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Indian Bank raises term deposit rates

CHENNAI: Indian Bank has increased the interest rates on domestic term deposits with effect from February 1 for various tenors in three categories of less than Rs. 15 lakh, Rs. 15 lakh to less than Rs. 50 lakh and Rs. 50 lakh to Rs. 5 crore. The bank has revised the benchmark prime lending rate by 50 basis points to 12.50 per cent. Crop loans, including agricultural jewel loans up to Rs. 3 lakh, will continue to be priced at seven per cent. Lending rates for personal home loans have been revised by 25 basis points to 12.25 per cent per annum, according to a release.

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