What are the modes of payment of interest?
In respect of deposits under RIPS, interest will be paid on monthly/quarterly/ annual basis as applicable. For quarterly payments, interest will be paid at the end of March, June, September and December. For annual payment, interest will be paid at the end of March. Interest, as applicable on the date of acceptance will be paid. Interest upto Rs. 25,000/- per instrument will be credited to the depositors’ Bank account through Electronic Clearing Service (ECS) for depositors at Chennai, Coimbatore, Trichy, Madurai, Mumbai, Delhi, Kolkota, Hyderabad and Bangalore. For others, interest will be paid by means of interest Warrant payable at par at selected branches of Indian Bank in India. For them post dated interest warrant will be issued at the option of the depositors. Interest amount exceeding Rs. 25000/- per interest warrant will be paid by cheque to the Chennai depositors and by means of at par cheque for the depositors out side Chennai. In case of deposits under Cumulative Interest P
