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HomeInvestmentIndian Overseas Bank offers 7.75% interest to senior citizens in raised FD...

Indian Overseas Bank offers 7.75% interest to senior citizens in raised FD rates.

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Indian Overseas Bank (IOB), a public sector lender, has increased the interest rates on its fixed deposits (FDs) for deposits of less than Rs 2 crore. The revised interest rates will be effective from April 10, 2023. This change aligns with the Reserve Bank of India (RBI)’s decision to maintain the repo rate at 6.5% during its bi-monthly monetary policy meeting on April 6, 2023.

Here are the new interest rates based on the maturity period of the fixed deposits:
– FDs maturing between seven and 29 days will earn a four per cent interest rate.
– On deposits maturing between 30 and 90 days, IOB will pay a 4.25 per cent interest rate.
– The bank will offer a 4.5 per cent interest rate on fixed deposits maturing between 91 and 179 days.
– Deposits maturing between 180 and 269 days will earn an interest rate of 4.95 per cent.
– Fixed deposits maturing between 270 days and less than a year will receive a 5.35 per cent interest rate.
– For fixed deposits maturing in one to two years, the bank will provide a 6.5 per cent interest rate.
– Special deposits maturing in 444 days will earn an interest rate of 7.25 per cent.
– FDs maturing in two to three years will fetch a 6.8 per cent interest rate.
– Deposits maturing in three years or more will have an interest rate of 6.50 per cent.

For senior citizens and super senior citizens (aged 80 and above), there are additional interest benefits:
– Senior citizens will receive a 50 basis points premium on the standard interest rate.
– Super senior citizens will earn a 75-basis-point premium over the public card rate.

Here are the additional interest rates for senior citizens:
– Deposits maturing between seven and 29 days will earn a 4.5 per cent interest rate.
– On deposits maturing between 30 and 90 days, the bank will provide a 4.75 per cent interest rate.
– Fixed deposits maturing between 91 and 179 days will earn a 5 per cent interest rate.
– Deposits maturing between 180 and 269 days will receive a 5.45 per cent interest rate.
– FDs maturing within 270 days and less than one year will earn a 5.85 per cent interest rate.
– Senior citizens will also receive a 7 per cent interest rate on fixed deposits maturing between one and two years.
– A special deposit of 444 days will earn a 7.75 per cent interest rate.
– FDs maturing in two to three years will fetch a 7.3 per cent interest rate.
– Deposits maturing in three years or more will have a 7 per cent interest rate.

This information was first published on April 10, 2023, at 4:57 PM IST.

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