Indian Overseas Bank Hikes Interest Rates On Long Term Deposits: Check Details

Indian Overseas Bank, a public sector lender, has hiked interest rates on long-term deposits. The modification has been done today, March 10, 2022. Following the modification, the bank increased the interest rate on deposits of less than Rs 2 crore with a maturity of three years or above to 5.45 percent from 5.20 percent before. With effect from 10.03.2022, the interest rate on IOB Tax Saver Deposits will be 5.45 percent.

Indian Overseas Bank FD Rates For Regular Customers

Interest Rates on Domestic/NRO/NRE Retail Term Deposits have been revised today. With effect from 10.03.2022, the relevant interest rate for the general public on Domestic/NRO/NRE Retail Term Deposits is as follows.

Tenors	Existing Rates For deposits below Rs. 2 Crore W.E.F 09.11.2020 (in%)	Revised Rates For deposits below Rs. 2 Crore W.E.F 10.03.2022 (in%)
7-14 days	3.4	3.4
15-29 days	3.4	3.4
30-45 days	3.4	3.4
46-60 days	3.9	3.9
61-90 days	3.9	3.9
91-120 days	4.4	4.4
121-179 days	4.4	4.4
180-269 days	4.9	4.9
270 days to < 1 year	4.9	4.9
1 year to < 2 years (except 444 days)	5.15	5.15
444 days	5.2	5.2
2 yrs to < 3 yrs	5.2	5.2
3 yrs and above	5.2	5.45
Source: Bank Website

Indian Overseas Bank FD Rates For Senior Citizens

The additional rate of 0.50 percent for senior citizens and 0.75 percent for super senior citizens (aged 80 and over) remains in effect. Following the modification, Indian Overseas Bank is now giving elderly people the following interest rates on term deposits below Rs 2 crore.

Tenors	Interest rates p.a. in %
7-14 days	3.9
15-29 days	3.9
30-45 days	3.9
46-60 days	4.4
61-90 days	4.4
91-120 days	4.9
121-179 days	4.9
180-269 days	5.4
270 days to < 1 year	5.4
1 year to < 2 years (except 444 days)	5.65
444 days	5.7
2 yrs to < 3 yrs	5.7
3 yrs and above	5.95
Source: Bank Website

Indian Overseas Bank NRE Retail Term Deposit Interest Rates

The updated NRE Retail Term Deposit Interest Rates (W.E.F 10.03.2022) are listed below.

Tenors	Existing Rates For deposits below Rs. 2 Crore W.E.F 09.11.2020 (in%)	Revised Rates For deposits below Rs. 2 Crore W.E.F 10.03.2022 (in%)
1 year to < 2 years (except 444 days)	5.15	5.15
444 days	5.2	5.2
2 yrs to < 3 yrs	5.2	5.2
3 Years and above	5.2	5.45
Source: Bank Website