Fixed Deposits (FDs) are a favored investment option in India due to their guaranteed returns and safety. Indian Overseas Bank (IOB), a major public sector bank, offers a range of Fixed Deposit schemes with attractive interest rates tailored to meet the diverse needs of its customers. This guide provides detailed insights into Indian Overseas Bank FD interest rates, including current rates, benefits, special schemes, and more.
Indian Overseas Bank (IOB) offers varying interest rates on Fixed Deposits (FDs) depending on the tenure and the depositor’s category (general or senior citizen).
Below are the interest rates for IOB Fixed Deposits:
| Tenure | Interest Rate (per annum) |
| 7 days to 14 days | 4.00% |
| 15 days to 29 days | 4.00% |
| 30 days to 45 days | 4.25% |
| 46 days to 60 days | 4.25% |
| 61 days to 90 days | 4.25% |
| 91 days to 120 days | 4.50% |
| 121 days to 179 days | 4.50% |
| 180 days to 269 days | 4.95% |
| 270 days to less than 1 year | 5.35% |
| 1 year to < 2 years (Except 444 days) | 6.80% |
| 444 days | 7.10% |
| 2 years to less than 3 years | 6.80% |
| 3 years to 10 years | 6.50% |
Indian Overseas Bank offers special interest rates for senior citizens (aged 60 years and above) on fixed deposits. Senior citizens typically receive an additional 0.50% interest rate over and above the regular rates. It makes FDs an attractive investment option for retirees seeking stable and enhanced returns.
Here are the current interest rates for senior citizens:
| Tenure | Interest Rate (per annum) |
| 7 days to 14 days | 4.50% |
| 15 days to 29 days | 4.50% |
| 30 days to 45 days | 4.75% |
| 46 days to 60 days | 4.75% |
| 61 days to 90 days | 4.75% |
| 91 days to 120 days | 5.00% |
| 121 days to 179 days | 5.00% |
| 180 days to 269 days | 5.45% |
| 270 days to less than 1 year | 5.85% |
| 1 year to < 2 years (Except 444 days) | 7.20% |
| 444 days | 7.60% |
| 2 years to less than 3 years | 7.30% |
| 3 years to 10 years | 7.00% |
These rates are indicative and can change over time, so it’s advisable to check the latest rates directly with Indian Overseas Bank or visit their official website for the most current information.
You may also want to know the Indian Bank FD Interest Rate
Indian Overseas Bank offers a Tax Saver FD scheme that allows individuals to save on taxes under Section 80C of the Income Tax Act. The scheme comes with a lock-in period of 5 years, during which the deposit cannot be withdrawn. Here are the interest rates for the Indian Overseas Bank Tax Saver FD:
Indian Overseas Bank provides an FD interest rates calculator on its official website. This tool helps you calculate the maturity amount and interest earned on your Fixed Deposit. Here’s how to use it:
You may also want to know Punjab National Bank FD Interest Rates
Opening a Fixed Deposit with Indian Overseas Bank is a straightforward process. You can open an FD account online through Indian Overseas Bank’s internet banking portal or visit the nearest branch. Here are the steps to open an FD account online:
Access Indian Overseas Bank’s Internet banking portal using your credentials.
Go to the ‘Fixed Deposit’ section under the ‘Deposits’ menu.
Select the type of FD (regular, senior citizen, tax saver) you wish to open.
Fill in the required details such as deposit amount, tenure, and nominee information.
Review the details and apply. The amount will be debited from your linked savings account, and the FD will be created.
Before investing in a Fixed Deposit, consider the following factors to ensure it aligns with your financial goals:
Indian Overseas Bank’s Fixed Deposits offer a secure and rewarding investment avenue for individuals seeking stable returns. With a diverse range of FD options catering to different financial goals and customer profiles, including senior citizens and tax-saving objectives, the bank provides a comprehensive platform for wealth growth and financial security.
If you are looking for Fixed Deposit investments, there is a wide array of options available in the market, explore well, and get started!
The minimum deposit amount for an Indian Overseas Bank FD is typically ₹10,000, but it may vary based on the type of FD and the tenure.
Indian Overseas Bank allows premature withdrawal of FDs, subject to certain terms and conditions. However, a penalty may be levied on the interest rate.
Indian Overseas Bank offers special FD schemes for senior citizens with higher interest rates.
The lock-in period for the Indian Overseas Bank Tax Saver FD is 5 years.
Yes, you can avail of a loan against your FD up to 90% of the deposit amount.
Get the link to download the App
