is compounded quarterly. The IND Green scheme, on the other hand, is a unique scheme that offers a slightly higher interest rate, but with a condition that the interest will be compounded annually. The IND Green scheme also offers a tax benefit, as the interest earned is exempt from tax under Section 80C of the Income Tax Act.
The extension of the deadline for these schemes is a good opportunity for investors to take advantage of the higher interest rates. With the current economic scenario, investors are looking for safe and secure investment options that offer higher returns. The IND Secure and IND Green schemes offered by Indian Bank fit the bill, as they offer a higher interest rate than the standard FD rates, with the security of a government-owned bank.
Investors can deposit funds in these schemes through the bank’s online platform or by visiting any of the bank’s branches. The minimum deposit amount is Rs 10,000, and the maximum deposit amount is Rs 10 crore. The schemes are available for both new and existing customers of the bank. Overall, the extension of the deadline for the IND Secure and IND Green schemes is a good opportunity for investors to earn higher returns on their deposits, and they should consider investing in these schemes before the deadline of June 30, 2023.