Indian Overseas Bank hikes FD rates for certain tenure; check new rates
FD interest rate 2023: 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.
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.
ALSO READ: US CPI Data for March: Release date, time, all you need to know
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.
| Period of Deposit | FD Rates For Deposits below Rs. 2 Crore (%) |
| 7-14 Days * | 4 |
| 15-29 Days | 4 |
| 30-45 Days | 4.25 |
| 46-60 Days | 4.25 |
| 61-90 Days | 4.25 |
| 91-120 Days | 4.5 |
| 121-179 Days | 4.5 |
| 180-269 Days | 4.95 |
| 270 Days to < 1 Year | 5.35 |
| 1 Year to < 2 Years (Except 444 Days) |
6.5 |
| 444 Days | 7.25 |
| 2 Years to < 3 Years | 6.8 |
| 3 Years and Above | 6.5 |
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.
Catch the latest stock market updates here. For more news on sports, politics follow Zee Business
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.