Indian Bank was established as a part of Swadeshi movement on 15th August, 1907. It has a dedicated staff of over 20,222. The bank has its international presence in Singapore and Colombo.
Indian Bank introduced Facility Deposit which is a time deposit that has an overdraft facility with a limit of 90% of the deposit amount.
To see if you are eligible to open a Facility Deposit account with Indian Bank just visit the nearest branch of the bank.
|Account Type||Joint or single If joint account is opened, the first named person must be a senior citizen.|
Minimum – Rs.10,000
Additional – In multiples of Rs.1,000
|Period||The account can be opened for:
Minimum – 1 year
Maximum – 3 years
|Overdraft facility||Built in overdraft facility is available with an overdraft limit of up to 90% of the initial deposit.|
Indian Bank offers a higher rate of interest for its medium and long term fixed deposits. The interest offered for Facility Deposit is 7.50 to 7.75% per annum.
Note: The interest rate mentioned are as of December, 2015. The interest rate are subject to change at the discretion of the bank.
Yes, joint accounts are permitted, but the first name should be that of a senior citizen.
The minimum initial deposit is Rs.10,000 .
Yes, additional deposit are allowed in multiples of Rs.1,000.
Indian Bank Facility Deposit can be opened for a minimum of one year and maximum of 3 years.
Yes, automatic renewal transfer facility is available for equal period.
Yes, overdraft facility is available with a limit of 90% of the deposit amount.
Useful Information on Indian Bank Fixed Deposit