Indian Overseas Bank Revises Interest Rates On Savings Bank Deposits

Published: Sunday, February 6, 2022, 17:25 [IST]

Indian Overseas Bank (IOB) a public sector lender has revised its interest rates on savings bank deposits. The new rates take effect on January 5, 2022, according to the bank's official website. Following the current modification, the bank is now giving a 2.90 percent interest rate on both balances up to Rs 25 lacs and above Rs. 25 lacs. The revised interest rates apply to account types such as domestic, with cheque book facility, without cheque book facility, no-frills account, non-resident, NRO, and NRE.

Indian Overseas Bank Revises Interest Rates On Savings Bank Deposits

Indian Overseas Bank Saving Account Interest Rates

Savings Bank A/c.	Rate of Interest On Balance Up To Rs 25 Lacs	Rate of Interest On Balance Above Rs 25 Lacs
Domestic	2.90%	2.90%
With Cheque Book Facility	2.90%	2.90%
Without Cheque Book Facility	2.90%	2.90%
No Frills Account	2.90%	2.90%
Non Resident	2.90%	2.90%
NRO	2.90%	2.90%
NRE	2.90%	2.90%
Source: Bank Website

Indian Overseas Bank (IOB) Minimum Balance Limit

Based on different locations, Indian Overseas Bank (IOB) allows the below balance slabs as a minimum deposit on savings accounts. In branches in rural and semi-urban regions, you must maintain a minimum balance of Rs. 100/- for non-cheque maintained accounts and Rs. 500/- for cheque-handled accounts. In other branches, it is Rs.500 for non-cheque maintained accounts and Rs.1000 for cheque maintained accounts. The minimum balance required for pension accounts is Rs. 5 for non-cheque-driven accounts and Rs. 250 for cheque maintained accounts.