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Latest Indian Overseas Bank Fixed Deposit Interest Rate (W.e.f. 11.04.2022)

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Indian Overseas Bank (IOB), one of the country's oldest major public sector banks, has dropped its interest rates on fixed deposits of less than Rs 2 crore across terms ranging from 7 days to 1 year. From today onwards, the new interest rates will be in force. IOB will begin offering a 3% interest rate on terms ranging from 7 days to 45 days on Monday, down from 3.4 percent before. Furthermore, instead of the previous rate of 3.90 percent, 3.5 percent will be granted on the tenure of 46 days to 90 days. From the previous 4.4 percent, tenures of 91 days to 179 days will be subject to a 4% rate as of now, while tenures of 180 days to less than a year will be subject to a 4.5 percent rate, down from the previous 4.90 percent.

 
Latest Indian Overseas Bank Fixed Deposit Interest Rate (W.e.f. 11.04.2022)

However, the bank would continue to provide a 5.15 percent rate on deposits maturing in 1 Year to less than 2 Years (except 444 days). The interest rate on deposits maturing in 444 Days and 2 Years to less than 3 Years remains unchanged at 5.20%. The highest rate provided by the bank is 5.45 percent, which remains constant for the tenure of three years or more. The bank continues to give an additional rate of 0.50 percent to Senior Citizens, and an additional rate of 0.75 percent to Super Senior Citizens (aged 80 years and above) across all tenors. In addition, the interest rate on the IOB Tax Saver Deposit will remain at 5.45 percent for the general public and 5.95% for senior citizens.

IOB FD Rates 2022

The interest rate revision as of 11.04.2022 is as follows and would be applicable on Domestic / NRO / NRE Retail Term Deposits.

TenorsExisting Rates For deposits below Rs. 2 Crore W.E.F 10.03.2022 (in %)Revised Rates For deposits below Rs. 2 Crore W.E.F 11.04.2022 (in %)
7-14 Days3.43
15-29 Days3.43
30-45 Days3.43
46-60 Days3.93.5
61-90 Days3.93.5
91-120 Days4.44
121-179 Days4.44
180-269 Days4.94.5
270 Days to less than 1 Year4.94.5
1 year to less than 2 Years (Except 444 Days)5.155.15
444 Days5.25.2
2 years to less than 3 Years5.25.2
3 Years and Above5.455.45
Source: Bank Website

Story first published: Monday, April 11, 2022, 16:58 [IST]
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