Indian Overseas Bank: Public sector Indian Overseas Bank has announced a 40 basis points cut in the interest rate on FDs of less than Rs 2 crore, giving a big blow to the customers. These new rates have become effective from today i.e. April 11. Let’s know the latest rate.
New Delhi: Indian Overseas Bank FD Rate: The customers of Indian Overseas Bank (IOB) of the public sector have suffered a major setback. The bank has cut interest rates on fixed deposits (FD). Giving this information, the bank said that the interest rate on FDs of less than Rs 2 crore has been reduced by 40 basis points. The new rates have become effective from today i.e. April 11, 2022.
Know the new interest rates
- Earlier deposits maturing in the period from 7 days to 45 days used to get 3.40 percent interest rate, which will now be available only 3 percent.
- Earlier the interest rate on deposits maturing in 46 to 90 days was 3.90 percent, but now it will be 3.50 percent.
- Deposits maturing in 91 to 179 days earlier used to get an interest rate of 4.4 percent, which has now increased to 4 percent.
- The interest rate on deposits maturing from 180 days to less than 1 year was 4.90 percent, but now it will be 4.5 percent.
- However, the bank has not made any change in the interest rates on FDs ranging from 1 year to less than 2 years. It will have an interest rate of 5.15 percent.
- However, there is no change in the interest rates of 5.2 per cent on FDs from 2 years to less than 3 years and 5.45 per cent on FDs of more than 3 years.
- At the same time, the bank has continued the additional interest rate of 0.5 percent for senior citizens and 0.75 percent for very senior citizens (80 years and above).
PNB also reduced interest rate
Earlier, Punjab National Bank (PNB) has also cut interest on savings account. The bank has reduced the interest rate on savings accounts with balance less than Rs 10 lakh from 2.75 per cent to 2.7 per cent per annum. At the same time, 2.75 percent interest rate has been made on the balance between Rs 10 lakh and Rs 500 crore. This new rate has become effective from 4 April 2022.