Established in 1937, Indian Overseas Bank focuses on foreign exchange banking and operates 3,214 branches and 3,355 ATMs in India and overseas. As of March 2022, it has INR 2,62,158.92 crores in total deposits with an AA Credit Rating. IOB offers fixed deposits with attractive interest rates compared to savings accounts, requiring a minimum investment of INR 1,000, available online and offline. This article explores IOB FD rates in detail.
Indian Overseas Bank (IOB) Domestic Fixed Deposit Interest Rates for Deposits Below INR 2 Crore
| Tenure | The interest rate for the general public (p.a.) |
| 7 days to 14 days | 4.00% |
| 15 days to 29 days | 4.00% |
| 30 days to 45 days | 4.25% |
| 46 days to 60 days | 4.25% |
| 61 days to 90 days | 4.25% |
| 91 days to 120 days | 4.50% |
| 121 days to 179 days | 4.50% |
| 180 days to 269 days | 4.95% |
| 270 days to less than 1 year | 5.35% |
| 1 year to less than 2 years (444 days not included) | 6.50% |
| 444 days | 7.25% |
| 2 years to less than 3 years (1,000 days not included) | 6.80% |
| 3 years and above | 6.50% |
Indian Overseas Bank Tax Saver FD Interest Rates
| Tenure | The interest rate for the general public (p.a.) |
| 5 years | 6.50% |
Special Fixed Deposit Rates for Senior Citizens at IOB
IOB FD interest rates for senior citizens get an additional 0.50% interest on all FD schemes. Super senior citizens aged 80 years and above enjoy an extra interest rate of 0.75% p.a. The highest IOB senior citizen FD rate paid to senior citizens is 6.50% p.a. for a tenure of 1,000 days.
IOB Non-Resident External (NRE) Term Deposit Rates
| Tenure | Interest rate (p.a.) |
| 1 year to 2 years | 6.50% |
| 444 days | 7.25% |
| 2 years to 3 years | 6.80% |
| 3 years and above | 6.50% |
IOB Foreign Currency Non-Resident Deposit Rates
| Maturity period/Currency | USD | GBP | EUR | JPY | CAD | AUD | CHF | NZD | SGD |
| One Year & Above But Less Than Two Years | 5.00 | 3.00 | 0.03 | 0.03 | 0.50 | 0.70 | 0.00 | 1.00 | 0.42 |
| Two Years & Above But Less Than Three Years | 3.20 | 2.10 | 0.15 | 0.05 | 1.60 | 1.00 | 0.00 | 1.20 | 0.89 |
| Three Years & Above But Less Than Four Years | 3.15 | 2.15 | 0.15 | 0.05 | 1.80 | 1.25 | 0.02 | 1.40 | 1.09 |
| Four Years & Above But Less Than Five Years | 3.15 | 2.20 | 0.15 | 0.05 | 1.90 | 1.55 | 0.02 | 1.50 | 1.23 |
| Five Years Only | 3.15 | 2.25 | 0.15 | 0.05 | 1.95 | 1.85 | 0.02 | 1.60 | 1.39 |
IOB Fixed Deposit Interest Rate Calculator
IOB FD calculator is an online tool offered by the Indian Overseas Bank that serves as a simple and convenient way to estimate the potential returns from investing in an Indian Overseas Bank Fixed Deposit Scheme. The IOB FD calculator considers various factors such as the investment amount, tenure (duration of investment), interest rate and compounding frequency.
Key Features of the IOB FD Calculator
- Guaranteed Income at Fixed Interest Rate: Investors can rely on the fixed interest rate offered by IOB FDs, ensuring a steady and predictable income from their investments.
- Diverse Range of FD Options: The IOB FD Calculator accommodates various fixed deposit schemes offered by Indian Overseas Bank, providing investors with multiple options to choose from, based on their financial goals and risk appetite.
- Flexible Tenure: The IOB FD Calculator allows investors to select FD tenures ranging from as short as seven days to as long as ten years, catering to different investment preferences and time horizons.
- Varied Minimum Investment Amount: Depending on the specific FD scheme, the minimum amount required to open an IOB FD account ranges from INR 1,000 to INR 1 lakh, making it accessible to a wide range of investors.
- No Maximum Investment Limit: Investors can deposit any amount in an IOB FD account without any maximum investment limit, except for the Tax Saver Scheme, where the maximum investment is capped at INR 1.5 lakhs.
- Competitive Interest Rates: IOB FD interest rates 2023 range between 3.25% and 6.50% per annum, ensuring attractive returns on investment.
- Senior Citizen Benefits: Senior citizens can avail of preferential interest rates ranging from 3.75% to 6.50%, making it an appealing option for retirees and older investors.
- Deposit Insurance: IOB deposits are protected under the Deposit Insurance Scheme, assuring security for deposits up to INR 5,00,000.
- Loan Facility: Investors can avail of loans against their IOB FDs, allowing them to meet financial needs and liquidity requirements without breaking the FD. The loan interest rates are marginally higher than the FD rates, following IOB’s norms.
- Nomination Facility: IOB allows depositors to nominate beneficiaries while opening an FD account, ensuring a smooth transfer of funds in case of unforeseen circumstances.
- Auto-Renewal Option: The IOB FD Calculator considers the auto-renewal facility, enabling the FD to be automatically renewed upon maturity, offering continuous investment growth.
Conclusion
In brief, Indian Overseas Bank fixed deposit is undoubtedly the most suitable choice for investors seeking desirable fixed deposit schemes. It provides competitive FD rates that generate lucrative returns, along with several benefits for senior citizens. Furthermore, the FD Calculator made available by IOB will be beneficial for potential investors to work out estimated returns and make well-judged investment decisions.
IOB provides a maximum interest rate of 5.20% on its fixed deposits.
To open a fixed deposit (FD) account with IOB, you will need a minimum deposit of INR 1 lakh.
IOB FD interest rates for senior citizens range between 3.90% and 5.70%. IOB provides interest rates ranging from 3.40% to 5.20% for regular citizens.
Yes, there is an option to close the Indian Overseas Bank FD account before its maturity date. However, it’s important to note that Indian Overseas Bank imposes a penalty of 1% for premature withdrawal on deposits exceeding INR 5 lakhs.
No, there are no restrictions on the number of fixed deposits an individual can open with Indian Overseas Bank. Customers are free to open as many FDs as they desire.
