Indian Overseas Bank (IOB) Hikes FD Rates By 50 Bps: Check Latest PSU FD Rates

Indian Overseas Bank (IOB) an Indian public sector lender founded on 10th February 1937 has hiked interest rates on fixed deposits (FDs) of less than Rs 2 Cr. Following the revision the bank has hiked FD rates by 50 bps on a select tenure. IOB is now providing a maximum rate of return of 7.30% on term deposits maturing in 444 days. As per the official website of Indian Overseas Bank (IOB), the new fixed deposit interest rates will be effective from 15.04.2024.

IOB FD Rates

The bank will continue to give 4.00% interest on deposits that mature between 7-14 days, while IOB will continue to offer 4.50% interest on deposits maturing in 15-60 days. IOB will keep offering 4.25% interest on deposits made within 61 and 90 days, while the bank has increased interest rates on deposits made between 91 and 120 days by 50 basis points. The interest rate on deposits maturing in 180-1 year will remain at 5.75%, while deposits that mature in 121-179 days will continue to provide an interest rate of 4.25%.

Domestic term deposits maturing in 1 year to 2 years (Except 444 Days) will continue to fetch an interest rate of 6.90% and those maturing in 444 days will continue to fetch a higher interest rate of 7.30%. Deposits maturing in 2 to 3 years at Indian Overseas Bank will continue to promise an interest rate of 6.80% while those maturing in 3 Years and above will fetch a 6.50% return. The interest rate on IOB Tax Saver deposits will stay at 6.50%.

Period of Deposit	Revised Rates For Deposits below Rs. 2 Crore w.e.f. 15.04.2024 (in %)	Existing Rates For Deposits below Rs. 2 Crore w.e.f. 10.02.2024 (in %)
7-14 Days	4	4
15-29 Days	4.5	4.5
30-45 Days	4.5	4.5
46-60 Days	4.5	4.5
61-90 Days	4.25	4.25
91-120 Days	4.75	4.25
121-179 Days	4.25	4.25
180-269 Days	5.75	5.75
270 Days to less than 1 Year	5.75	5.75
1 Year to less than 2 Years (Except 444 Days)	6.9	6.9
444 Days	7.3	7.3
2 Years to less than 3 Years	6.8	6.8
3 Years and Above	6.5	6.5
Source: Bank Website

"For Senior Citizens (aged 60 Years and above), Additional interest rate of 0.50% and for Super Senior Citizens (aged 80 years and above), Additional interest rate of 0.75% continues. For Retired Staff, Applicable interest rate will continue to be governed by the decision taken by ALCO in its meeting No-04/2019-20 held on 08.07.2019," mentioned Indian Overseas Bank on its website.

"The Assets and Liabilities Management Committee of the Bank, in its meeting held on 12.04.2024, has reviewed the MCLR workings as on 09.04.2024 and increased Overnight to Two Year MCLR by 5 bps and Three Year MCLR by 10 bps w.e.f. 15.04.2024," Indian Overseas Bank said in a regulatory filing on 12.04.2024.