Indian Overseas Bank’s New Fixed Deposit Scheme Offers Enhanced Interest Rates
Fixed Deposit Rate: If you’re planning to invest in bank Fixed Deposits (FDs), there’s great news on the horizon. The Indian Overseas Bank (IOB) has commenced the new fiscal year with a delightful gift for its customers by announcing an upward revision of interest rates on its Fixed Deposit and Savings Account.
Details of the Increase:
From April 10, 2023, IOB has implemented a hike of up to 0.40% in the interest rates for its Fixed Deposits. This move promises better returns for customers who invest in the bank’s FD and maintain savings accounts. Specifically, for a 444-day fixed deposit, customers can now earn an impressive 8% interest. Meanwhile, the interest for IOB’s savings accounts has been set at a competitive rate of up to 2.90%.
A Closer Look at the New FD Rates:
Indian Overseas Bank offers FD schemes for varied durations ranging from 7 days to more than 3 years. Here’s a breakdown of the revised interest rates:
- FD maturing in 29 days: 4.00%
- FD maturing between 30 to 90 days: 4.25%
- FD maturing between 91 to 179 days: 4.50%
- FD maturing between 180 to 269 days: 4.95%
- FD maturing between 270 days to 1 year: 5.35%
- FDs with tenures from 1 year up to less than 2 years and from 2 years up to less than 3 years, as well as FDs of over 3 years, will all offer an interest rate of 6.50%.
Special 444-Day FD Scheme:
Out of all the schemes, IOB’s 444-day special FD stands out as it offers the highest interest rates. Regular customers can avail an interest rate of 7.25% on this special FD, while senior citizens get a more favorable rate of 7.75%.
Enhanced Savings Account Interest Rates:
IOB hasn’t left its savings account holders behind in this wave of interest rate hikes. Those who maintain a balance between 25 lakh to 1 crore rupees in their savings account can now earn interest at the rate of 2.75%. Furthermore, accounts with a balance exceeding 1 crore rupees will fetch an interest of 2.90%. This revised interest rate is applicable to domestic, non-resident, NRO, and NRE savings account holders.
By introducing these competitive rates, the Indian Overseas Bank emphasizes its commitment to providing customers with beneficial financial products. It’s a step that not only strengthens the bond with existing patrons but also attracts potential investors looking for lucrative avenues.
