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Indian Overseas Bank Recurring Deposit Interest Rates

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Indian Overseas Bank Recurring Deposit scheme is a good savings option if you want to get into the habit of saving every month. The bank offers recurring deposit for different tenures. The interest rates range from 5.75% to 7.25%, while senior citizens get 0.50% additional interest rate. 

Indian Overseas Bank Recurring Deposit Interest Rates 

 
Tenure General Public p.a. Senior Citizens p.a.
180 days to 269 days  5.75%  6.25% 
270 days to less than 1 year  6.25%  6.75% 
1 year to less than 2 years  6.60%  7.25% 
2 years to less than 3 years  6.75%  7.00% 
3 years and above  6.80%  7.30% 

Key Highlights 

 
Minimum Amount Deposit Min: Rs.50 (for any higher amount, deposit in multiples of Rs.5) 
Tenure  Min: 6 months Max: 10 years 
Eligibility  Salaried individual, small trader, housewife, student or a rural saver 
Additional Rate for Senior Citizens  0.50% 
Loan Availability  Up to 90% on the principal and also on the interest accrued 
Premature Closure  Allowed 

Benefits of Indian Overseas Bank Recurring Deposits  

  • Attractive interest rates   
  • Additional rates for senior citizens  
  • Nomination facility available  
  • Minors below 10 years of age can apply jointly with their guardians  
  • Loan against deposit facility available 

How to Open an RD Account in Indian Overseas Bank 

 You can open a recurring deposit account with Indian Overseas Bank in two ways:   

  •  By visiting the branch  
  •  Through net banking 

If you are an existing Indian Overseas Bank account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not an Indian Overseas account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD. 

You can invest your money in RD by Indian Overseas Bank and enjoy competitive rates. However, to enjoy better returns, look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others. 

More you need to know about Recurring Deposit

Read More Articles On RD

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

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IOB RD Rates Reviews

Page 1 of 1
  • IOB Recurring Deposit
    "Better Bank"
    INDIAN OVERSEAS BANK
    0.5 4.0/5 "Great!"
    Since my wife is working in Indian Overseas Bank, i have invested my money in that bank. I have been investing the money of Rs. 3000. I'm satisfied with the interest rate. I'm not sure about the tenure period. The received services are fine with Indian Overseas Bank.
    Was this review helpful? 0
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • IOB
    IOB Recurring Deposit
    "Excellent"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I had recurring deposit with Indian overseas bank and the interest rate is good one for me. Simple savings account is enough to open a recurring deposit account with them, also the minimum lock in period is around fifteen days of time.
    Was this review helpful? 5
    , chennai
    Reviewed on May 28, 2016
  • IOB Recurring Deposit
    "Nice interest rate "
    INDIAN OVERSEAS BANK
    0.5 4.0/5 "Great!"
    IOB is offering 10% interest rate for the recurring deposit with the minimum lock in period of four years. They take the activation charge of Rs.900. The minimum amount to start the plan is nearly Rs.1000. In case we liquid the cash in between the lock in period there is no extra charges.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 04, 2016
  • IOB Recurring Deposit
    "Awesome in customer service..."
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    For five years of tenure I got the recurring deposit and I have selected Indian Overseas bank because it is in my home town. Interest rate in IOB is 9% and this is same across all the banks. Excellent customer service and response was awesome. I am comfortable with this bank.
    Was this review helpful? 0
    , panaji
    Reviewed on Oct 17, 2015
  • IOB Recurring Deposit
    "Good "
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I have the recurring deposit account with the Indian Overseas Bank. I can manage this account by netbanking. The rate of interest is around 10% and the minimum lock in period is 10 months of time. The services are good with them and I dint faced any netbanking issues. The ATM service is very poor and they are not having several ATM's in delhi.
    Was this review helpful? 2
    , new delhi
    Reviewed on Oct 15, 2015
  • IOB Recurring Deposit
    "Recurring deposit"
    INDIAN OVERSEAS BANK
    0.5 0.5/5 "Unacceptable"
    I have newly opened recurring deposit online in IOB. In that instruction it was clearly mentioned the installment amount will be debited automatically on 10th of every month. When i check the statement on 20th the amount was not debited hence i contacted to customer care they told to make the payment manually!! I lose the interest for 13 days because of false information..
    Was this review helpful? 9
    , chennai
    Reviewed on Mar 25, 2015
  • IOB Recurring Deposit
    "Excellent!!"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I am holding a recurring deposit from Indian Overseas Bank. It is for 6 years and the rate of interest offered by the Bank is pretty good compared to other banks. I do stranding instructions and it gets deducted from my account automatically on every month. After the maturity period I will be getting the amount along with the interest amount.
    Was this review helpful? 4
    , delhi
    Reviewed on Mar 23, 2015
  • IOB Recurring Deposit
    "It was good"
    INDIAN OVERSEAS BANK
    0.5 3.0/5 "Satisfactory"
    IOB is not charing anything extra and rate of interest on Recurring Deposit is 9.5%. Response is very good while visiting branch for any assistance and also satisfied with employees. I opted IOB for RD is for saving purpose as my salary account is also with them.
    Was this review helpful? 2
    , chennai
    Reviewed on Dec 24, 2014
  • IOB Recurring Deposit
    "Wonderful RD"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I am holding a Recurring deposit with IOB. Customer service offered by them was awesome. Their online banking is great, as I hold an account with them already, it was very easy for me to place a request for RD Online. They did not charge me anything extra for the same. No documents required it hardly took 5 minutes time for me to open this account and the interest rate offered by them was 8.25% for 6 months and more than 6 months it was 8.75%.
    Was this review helpful? 2
    , chennai
    Reviewed on Dec 06, 2014
  • IOB Recurring Deposit
    "Absolutely fantastic!!!!"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    Absolutely fantastic service from Indian bank of India. They will debit the account first in recurring deposit. Scheme we have to choose on monthly basis after the tenure period they will return the amount with interest rate . Since I have experienced with Indian bank of India I am saying . They are having proper 121 conversation services.
    Was this review helpful? 4
    , pune
    Reviewed on Aug 16, 2014
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