This bank is giving the highest interest ever on FD for 444 days, due to which customers are breaking FDs from other banks and opening FDs in this bank. Let us know how much interest is being received on how much period
Public sector bank Indian Overseas Bank (IOB) has changed the interest rates of its Fixed Deposits scheme. The bank has increased the interest on fixed deposits up to Rs 2 crore. Since the increase in the repo rate of the Reserve Bank (RBI), the private and public sector banks of the country are increasing the interest rates to make their fixed deposit scheme attractive. The new interest rates on fixed deposits of Indian Overseas Bank are applicable from February 10.
FD scheme of 444
According to the official website of Indian Overseas Bank, the bank is now offering interest at a maximum rate of seven per cent on fixed deposits maturing in 444 days. The bank will continue to pay interest at the rate of 4.50 per cent on FDs maturing in 7 to 45 days. At the same time, 4.75 percent interest will continue to be given on FDs maturing in 46 to 90 days.
Interest rates on FD
IOB has increased the interest rate by 10 basis points (BPS) on deposits from 91 days to 179 days. The bank has increased the interest rate for FDs of this period from 4.20 per cent to 4.30 per cent. At the same time, the interest rate on deposits of 180-269 days has now increased from 4.85 per cent to 4.95 per cent.
Interest rate on 3 year FD
Deposits maturing in 270 days to one year will now get interest at the rate of 5.35 per cent. FDs maturing in two years (apart from 444 days) will now get interest at the rate of 6.45 per cent. Deposits maturing in 444 days will continue to earn interest at the rate of 7 per cent, while deposits maturing in 2 years to 3 years will now earn 6.40 per cent interest. Indian Overseas Bank (IOB) will continue to pay 6.50 per cent interest on deposits of three years and above.
Interest for Senior Citizen
IOB Tax Saver Deposit interest rates will remain at 6.50 per cent for general public and 7 per cent for senior citizens. Indian Overseas Bank continues to offer an additional rate of interest of 0.50% to Senior Citizens and an additional rate of 0.75% to Very Senior Citizens. The Reserve Bank of India has recently increased the repo rate by 25 basis points. Because of this loans have become expensive.
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