Indian Overseas Bank Hikes FD Rates On Select Tenors, New Rates Effective From 10 October

In a recent development, the Indian Overseas Bank (IOB) has hiked the interest rate on fixed deposits below 2 Crore. The new FD Interest rates will come into effect from October 10, 2022, according to the bank's official website. The bank hiked its interest rates by up to 35 basis points on select senors. This FD rate hike comes after a week of RBI's 50 bps repo rate hike in September.

Indian Overseas Bank FD Rates

IOB is currently offering FD interest rates for maturities ranging from 7 days to 10 years between the ranges of 3.25% and 6%, the highest at 6.00% on 1000 days maturity period. After the announced hike, the FD interest rate will range from 3.60% to the highest 6% for the same maturity period. According to the bank, for Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 Years and above) Additional Rate of 0.75% Continues will be applicable.

The bank has hiked the interest rate on fixed deposits with a maturity of 7-14 days, 15-29 days, 30-45 days, 1 year to less than 2 years (Except 444 days), and 2 years to less than 3 years (except 100 days). Interest rates on maturity periods other than these will continue to get the existing interest rates.

For maturity periods 7-14 days, 15-29 days, and 30-45 days, the bank has increased the interest rate by 35 bps, from 3.25% to 3.60%. For the maturity period of 15-29 days, the bank has hiked by 35 bps to 3.60% from 3.25%, respectively. The bank raised its interest rate on fixed deposits maturing in 1 year to less than 2 years (Except 444 days), and 2 years to less than 3 years (except 100 days) from 5.60% to 5.70%, an increase of 10bps.

FD Interest Rates On Domestic Deposits below 2 Cr w.e.f 10.10.2022

Source-iob.in