Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
  • loading

    IOB Tax Saver Scheme

    IOB Tax Saver Scheme  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 6.75% Compound yearly
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6% - 6.75% Compound yearly
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    IOB Tax Saver Scheme is Rated as "Great!" by 21 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    The Constitution of the Board of the Indian Overseas Bank is mainly governed by "The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970”, which was formulated by the Central Government, post consultation with the Reserve Bank of India, “in exercise of the powers conferred by section 9” of "The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970". Hence, this bank maintains to highest assurance of quality in terms of banking especially for Indian citizens. They are highly at par with other modern banks and offer the best of products such as the Tax Saver Scheme. In the Finance Act of 2006, the Section 80C of The Income Tax Act, 1961 was amended in order to include deposits that are placed with a scheduled bank qualifying for deduction under 80C. In terms of this amendment a deposit scheme had then been introduced with special value added features to benefit customers as the name suggests mainly to save tax.

    Eligibility Criteria for Indian Overseas Bank Tax Saving Scheme

    The main eligibility criteria for this product includes:

    • This deposit scheme is open to individuals.
    • The Karta of a Hindu Undivided Family (HUF) can open in his capacity as Karta (as the leader of the family).
    • The deposit can be in the single name of the depositor or in joint names of two adults or jointly in the name of an adult with a minor (only two joint account holders are permitted) payable to either or survivor.

    Features of Indian Overseas Bank Tax Saving Scheme

    Account Type Single and joint both permissible
    Amount

    Min: Rs. 10,000

    Max: Rs. 1,50,000 is accepted under the scheme from one individual / under one deposit account in year (Year means one year from 1st April to 31st March).

    Rate of Interest Special rate for deposits of Rs.10,000 to Rs.1 lac: 7.75%. Senior Citizen deposits: 0.50% over and above the above rates. (As of: February 2016)
    Period

    Minimum: 5 years

    Maximum: 10 years

    TDS The single depositor or the first holder of joint deposit can claim exemption from Income Tax under section 80C for amount invested in the deposit along with all other approved investments under section 80C with a maximum of Rs.1.5 lakh.
    Loan against IOB Tax Saving Scheme Loan cannot be granted against the deposit nor can the deposit be accepted as collateral security.
    Nomination (if any) Nomination can be made for the deposits as per the existing rules for nomination. No nomination, however, can be accepted in the case of deposits held for and held by or on behalf of a minor as per the rules of the scheme.
    Repayment of Deposit Deposit is repayable on or after maturity date in the normal course. Premature closure is not permitted till the deposit completes 5 years from date of deposit.

    *Interest rates are linked to the bank’s base rate and are subject to change as per the bank’s discretion.

    FAQs on Indian Overseas Bank Tax Saving Scheme

    1. What happens in the case of Death of a depositor?
    2. In such as case the nominee is entitled to claim the deposit amount, but before or after the maturity date. The claim from the nominee is to be settled based on the current guidelines in force for settlement of claim on death of depositors. In cases of deposits where the depositor has not stated any nomination, the deposit amount can be settled with the legal heirs.

    3. What are the types of deposits accepted for this scheme?
    4. Types of deposit that can be accepted include

      • Reinvestment deposit (RDP)
      • Fixed Deposit
      • Special Fixed Deposit (SFD) and interest may be payable half-yearly or quarterly or monthly.
    5. What are the special conditions to issue a deposit receipt?
    6. The PAN number of the depositor as well as his signature will be displayed on the deposit receipt.

    7. How does one replace a lost or destroyed deposit receipt?
    8. In such a case a duplicate receipt can be issued by simply furnishing an indemnity.

    9. Can the deposits be transferred between branches or banks?
    10. While transfer of deposit between branches of IOB is permitted, transfer between banks is not permitted. Branches, therefore, should not accept deposits transferred from another bank.

    Useful Information on IOB Fixed Deposit

     Loading your search... Loading your search...
  • IOB Tax Saver Scheme Reviews

    • IOB Fixed Deposit
      "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? 3
      , hyderabad
      Reviewed on Feb 26, 2017
    • IOB Fixed Deposit
      "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 Fixed Deposit
      "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? 4
      , kolkata
      Reviewed on Aug 27, 2016
    • IOB Fixed Deposit
      "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? 4
      , ahmedabad
      Reviewed on Jun 08, 2016
    • IOB Fixed Deposit
      "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? 12
      , coimbatore
      Reviewed on Dec 24, 2015
    • IOB Fixed Deposit
      "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 Fixed Deposit
      "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 Fixed Deposit
      "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? 3
      , mumbai
      Reviewed on Mar 07, 2015
    • IOB Fixed Deposit
      "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? 2
      , mysore
      Reviewed on Jan 19, 2015
    • IOB Fixed Deposit
      "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? 6
      , chennai
      Reviewed on Jan 17, 2015
    • IOB Fixed Deposit
      "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 Fixed Deposit
      "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 Fixed Deposit
      "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? 5
      , bangalore
      Reviewed on Oct 04, 2014
    • IOB Fixed Deposit
      "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? 2
      , new delhi
      Reviewed on Sep 25, 2014
    • IOB Fixed Deposit
      "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 Fixed Deposit
      "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? 6
      , hyderabad
      Reviewed on Sep 03, 2014
    • IOB Fixed Deposit
      "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? 2
      , bangalore
      Reviewed on Aug 28, 2014
    • IOB Fixed Deposit
      "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? 1
      , bangalore
      Reviewed on Aug 17, 2014
    • IOB Fixed Deposit
      "Good Service Overall"
      0.5 3.0/5 "Satisfactory"
      Indian Overseas bank Fixed deposit, previously i can open it on line but for closing need to visit the bank, i am using from 3 years, minimum 3 months later i can break up that facility is their, interest rate is good when compare to other banks, the net server is very slow, overall its good, their was no charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 06, 2014
    • IOB Fixed Deposit
      "Outstanding"
      0.5 5.0/5 "Blown Away!"
      Three years ago I have started a fixed deposit with IOB. I had to deposit rs25000 three time. Mainly for the tax purpose I have created this fixed deposit. No documentation required for creating the FD because I am holding a salary account with them. Rate of interest was very good around 9.5% for five years. At the time of maturity the interest earned is exempted under tax benefits.
      Was this review helpful? 3
      , hosur
      Reviewed on Aug 05, 2014
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.