• How to Apply for Indian Overseas Bank (IOB) Bank Fixed Deposit

    IOB is a well-reputed bank and offers customers various fixed deposit (fd) scheme options with a wide range of interest payout options. The interest rates are competitive and the tenure range is flexible. One can apply for an IOB fd online by following a few simple steps that are given below.

    All IOB fd holder will be eligible to avail a loan of up to 90% on their term deposits. The bank also offers variable tenure options that range from 6 to 120 months. The minimum investment amount that needs to be made for IOB term deposits is Rs.1,000. There is no ceiling on the maximum amount that can be invested under this scheme.

    Stepwise Process to Apply for IOB Fixed Deposit Online

    Step 1: Log on to the IOB website and login to internet banking by providing username and password

    Apply for IOB FD

    Step 2: Go to ‘Deposit’ and click on ‘Open Deposit’ to open a new fd account

    Step 3: This will allow the customer to go to the ‘Request for New Deposit’ page. Then click ‘Go’. Here fill all relevant details

    Step 4: Verify details and click ‘Confirm’

    Documents Required for IOB Fixed Deposit

    Identity proof:

    • Passport
    • Aadhaar card
    • PAN card
    • Voter ID card
    • Driving licence
    • Government ID card
    • Photo ration card
    • Senior citizen ID card

    Address proof:

    • Passport
    • Telephone bill
    • Electricity bill
    • Bank Statement with Cheque
    • Certificate/ ID card issued by Post office

    FAQs

    1. Is it required for the customer to have a savings account to open an fd in IOB?

      Yes. It is required to have a valid internet banking id and password to open an fd online.

    2. Who is eligible to use internet banking facility?

      All IOB customers are eligible to avail internet banking services

    3. Can an IOB fd be opened offline?

      Yes. The same can be done by visiting the branch, filing an application form and furnishing relevant documents.

    4. Can an fd account be closed online?

      Yes. Premature withdrawals can also be made online. The money will be credited to the customer's savings account.

    5. Is it possible to transfer funds online into the IOB fd account?

      Yes.

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    Indian Overseas Bank Fixed Deposit Reviews

    • IOB
      "Better Banking Experience"
      0.5 4.0/5 "Great!"
      I have invested a fixed deposit with Indian Overseas Bank. My wife has recommended me about this bank since she is working over there. I invested the money of Rs. 50000. I don't remember about the tenure period. Before 1 years, i have invested the money with them.
      Was this review helpful? 4
      , tiruchirapalli
      Reviewed on Jan 09, 2019
    • IOB
      IOB
      "Increased the fixed deposited rates"
      0.5 2.0/5 "Expected more"
      India have 2 option of investment either in property or in fixed deposit. But I thing that interest rate are low in such period. Pleased increase interest rates for below 20 lakh rupees and decreased rates for above 20 lakh rupees for annual.
      Was this review helpful? 2
      , panipat
      Reviewed on Oct 29, 2017
    • IOB
      "Tension free banking"
      0.5 4.0/5 "Great!"
      Currently I am having fixed deposit account with the Indian overseas bank and they have offered me an locker with the fixed deposit of 25000 Rupees. Locker charges are around 700 Rupees to 800 Rupees and the response is good one with them and there are no worries with them. Tenure is around two years of time and they have and the procedures are nominal one with them.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 26, 2017
    • IOB
      "Good Saving For The Future"
      0.5 5.0/5 "Blown Away!"
      I had opened my Fixed deposit account from IOB during the year 2012. IOB offered me an interest of 9% for my FD account. Now RBI reduced the interest rate, But still I am enjoying my existing interest rate for FD account. I have the tenure of 5 Years , I will be getting the maturity amount of Rs. 2.74 Lakhs. I am happy with IOB FD and it is very much recommendable.
      Was this review helpful? 6
      , coimbatore
      Reviewed on Feb 14, 2017
    • IOB
      "Average"
      0.5 3.0/5 "Satisfactory"
      Am happy with the Indian overseas bank for the fixed deposit account. I have found any issues with them till now but they have to improvise on their customer service, also most of the nationalized banks are playing the same role. Interest is not at all the constraint because every bank is paying the same, so there are no issues. I wish to suggest that they should be very keen to provide customer service.
      Was this review helpful? 5
      , kolkata
      Reviewed on Aug 27, 2016
    • IOB
      "Saving for the money in the government bank"
      0.5 3.0/5 "Satisfactory"
      We have to visit the IOB bank for each and every process because the online service is not so easy to access and the requirement is not been fulfilled.Interest rate offered 7.5%for the Fixed deposit for the tenure of one year.If we liquid the cash in between the lock in period they will charge Rs.300-500 penalty. They have high formalities for the FD plan
      Was this review helpful? 5
      , ahmedabad
      Reviewed on Jun 08, 2016
    • IOB
      "Tax benefit..."
      0.5 4.0/5 "Great!"
      Fixed account is good for tax benefit. We will get much interest in IOB which is 10%. Only thing is lock in period and no withdrawal option also. I was maintained for the past 10 years and I closed it. I would recommend this bank to others for fixed account.
      Was this review helpful? 14
      , coimbatore
      Reviewed on Dec 24, 2015
    • IOB
      "Average"
      0.5 3.0/5 "Satisfactory"
      Fixed deposit I have with the Indian Overseas Bank. From the last 25 years of time I am having the account with them and the rate of interest is okay for me. Online banking facilities are poor with them like they are not looking behind the service.
      Was this review helpful? 5
      , valsad
      Reviewed on Nov 04, 2015
    • IOB
      "Its good"
      0.5 5.0/5 "Blown Away!"
      Actually my father is working with IOB and its mainly because of which I had opened this FD. I am holding this FD for 8 years. I am very much happy with the interest rate offered by them and the interest will get credited to my account on a monthly basis . The total term is 10 years.
      Was this review helpful? 13
      , kolkata
      Reviewed on Aug 22, 2015
    • IOB
      "Can be better"
      0.5 4.0/5 "Great!"
      It is not that easy to liquidate the funds when it comes to IOB FD. As I have to visit the branch in person if I have to close the deposit. Where as when it comes to other Banks we can place a request online or through the phone banking and the FD can be closed. Interest rate offered by IOB was 7.5%.
      Was this review helpful? 4
      , mumbai
      Reviewed on Mar 07, 2015
    • IOB
      "Very good facilities !!!"
      0.5 4.5/5 "Excellent!"
      For staff Indian Overseas bank is offering one percentage extra. When I opened this Fixed deposit they offered 9.5% of interest plus one percentage extra but at present they reduced to 8.75%. For pre mature closure they are going to charge but at present there is no pre mature charge. Other banks are also providing good rate of interest however I do like recommend Indian Overseas bank. Loan facilities against Fixed deposit is available. Both demand loan facility and cash credit facilities are available. Through Internet banking we can open Fixed deposit.
      Was this review helpful? 3
      , mysore
      Reviewed on Jan 19, 2015
    • IOB
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am holding a fixed deposit of IOB. When compared with others there is no issues. Rate of interest offered by them is very nominal . I guess they are providing tax benefit not sure though. I have taken that for a period of 1 year. I have submitted my pan card copy also.
      Was this review helpful? 9
      , chennai
      Reviewed on Jan 17, 2015
    • IOB
      "Good"
      0.5 3.0/5 "Satisfactory"
      Only drawback in Indian Overseas bank in terms of fixed deposit is mode of communication. I don't get regular updates about the fixed deposit which needs to be considered. Interest rate is 9% which is quite comparable. As the bank is nearby, I did chose this bank for fixed deposit.
      Was this review helpful? 7
      , chennai
      Reviewed on Nov 24, 2014
    • IOB
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have one fixed deposit account from indian overseas bank where their customer service and response was quite good. Quite affordable interest rate from market . They are doing their best job . Hassle free service provider
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 07, 2014
    • IOB
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      Indian Overseas Bank is good bank and I have a long relationship with them and even in terms of fixed deposit. They had offered 9.25% interest rate and always I visit the branch for the deposit. Branch services is good and guide me in a proper way.
      Was this review helpful? 6
      , bangalore
      Reviewed on Oct 04, 2014
    • IOB
      "Nice to be a customer"
      0.5 4.0/5 "Great!"
      I keep on depositing the money whenever I have it and for more than 12 years, I have been doing the same. 9% is the interest rate offered by IOB and services is too good. It is too nice to be a customer of this bank as the response is always proper.
      Was this review helpful? 3
      , new delhi
      Reviewed on Sep 25, 2014
    • IOB
      "Good"
      0.5 3.0/5 "Satisfactory"
      I am holding IOB Fixed Deposit, for more than 2 years now. I like the benefits what they provide, there is no penalty, anytime we can withdraw the funds there is no charges if its more than 1 year. IOB, being a Nationalized Bank does not provide good customer service, it has to be more responsive.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 03, 2014
    • IOB
      "Good no issues!!!!!"
      0.5 4.0/5 "Great!"
      It was quite good with Indian Overseas bank service. I am banking fixed deposit with them for more than a year and they offered with 9.75% . The only drawback was they dont have any marketing executives for them . Probably they may extend. It would be really nice if they improve on loan sections. Quite lengthy process in documents
      Was this review helpful? 7
      , hyderabad
      Reviewed on Sep 03, 2014
    • IOB
      "Very convenient banking"
      0.5 4.0/5 "Great!"
      Most of my FD's are with IOB since 1987. I & my whole family have an account with them for about 20 years & above. My only reason for my convenience is the building that I live has an IOB branch in the ground floor. I think the rate of interest was somewhere around 8%. Their IT infrastructure is poor and I had to visit the branch at least once in a month.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 28, 2014
    • IOB
      "Good"
      0.5 4.0/5 "Great!"
      IOB Fixed deposit its a trusted one and i can get low interest rate and for any other loans dats it some improvements needs to be done regarding this on line i dont have this account in major city and may be the customer support not like satisfactory that should be improved and dats it overall good.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2014
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