The bank now offers interest rates between 3.60% and 6.40% on FDs with maturities ranging from 7 days to 3+ years.
Public sector lender Indian Overseas Bank (IOB) has raised interest rates on fixed deposits from less than Rs 2 crore up to 60 basis points on various mandates. According to the bank’s official website, the new rates come into effect on November 10. The bank now offers interest rates between 3.60% and 6.40% on FDs with maturities ranging from 7 days to 3 years and more.
Senior citizens benefit from an additional 50 basis points, which increases the maximum interest to 7.15%.
IOB Revised FD Rates
The bank grants an interest rate of 3.60% on FDs with a term of 7 days to 45 days,
The IOB raised the interest rate on FDs maturing in 46 to 90 days by 10 basis points from 3.75% to 3.85% currently.
For FDs maturing between 91 and 179 days, the bank raised the interest rate by 10 basis points, from 4.10% to 4.20%.
The bank also raised the interest rate by 20 basis points from 4.65% to 4.85% for FDs maturing between 180 and 269 days.
While FDs maturing in 270 days to one year will now earn customers an interest rate of 5.25%, up from 4.65% previously, a rise of 60 basis points.
FDs maturing in one to two years (except 444 days) will earn an interest rate of 6.30%, down from 5.70% due to a 60 basis point hike.
The bank raised the interest rate on FDs maturing in 444 days by 55 basis points to 6.40%.
The interest rate on FDs maturing in two to three years (except 1000 days) was raised by 60 basis points, from 5.70% to 6.30%.
The bank also offers a regular interest rate of 6.40% on term deposits maturing in three years or more.
(Edited by : Sudarsanan Mani)