Indian Overseas Bank hikes FD rates for certain tenure; check new rates

FD interest rate 2023: Indian Overseas Bank has hiked the interest rate on fixed deposits (FD) for certain tenures on deposits below Rs 2 crore and these rates are applicable from April 10, 2023. The move comes after the Reserve Bank of India (RBI) hit a pause on repo rate hikes.  

The bank is offering interest on FD ranging from 4 per cent to 7.25 per cent for various tenures for the general public. Senior citizens will get an additional rate of 0.5 per cent and for super senior citizens (aged 80 years and above) additional rate will be of 0.75 per cent.

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Indian Overseas Bank interest rate 2023

For a tenure of 7 to 29 days, the bank is offering an interest rate of 4 per cent. For 30 days to 90 days, the lender is providing an interest rate of 4.25 per cent. The bank is guaranteeing an interest rate of 4.5 per cent for 91 days to 179 days.

For 180 days to 269 days, the bank is offering an interest rate of 4.95 per cent. For 270 days to less than a year, the public sector lender provides 5.35 per cent interest rate. Except for 444 Days in 1 Year to less than 2 years tenure, the bank will give an interest of 6.5 per cent.

The 444 days tenure will get the highest interest rate provided by the bank of 7.25 per cent. For 2 years to less than 3 years, the interest rate is fixed at 6.8 per cent and for 3 years and above the interest rate is fixed at 6.5 per cent.

Indian Overseas Bank interest rate calculation

If investors invest Rs 10,000 for a tenure of 2 years, they can earn an aggregate return of Rs 1,444 and will get Rs 11,444 on maturity. Similarly, senior citizens will earn an aggregate return of Rs 1,557 and will get Rs 11,557 on maturity.

Similarly, super senior citizens will earn an aggregate return of Rs 1,614 and Rs 11,614 on maturity.

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