Indian Bank on Friday has raised interest rates on its special term deposit schemes, Ind Grow and Ind Prosper, by 15 basis points each, effective October 23, 2026. The bank will offer 6.80% per annum on Ind Grow, which has a tenure of 555 days, compared with the earlier rate of 6.65%. The interest rate on Ind Prosper, a 777-day deposit scheme, has increased to 6.75% per annum from 6.60%.
The bank's Asset Liability Management Committee approved the upward revisions at its meeting on October 22, 2026, after considering various aspects of bank deposits, according to company's exchange filing.
Following the revision, the shorter-tenure Ind Grow scheme continues to offer a higher interest rate than Ind Prosper. The difference between the two schemes remains five basis points, with both products receiving an equal increase.
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The disclosure covers the revised annual interest rates for these two special term deposit products. It does not specify changes to rates for other deposit tenures or provide separate rates for senior citizens.
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Ind Grow
Under Ind Grow, interest net of tax deducted at source (TDS) is payable monthly, quarterly or on maturity through the customer's linked savings or current account. No interest is payable on deposits held for fewer than seven days.
If the scheme remains available at maturity, deposits automatically renew for the same tenure at the prevailing interest rate. If discontinued, they renew for one year at the applicable rate. Automatic renewal continues unless customers request payment or provide contrary instructions on or before maturity. The renewed amount will be net of applicable TDS.
Nomination is available and mandatory for personal customers. Accounts must comply with know-your-customer requirements, and deposits can be transferred between branches on request. The bank retains discretion to extend or withdraw the facility, wholly or partly, at any time.
Ind Prosper
Ind Prosper accepts deposits from Rs 1,000 to Rs 2,99,99,999; bulk deposits of Rs 3 crore and above are ineligible. Senior citizens receive an additional 0.50 percentage point annually, while super senior citizens receive 0.75 percentage point. These additions do not apply to NRE or NRO customers.
Interest, net of TDS, is payable monthly, quarterly or at maturity. Customers without an operative account can receive maturity proceeds by demand draft or NEFT/RTGS. No interest is paid on deposits held for fewer than seven days.
Deposits automatically renew for the same tenure at the prevailing rate if the scheme continues, or for one year if discontinued, unless customers instruct otherwise on or before maturity. Renewal amounts are net of applicable TDS.
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