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India Overseas Bank (IOB) raises fixed deposit rate up to 35 bps


Fixed deposit interest rate below 2Cr has been appreciated at the Overseas Bank of India (IOB). According to the bank’s official website, the new rate will come into effect on October 10, 2022. The bank has increased rates by up to 35 bps on multiple maturities in response to the change. IOB is currently offering fixed deposit rates from 3.60% to 5.85% for maturities from 7 days to 10 years. While the highest fixed deposit interest rate of 1000 days is currently 6.00%.

India Overseas Bank (IOB) FD Rates

The bank raised its 7-14 day fixed deposit rate by 35 basis points from 3.25% to 3.60%, while IOB increased its 15-29 day deposit rate by 35 basis points. version from 3.25% to 3.60%. Fixed deposits with a term of 30 to 45 days will now offer an interest rate of 3.60%, up from 3.35% previously — an increase of 25 basis points — while fixed deposits with a term of 46 to 90 days will continue to offer 3.75% interest. Interest rate offered by the Overseas Bank of India (IOB) will continue at 4.10% for term deposits from 91-179 days and 4.65% for term deposits from 180 days to less than a year.

The Bank raised interest rates from 5.60% to 5.70%, a 10 basis point increase on fixed deposits with terms ranging from 1 year to less than 2 years (excluding 444 days), while IOB raised interest rates from 5.65% to 5.85%. , up 20 basis points, for deposits due in 444 Days. Fixed deposits maturing in 2 years to less than 3 years (minus 1000 days) will now offer an interest rate of 5.70%, previously 5.60%, up 10 bps and deposits maturing in 1000 days will continue to offer 6.00% interest. Deposits with term of 3 years or more will continue to apply interest rate of 5.85%.

India Overseas Bank (IOB) FD Rates

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India Overseas Bank (IOB) FD Rates (iob.in)

Seniors receive a supplement rate of 0.50%, while super elderly (those 80 years of age and older) receive a supplement rate of 0.75%. The IOB tax savings deposit interest rate will be 5.85% for the general public and 6.35% for the elderly individual.

Fixed deposit rates are rising in response to RBI’s repo rate hike to 5.90%. Furthermore, today, Bank of Canara announced a fixed deposit increase of up to 135 bps. After repo rate hike, following banks announced fixed deposit rate hike: CSB Bank, Bank Kotak Mahindra, ICICI Bank, DCCB Bank, Axis Bank, RBL . Bank, Bank of India (BOI)and Karnataka Bank. The remaining banks are expected to raise interest rates in the near future.

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