Indian Overseas Bank Revises Interest Rates On Savings Account: Check Details

The interest rates on saving deposits have been changed by the Indian Overseas Bank (IOB), a public sector lender. The bank announced this on March 10th, 2022, and as a result of the modification, savings account holders would now get a maximum interest rate of 2.90 percent annually. Regular Savings Bank Account, Savings Bank No Frills Account, IOB Savings Bank Gold I, IOB Savings Bank Gold II, IOB Savings Bank Silver I, IOB Savings Bank Silver II, and IOB SB Student are some of the bank's savings account alternatives provided by the bank.

However, at branches in rural and semi-urban regions, you must maintain a minimum level of Rs. 100/- for non-cheque operated accounts and Rs. 500/- for cheque-operated accounts on regular savings accounts. In other branches, it is Rs.500 for non-cheque-operated accounts and Rs.1000 for cheque-operated accounts. The minimum balance required for pension accounts is Rs. 5 for non-cheque operated accounts and Rs. 250 for cheque-operated accounts. Individuals, joint accounts, clubs, associations, trusts, government bodies, societies (including co-operatives), educational institutions, associations, and other non-trading organizations, as well as minors over the age of ten, are all eligible to open a savings account with Indian Overseas Bank.

To open a savings account, you'll need an application form, proof of identity, proof of address, and a passport-size photograph. After that, you'll get amazing benefits like an international VISA/MASTER/RUPAY debit card, instant credit of outstation cheques up to Rs.15,000/-, internet banking & mobile banking, nomination facility, standing instruction facility, easy transfer of funds, insurance benefits, and 50 free cheque leaves annually.

Indian Overseas Bank Savings Account Interest Rates 2022

The following are the savings bank interest rates as of March 10, 2022.

Savings bank account	Balance Upto Rs. 25 Lacs	Balance Above Rs.25 Lacs upto Rs.1 Crore	Balance Above Rs.1 Crore
With cheque book facility	2.75	2.75	2.9
Without cheque book facility	2.75	2.75	2.9
No Frills Account	2.75	2.75	2.9
Non Resident	2.75	2.75	2.9
NRO	2.75	2.75	2.9
NRE	2.75	2.75	2.9
Source: Bank Website

Indian Overseas Bank Savings Account Minimum Balance Requirement

Savings bank account	Rural	Semi Urban	Urban	Other Branches	Pensioners' SB account
With cheque book facility	Rs 500	Rs 500	Rs 1000	Rs 1000	Rs 250
Without cheque book facility	Rs 100	Rs 100	Rs 500	Rs 500	Rs 5
No Frills Account	Rs 5	Rs 5
Source: Bank Website

Indian Overseas Bank Fixed Deposit Interest Rates

Interest Rates for Domestic/NRO/NRE Retail Term Deposits have also been revised by the bank as of 10.03.2022. Following the modification, the senior citizens' additional rate of 0.50 percent remains unchanged, while the additional rate of 0.75 percent for Super Senior Citizens (aged 80 and up) remains intact.

Period	For deposits below Rs. 2 Crore
7-14 days	3.4
15-29 days	3.4
30-45 days	3.4
46-60 days	3.9
61-90 days	3.9
91-120 days	4.4
121-179 days	4.4
180-269 days	4.9
270 days to	4.9
1 year to	5.15
444 days	5.2
2 yrs to	5.2
3 yrs and above	5.45
Source: Bank Website