Indian Overseas Bank Fixed Deposit Rates

Indian Overseas Bank (IOB) lets customers choose from a long list of deposit options and the rates of interest offered are competitive. The FD rates offered by IOB are higher for senior citizens when compared to regular individuals. The bank offers other benefits such as nomination facility, automatic renewal and a wide range of interest pay out options.

Indian Overseas Bank FD Rates

IOB offers the highest interest rate on deposits 3 years and above of 5.25% p.a. for regular individuals. For senior citizens, the highest rate of interest is again for the same tenure for which the interest rate is 5.75% p.a. An IOB fixed deposit comes in different tenures ranging from 7 days to above 3 years. Senior citizens get an additional interest rate of 0.50% p.a.

IOB Domestic FD Interest Rates - Below Rs.2 Crore

Tenure Interest rate for genral public (p.a.) Interest rate for senior citizens (p.a.)
7 days to 45 days 3.40% 3.90%
46 days to 90 days 3.90% 4.40%
91 days to 179 days 4.40% 4.90%
180 days to less than 1 year 4.90% 5.40%
1 year to less than 2 years 5.15% 5.65%
444 days 5.25% 5.75%
2 years to less than 3 years 5.25% 5.75%
3 years and above 5.25% 5.75%

The revised interest rates per year for Regular & Senior Citizen with effect from 10 November 2021.

IOB Tax Saving FD Rates

The interest rate for IOB tax saving FD is as given below:

Tenure Interest rate for genral public (p.a.)
5 years 5.20%

The interest rates are with effect from 10 November 2021.

IOB short-term fixed deposit rates

  • There are a number of tenures when it comes to short-term fixed deposits offered by the IOB.
  • The interest rates paid to general public for short-term term deposits ranges from 3.40% p.a. to 4.90% p.a.
  • The tenure varies anywhere from a minimum of 7 days to 364 days.
  • The highest rate of interest paid is 4.90% p.a. for 180 days to less than 1 year.

IOB medium-term fixed deposit rates

  • Deposits with tenures ranging from 1 year to 2 years fall under medium-term fixed deposits.
  • The interest rate paid for medium-term fixed deposits is higher when compared to short-term fixed deposits.
  • The best FD interest rate paid is 5.15% p.a.

IOB long-term fixed deposit rates

  • All long-term fixed deposits are for tenures above 2 years.
  • The interest for long-term fixed deposits is 5.25% p.a.
  • Those who want to apply for the IOB Tax-Saving Deposit scheme can also do so under this slab, for which, the rate of interest will be 5.20% p.a.
  • Those who invest money in the IOB Tax Saving Deposit Scheme will get a tax exemption of up to Rs.1.5 lakh under Section 80C of the Income Tax Act.

IOB senior citizen fixed deposit rates

  • All senior citizens investing in IOB fixed deposits are eligible to avail an additional 0.50% on all deposit schemes.
  • Super senior citizens, aged 80 years and above, are provided an additional interest rate of 0.75% p.a.
  • The interest rate that is paid for this age group starts from 3.90% p.a. and goes up to 5.75% p.a.
  • The highest interest paid to senior citizens is 5.75% p.a. for a tenure above 444 days
  • For 1 year to less than 2 years, the rate of interest paid is 5.65% p.a.
  • For 180 days to less than 1 year, the rate of interest paid is 5.40% p.a.
  • For an investment period of 91 days to 179 days, the rate of interest paid is 4.90% p.a.

Indian Overseas Bank NRI FD Rates

IOB offers NRIs fixed deposits with tenures ranging from 1 year to 3 years and above with the interest rates as given below:

IOB NRE Term Deposit Rates*

Tenure Interest rate (p.a.)
1 year to 2 years 5.15%
444 days 5.20%
2 years to 3 years 5.20%
3 years and above 5.20%

*These rates are effective from 10 November 2021 and are for deposits below Rs.2 crore.

FAQs on IOB Fixed Deposit Rates

  1. What is the highest rate of interest provided on IOB FD?

    For deposits below Rs.2 crore, the highest interest rate provided for the general public is 5.25% p.a. for a tenure ranging from 444 days to more than 3 years.

  2. In how many years FD will double in Indian Overseas Bank?

    In an FD, the tenure, investment amount, and rate of interest are fixed at the time of booking. To find out how long it will take to double your FD, you can divide the number 72 by the annual rate of interest. The answer to this will give you the number of years it will take to double your FD investment. This is an approximation only.

  3. What is the interest of 1 lakh in the Indian Overseas Bank?

    The interest that you get on Rs.1 lakh will depend on the tenure that you have chosen. Currently, interest rates range from 3.40% p.a. to 5.25% p.a. for tenures ranging from 7 days to more than 3 years.

  4. What are the current Indian Overseas Bank FD interest rates 2021?

    Current interest rates for Indian Overseas Bank ranges from 3.40% p.a. to 5.25% p.a. for tenures ranging from 7 days to more than 3 years.

  5. Are there any special rates for senior citizens FD of Indian Overseas Bank?

    Yes, Indian Overseas Bank offers senior citizens an additional interest rate of 0.50% for deposits below Rs.2 crore for tenures that range from 7 days to more than 3 years.

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