Indian Overseas Bank Vardhan Deposit 2025

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. 

Updated On - 05 Sep 2025
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Vardhan Deposit offered by Indian Overseas Bank is a term deposit scheme that is specially designed for senior citizens.

Features and Benefits of Vardhan Deposit 

There are several benefits and features offered by the Indian Overseas Bank Vardhan Deposit. They are as follows:

  1. All types of terms deposits are accepted by Vardhan Deposit scheme. Recurring Deposits are also accepted.
  2. The minimum deposit amount for term deposit is Rs 5,000. In case of Recurring Deposit, the minimum deposit required to start the account is Rs 100 per month.
  3. For term deposit, the minimum tenure is 15 days and the maximum tenure is 120 months. In case of Recurring Deposit, the minimum tenure is six months and the maximum tenure is 120 months.
  4. Joint accounts for senior citizens are allowed under this particular scheme. Joint account of one senior citizen and an individual below the age of 60 years is also accepted.
  5. The senior citizens can enjoy free international debit cards.
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Interest Rates for Vardhan Deposit

Along with the card rate, an additional rate of interest of 0.50 % is applicable. In case the aggregate deposit is more than Rs 25 lakh in that same branch or a different branch, then the card rate is only payable. Declaration must be provided by the senior citizen for this to be in effect.

Premature Closure:

If the account faces premature closure then the additional interest on the deposit is not payable. This is applicable when the deposit amount is above Rs 5 lakh.

Documents Required for Vardhan Deposit

 The following documents are required as proof of age:

  1. School leaving certificate.
  2. Passport.
  3. Birth certificate that has been issued by a competent authority.
  4. Voters ID.
  5. Pension Payment.
  6. LIC policy.
  7. Driving Licence.

FAQs on Indian Overseas Bank Vardhan Deposit

  • What is the minimum deposit amount for the Indian Overseas Bank Vardhan Deposit scheme?

    For term deposits, the minimum deposit amount is Rs. 5,000, while for Recurring Deposits, the minimum deposit required to start the account is Rs. 100 per month. 

  • What is the tenure range for the Vardhan Deposit scheme?

    The minimum tenure for term deposits is 15 days, and the maximum tenure is 120 months. For Recurring Deposits, the minimum tenure is six months, and the maximum is 120 months.

  • Are joint accounts allowed under the Vardhan Deposit scheme?

    Yes, the Vardhan Deposit scheme allows joint accounts for senior citizens. Additionally, joint accounts with one senior citizen and an individual below the age of 60 years are also accepted. 

  • What are the additional benefits for senior citizens under the Vardhan Deposit scheme?

    Senior citizens can enjoy free international debit cards as part of the Vardhan Deposit scheme.

  • What documents are required to open a Vardhan Deposit (RD) account, specifically as proof of age?

    Proof of age documents required include a school leaving certificate, passport, birth certificate issued by a competent authority, voter's ID, pension payment, LIC policy, and driving license. 

  • What are the eligibility criteria for initiating a term deposit with Indian Overseas Bank?

    All resident individuals, including minors and Hindu undivided families, qualify to open an FD account. Additionally, sole proprietorship firms, partnership firms, and limited companies are also eligible to establish an FD with Indian Overseas Bank. 

  • What documents are necessary to commence a term deposit with Indian Overseas Bank?

    For existing savings account holders, the term deposit is automatically initiated. New customers, however, need to provide identity proof, address proof, signature proof, and age proof (applicable to senior citizens). Furthermore, an introducer (an existing account holder of at least six months) is required. 

  • What is the range of minimum and maximum tenures for term deposits with Indian Overseas Bank? 

    The minimum tenure for term deposits is seven days, while the maximum tenure extends up to 120 months. 

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