IOB, short for Indian Overseas Bank, provides a recurring deposit scheme to its customers with attractive interest rates. One can save a substantial amount by putting aside a small number of your earnings with the help of great IOB recurring deposit interest rates offered by the 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.
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.
Recurring Deposits from IOB is ideal for salaried individuals, small traders, housewife, student or rural saver. Term deposit accounts can be opened by:
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.
Based on the term of the deposit and the principal amount, the interest rates differ. Interest ranges from 4.90% to 5.20% 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.
The minimum deposit is Rs. 50/- per month and later the amount can be further increased in multiples of Rs. 5/-.
Term deposits can be made for periods ranging from a minimum period of 6 months up to a maximum period of 120 months.
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.
Pre - Closure charges of 1%(interest accrued) on premature withdrawal of RD is applicable.
No. As per Income Tax Act 1961, income tax would not be deducted at source from the interest on RD.
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.
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