Indian Overseas Bank hikes FD interest rates: Senior citizens to get up to 7.75%, public to earn up to 7.25% on fixed deposits Public can get an interest of 7.25 per for special fixed deposits maturing in 444 days. For senior citizens, the interest can go up to 7.75 per cent. Super senior citizens can earn up to 8 per cent on fixed deposits maturing in 444 days. The new interest rates are effective from April 10, 2023. Check Indian Overseas Bank fixed deposit interest rates here
Indian Overseas Bank (IOB) has revised the interest rates of its fixed deposits (FDs). The new interest rates will be applicable for deposits below Rs 2 crore. The revised interest rates will be effective from April 10, 2023, according to the bank's website.Fixed deposits maturing between 7 days and 29 days will fetch an interest rate of 4 per cent. For deposits maturing between 30 days and 90 days, Indian Overseas Bank will offer an interest rate of 4.25 per cent. For fixed deposits maturing between 91 days and 179 days, the bank will give an interest rate of 4.5 per cent. Deposits maturing between 180 days and 269 days will earn an interest rate of 4.95 per cent. Fixed deposits maturing between 270 days and less than one year, will get an interest rate of 5.35 per cent. Indian Overseas Bank will offer an interest rate of 6.5 per cent for fixed deposits maturing between one year and less than two years. However, special deposits maturing in 444 days will earn an interest rate of 7.25 per cent. For fixed deposits maturing in two years to less than three years, the bank will offer an interest rate of 6.8 per cent. FDs maturing in three years and above will fetch an interest rate of 6.50 per cent.
IOB tax-saver fixed deposit will continue to earn an interest rate of 6.5 per cent.
Indian Overseas Bank fixed deposit interest rates (effective from April 10, 2023)
Tenure
Interest rate for public (%)
Interest rate for senior citizens (%)
Interest rate for super senior citizens (%)
7-14 Days *
4
4.5
4.75
15-29 Days
4
4.5
4.75
30-45 Days
4.25
4.75
5
46-60 Days
4.25
4.75
5
61-90 Days
4.25
4.75
5
91-120 Days
4.5
5
5.25
121-179 Days
4.5
5
5.25
180-269 Days
4.95
5.45
5.7
270 Days to
5.35
5.85
6.1
1 Year to
6.5
7
7.25
444 Days
7.25
7.75
8
2 Years to
6.8
7.3
7.55
3 Years and Above
6.5
7
7.25
IOB tax-saver FD (5 years)
6.5
7
7.25
For deposits below Rs 2 crore
*Minimum amount Rs 1 Lakh
Source: Indian Overseas Bank website
Indian Overseas Bank fixed deposit interest rates for senior citizens, super senior citizens
Senior citizens will get an additional 50 basis points (100 basis points = 1 per cent) on the interest rate for regular citizens. Meanwhile, super senior citizens or those who are 80 years and above will receive an additional premium rate of 75 basis points over the card rate applicable to the public.
For deposits maturing between seven days and 29 days, senior citizens will get an interest of 4.5 per cent. For deposits maturing in 30 days and 90 days, the bank will offer an interest rate of 4.75 per cent. For fixed deposits maturing between 91 days and 179 days, the bank will offer an interest rate of 5 per cent. Fixed deposits maturing between 180 days and 269 days, will earn an interest rate of 5.45 per cent. FDs maturing between 270 days and less than one year, will get an interest rate of 5.85 per cent. Senior citizens will get an interest rate of 7 per cent for fixed deposits maturing between one year and less than two years. For a special deposit of 444 days, Indian Overseas Bank will offer an interest rate of 7.75 per cent. FDs maturing between two years and less than three years will fetch an interest rate of 7.3 per cent. For deposits maturing in three years and above, the bank will offer an interest of 7 per cent.
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This story originally appeared on: India Times - Author:Faqs of Insurances
