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The interest rate on fixed deposits below ₹2 Cr has been hiked at Indian Overseas Bank (IOB). According to the bank’s official website, the new rates will take effect on October 10, 2022. The bank has raised its interest rates up to 35 bps across a variety of tenors in response to the change. IOB is now offering fixed deposit interest rates between 3.60% and 5.85% for maturities ranging from 7 days to 10 years. While the highest interest rate on fixed deposits with 1000-day maturities is currently 6.00%.
Indian Overseas Bank (IOB) FD Rates
The bank increased its interest rate on fixed deposits maturing in 7-14 days by 35 basis points to 3.60% from 3.25%, while IOB increased its interest rate on term deposits maturing in 15-29 days by 35 basis points from 3.25% to 3.60%. Fixed deposits with maturities of 30 to 45 days will now provide an interest rate of 3.60%, up from 3.35% previously—a 25 basis point increase—while fixed deposits with maturities of 46 to 90 days will continue to offer a 3.75% interest rate. The interest rates offered by Indian Overseas Bank (IOB) would continue at 4.10% for deposits maturing in 91-179 days and 4.65% for deposits maturing in 180 days to less than one year.
The bank increased its interest rate from 5.60% to 5.70%, a rise of 10 basis points, on fixed deposits maturing in 1 Year to less than 2 Years (excluding 444 Days), while IOB increased its interest rate from 5.65% to 5.85%, a rise of 20 basis points, on deposits maturing in 444 Days. Fixed deposits maturing in 2 Years to less than 3 Years (except 1000 Days) will now offer an interest rate of 5.70% which was earlier 5.60%, a hike of 10 bps and deposits maturing in 1000 Days will continue to offer an interest rate of 6.00%. Deposits maturing in 3 Years & Above will continue to offer an interest rate of 5.85%.
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Senior citizens receive an additional rate of 0.50%, while super senior citizens (those who are 80 years old or older) receive an additional rate of 0.75%. IOB Tax Saver Deposit interest rates will be 5.85% for the general public and 6.35% for elderly individuals.
Fixed deposit interest rates are rising in reaction to the RBI’s repo rate hike to 5.90%. Furthermore, today, Canara Bank announced an increase in fixed deposits of up to 135 bps. Following the rise in the repo rate, the following banks have announced interest rate hikes on fixed deposits: CSB Bank, Kotak Mahindra Bank, ICICI Bank, DCB Bank, Axis Bank, RBL Bank, Bank of India (BOI), and Karnataka Bank. More interest rate hikes are anticipated from the remaining banks in the near future.
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