Interest rates

This bank sharply reduces interest rates on term deposits. Latest Fd rates here

Indian Overseas Bank (IOB) cut fixed deposit (FD) interest rates below 2 crore for various short term terms. This comes at a time when lenders like State Bank of India (SBI), HDFC Bank, ICICI Bank and others are raising interest rates on their term deposits. According to the Indian Overseas Bank website, the new rates went into effect on April 11.

Interest rates on FDs with periods ranging from seven days to one year have been reduced by 40 basis points. These DFs will now gain 3%.

Rates have been reduced by 40 basis points for terms of 46 to 90 days. These FDs will now earn 3.50% interest. Bank customers will now earn 4% for term deposits maturing between 91 and 179 days. And for FDs maturing in 180 days less than a year, they will get 4.50%.

Interest rates for terms of one to three years remained unchanged.

The minimum amount for term deposits is 1,000,000.

For seniors, the bank offers an additional rate of 0.50% and for super seniors (80 years and over) an additional rate of 0.75% continues, according to the bank’s website.

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