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  • Indian Overseas Bank Recurring Deposit

     4.0 / 5.0   by 13 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Overview of Indian Overseas Bank

    Indian Overseas Bank is a leading Indian bank that provides consumer and commercial banking products and services. It has its headquarters in Chennai and a global presence with offices in Singapore, Hong Kong, Colombo, Seoul and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai. IOB has a wide network of approximately 3,350 domestic branches, which includes 1,150 branches in Tamil Nadu, 3 extension counters as well as eight branches and offices overseas. IOB also ensures easy accessibility of cash with its strong network of more than 3,300 ATMs across the nation. IOB has also initiated a joint-venture and is the part-owner of a bank in Malaysia.

    Recurring Deposit from IOB

    Indian Overseas Bank offers its Recurring Deposit scheme to those customers who have limited or stipulated income and cannot invest a large amount of money at one go but have high financial requirements and can only save small amounts every month to meet these financial needs. IOB puts forward attractive rates of interest for its customers with additional benefits and facilities aimed at increasing efficiency and convenience.

    Features

    • Interest on RD is compounded every quarter.
    • Flexible deposit periods ranging from a minimum of 6 months up to a maximum of 120 months.
    • Loan facility is available with a loan up to 90% on the principal and also on the interest accrued.
    • Premature closure of deposit enabled without any difficulty.

    Eligibility

    Recurring Deposits from IOB is ideal for salaried individuals, small traders, housewife, student or rural saver. Term deposit accounts can be opened by:

    • A person in his/her own name.
    • Two or more persons jointly.
    • A natural guardian on behalf of a minor.
    • A club, association, society, educational institution and other such bodies.
    • Trustees/Administrators/Courts.
    • Proprietary concerns, Partnership firms and Limited Companies.
    • Government Departments/ Corporations/ Organizations, Local Bodies and statutory authorities, Quasi Government Bodies, etc.
    • Members of Staff or Ex-staff of Indian Overseas Bank.

    How to open an RD

    Those who are interested in opening a Recurring Deposit account with IOB, must visit the Bank and there they will be furnished with a copy of the rules pertaining to holding an RD account and an application form to open an account. The application form is to be duly filled in and signed as per the requirements mentioned within.

    Interest rates offered on IOB Recurring Deposits.

    Based on the term of the deposit and the principal amount, the interest rates differ. Interest ranges from 5% up to 8% according to the tenure. Senior citizens get additional benefits and 0.50% more interest on deposit made. The interest earned on the principal amount is reinvested quarterly to yield a compounded rate and this lump sum amount is paid to the depositor on maturity.

    FAQs

    1. What is the minimum and maximum period of deposit?
    2. Term deposits can be made for periods ranging from a minimum period of 6 months up to a maximum period of 120 months.
    3. What is the minimum amount of deposit for RD?
    4. The minimum deposit is Rs. 50/- per month and later the amount can be further increased in multiples of Rs. 5/-.
    5. Do Senior citizens get any extra benefit on Recurring Deposits?
    6. For resident senior citizens, additional interest rate on RD will be 0.50% over the regular rates for the general public. For Special Deposits exceeding Rs.25 lakhs, the usual interest rates will apply, without the benefit of additional interest rate.
    7. Are there any pre-closure charges?
    8. Pre - Closure charges of 1%(interest accrued) on premature withdrawal of RD is applicable.
    9. Is TDS applicable on RD?
    10. No. As per Income Tax Act 1961, income tax would not be deducted at source from the interest on RD.
    11. Can depositors avail loan against the RD?
    12. Depositors can avail loans/cash credit accounts/ advances against deposits from the branch where the deposit account has been opened by them. Deposit accounts will be considered as collateral to advances availed by the depositors from the bank. If required, depositors may also request for rollover of the loan account as well as the deposit account.

    Know the Current Recurring Deposit Rates

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    Indian Overseas Bank RD Reviews

  • Page 1 of 1
    • IOB Recurring Deposit
      "Not Responsive"
      INDIAN OVERSEAS BANK
      0.5 2.0/5 "Expected more"
      Monthly payment will be 4000 for recurring deposit account with Indian Overseas Bank. Tenure period is 52 months. It will be completed by this year, but I am not interested to reopen the account with IOB because their responses are not good. They are not so responsive hence I am not interested to reopen recurring deposit after the completion.
      Was this review helpful? 4
      , bhiwadi
      Reviewed on May 25, 2017
    • 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? 4
      , 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
      "Closed it"
      INDIAN OVERSEAS BANK
      0.5 4.0/5 "Great!"
      I am holding an salary account with INDIAN OVERSEAS BANK, because of this I also opened and Recurring Deposit account with them. I took it for one year but I closed it before ten months due to some personal issues. After closing I got the reasonable benefits from them.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 23, 2015
    • 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
      "Need in emergency "
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      I will be opening an Recurring Deposit account with IOB bank. Since I am holding my salary account with them it was very easy for me to open this account. When ever I need money I will be closing this account. Only for savings I have opened this account.
      Was this review helpful? 0
      , new delhi
      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? 1
      , 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? 5
      , 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? 1
      , 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
    • IOB Recurring Deposit
      "Good but needs improvement"
      INDIAN OVERSEAS BANK
      0.5 3.0/5 "Satisfactory"
      Five years ago I have created a recurring deposit with IOB. Particularly IOB is a government and nationalized bank hence I created the FD. I just gave address proof and id proof while creating the RD. Customer service really needs improvement. I don't recommend the bank because of poor customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 29, 2014
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