Indian Bank raised interest rates on its 555-day Ind Grow and 777-day Ind Prosper deposit schemes by 15 basis points each, effective October 23. The bank took this step after the Reserve Bank of India increased the repo rate. Many customers will now get better returns on these specific term deposits.

Indian Bank has raised rates on its 555-day Ind Grow and 777-day Ind Prosper deposit schemes by 15 basis points each, following the RBI's October repo rate increase.

Indian Bank raised interest rates on its 555-day and 777-day special term deposit schemes by 15 basis points each, effective October 23.

Anjali Kumari Mumbai

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Indian Bank on Thursday raised interest rates on its special term deposit schemes by 15 basis points each, effective October 23.

The interest rate on the 555-day ‘Ind Grow’ deposit scheme has been increased to 6.80 per cent from 6.65 per cent, while the rate on the 777-day ‘Ind Prosper’ scheme has been raised to 6.75 per cent from 6.60 per cent.

Earlier this month, the Reserve Bank of India raised the repo rate by 25 basis points to 5.50 per cent during the October monetary policy review.