|Tenure||Interest Rate||Interest Rates for Senior Citizens|
|180 days - 269 days||5.75||6.25|
|270 days -< 1 year||6.25||6.75|
|1 yr only||6.75||7.25|
|>1 yr - < 2 yrs||6.5||7|
|2 yrs to 3 yrs||6.25||6.75|
|> 3 Yrs - < 5 Yrs||6||6.5|
|5 Yrs & above||6||6.5|
Get the Highest Interest Rates on Indian Overseas Bank Recurring Deposit
The Recurring Deposit scheme offered by Indian Overseas Bank is very popular in India as it provides very good rates of interest to its customers. Using this account, people can deposit money with the bank for minimum 6 months and maximum 10 years. Apart from providing attractive interest rates, Indian Overseas Bank gives people a loan of up to 90 % of the amount deposited in this account and on the accrued interest. Depositors have to invest minimum Rs.50 every month in their RD accounts and in multiples of Rs.5 thereafter.
Indian Overseas Bank Short-Term Recurring Deposit Interest Rates
Indian Overseas Bank provides its customers with the option of opening a short- term recurring deposit account for a period of 6 months to less than 3 years. Depositors can earn an interest rate ranging between 5.75 percent and 7.00 percent per annum on short- term deposits of up to Rs.1 crore.
Indian Overseas Bank Medium and Long Term Recurring Deposit Interest Rates
Indian Overseas Bank customers have the option of opening medium term and long term recurring deposit accounts. The medium term recurring deposit account can be opened for a period of 3 years to less than 5 years and the long term recurring deposit account can be opened for a period of 5 years and more. Depositors can earn an interest rate of 7.00 percent per annum on their medium and long term deposits of up to Rs.1 crore.
Indian Overseas Bank Senior Citizen Recurring Deposit Interest Rates
Senior Citizens can also open a recurring deposit account with Indian Overseas Bank and earn attractive rates of interest.
More you need to know about Recurring Deposit
- Compare Interest on Recurring Deposit of Indian Overseas Bank with Other Banks and Institutions
- Check Features and Schemes of Indian Overseas Bank Recurring Deposit
Read More Articles On RD
- Banks offer Highest Interest Rate Recurring Deposit in India
- Recurring Deposit Interest Rates of All Banks
- Tax on RD Interest
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News About Indian Overseas Bank Recurring Deposit
Revised Indian Overseas Bank Recurring Deposit Rates
The updated interest rates on Recurring Deposit (RD) accounts from Indian Overseas Bank are as follows:
Concerning the base tenure of 6 months to 269 days, the rate remains constant at the existing 5.75% p.a. Similarly, for the tenure ranging from 270 days to less than a year, the rate is unchanged at 6.25% p.a. Also, rate for senior citizens stays constant at 6.25% p.a (6 months- 269 days) and 6.75% p.a (270 days- 1 year).
For tenure ranging from 1 year to less than 2 years, the applicable interest rate has been lowered to 7.30% p.a from the earlier 7.50% p.a. Rate for senior citizens changes from the earlier 8.00% p.a to 7.80% p.a.
For RD deposits with tenures ranging from 2 years to 3 years, the rate has been lowered from the earlier 7.25% p.a to 7.00% p.a. The same interest rate also applies for tenures ranging from 3 years to less than 5 years, and 5 years or more. In each case, the earlier interest rate stood at 7.25% p.a. For each of these three tenure ranges, the interest rate applicable for senior citizens is 7.50% p.a.
6 April 2016