IOB, also known as Indian Overseas Bank, offers a recurring deposit scheme with competitive interest rates with a lock-in period for its customers. By setting aside a small portion of your income, you can save a significant amount with the attractive recurring deposit interest rates provided by the bank.
The Indian Overseas Bank RD Interest Rates vary from 5.75% to 7.30% per annum, with senior citizens receiving an additional interest rate of 0.50%.
IOB RD Interest Rates
The table below shows the revised RD interest rates for deposits below ₹2 Crore effective from 15th April 2024.
| Deposit Tenure | RD interest Rates (% p.a.) |
|---|---|
| 180 to 269 Days | 5.75% |
| 270 Days to less than 1 Year | 5.75% |
| 1 Year to less than 2 Years (Except 444 Days) | 6.90% |
| 444 Days | 7.30% |
| 2 Years to less than 3 Years | 6.80% |
| 3 Years and Above | 6.50% |
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IOB RD Interest Rates For NRE
The Revised Interest Rates on NRE Term Deposits of Rs. 2 Crore effective from. 10.02.2024:
| Deposit Tenure | Interest Rates (% p.a.) |
|---|---|
| 1 Year to less than 2 Years (Except 444 Days) | 6.9% |
| 444 Days | 7.30% |
| 2 Years to less than 3 Years | 6.8% |
| 3 Years and Above | 6.5% |
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Features of Indian Overseas Bank RD Interest Rate
The table below summarizes the key features of a Recurring Deposit (RD) account. It highlights aspects like flexible deposit terms, interest compounding, and loan options.
| Feature | Description |
|---|---|
| Interest Compounding | Interest is compounded every quarter. |
| Deposit Period | Flexible deposit periods range from 6 months to 10 years (120 months). |
| Loan | Loans available up to 90% on the principal and the accrued interest. |
| Early Closure | The account can be closed prematurely. Please note there might be penalties for early closure. Refer to the bank's website for details. |
| Minimum Deposit | A minimum deposit of Rs. 50 and in multiples of Rs. 5. |
| Interest Payment | Interest is compounded quarterly and paid at maturity. |
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Indian Overseas Bank RD Calculator
The online RD calculator is used to estimate your maturity amount over the tenure and interest rate.
The IOB RD calculator can assist you in planning your savings goals and the potential returns on your Recurring Deposit investments. It's a valuable tool for making informed decisions about opening or renewing an RD account with Indian Overseas Bank.
| Invested Amount | : ₹1,000 |
| Total Interest | : ₹532 |
| Maturity Amount | : ₹12,532 |
Here are the steps to use the IOB Recurring Deposit (RD) calculator:
- Step 1: Enter the monthly deposit amount: Specify the amount you plan to deposit into the RD account every month.
- Step 2: Select the RD interest rate: Choose the applicable interest rate based on the account holder's category (general public or senior citizen) and the RD tenure.
- Step 3: Choose the RD investment tenure: Select the duration of the RD, which can range from 1 year to 10 years.
- Step 4: Click the "Calculate" button: After entering the required details, click the Calculate button to get the total maturity amount, including the principal and accrued interest.
RD Interest Rates of Top Banks
Here is a comprehensive list of RD interest rates from top banks:
| Bank | For General Public(p.a) | For Senior Citizens (p.a) |
|---|---|---|
| Indian Overseas Bank RD Interest Rates | 5.75% to 7.30% | 6.25% to 7.80% |
| SBI RD Interest Rates | 6.50% to 7.00% | 7.25% to 7.50% |
| ICICI Bank RD Interest Rates | 4.75% to 7.20% | 5.25% to 7.75% |
| HDFC Bank RD Interest Rates | 4.50% to 7.25% | 5.00% to 7.75% |
| Kotak Mahindra Bank RD Interest Rates | 6.00% to 7.40% | 6.50% to 7.90% |
| Axis Bank RD Interest Rates | 5.75% to 7.20% | 6.25% to 7.85% |
| Bank of Baroda RD Interest Rates | 5.75% to 7.25% | 6.25% to 7.75% |
| Punjab National Bank RD Interest Rates | 6.00% to 7.25% | 6.50% to 7.75% |
| IDBI Bank RD Interest Rates | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD Interest Rates | 6.15% to 7.25% | 6.65% to 7.75% |
| Indian Bank RD Interest Rates | 4.50% to 7.25% | 5.00% to 7.75% |
| Union Bank of India RD Interest Rates | 5.75% to 6.50% | 6.25% to 7.00% |
| Yes Bank RD Interest Rates | 6.10% to 7.75% | 6.60% to 8.25% |
| Bandhan Bank RD Interest Rates | 4.50% to 7.85% | 5.25% to 8.35% |
| Bank of India RD Interest Rates | 4.50% to 6.00% | 5.00% to 6.50% |
| Bank of Maharashtra RD Interest Rates | 5.50% to 6.25% | 6.00% to 6.75% |
| City Union Bank RD Interest Rates | 6.25% to 7.00% | 6.50% to 7.50% |
| DBS Bank RD Interest Rates | 6.00% to 7.50% | 6.50% to 8.00% |
| Dhanalakshmi Bank RD Interest Rates | 6.50% to 7.25% | 6.50% to 7.75% |
| Federal Bank RD Interest Rates | 5.75% to 7.50% | 6.25% to 8.00% |
| IndusInd Bank RD Interest Rates | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD Interest Rates | 5.75% to 7.10% | 6.25% to 7.60% |
| Karnataka Bank RD Interest Rates | 5.80% to 7.40% | 6.20% to 7.90% |
| Karur Vysya Bank RD Interest Rates | 6.25% to 7.50% | 6.25% to 8.00% |
| Post Office RD Rate | 6.50% | 6.50% |
| Saraswat Bank RD Interest Rates | 7.00% to 7.50% | 7.50% to 8.00% |
| South Indian Bank RD Interest Rates | 5.00% to 7.40% | 5.50% to 7.90% |
| TMB RD Interest Rates | 6.75% to 7.75% | 7.00% to 8.25% |
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Note: The interest rates are subject to change. Do visit the official website for updated rates.Did you know that besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.
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Types of IOB RD Schemes
Indian Overseas Bank offers various options for Recurring Deposits (RDs) to its customers. The details of different RD options available at IOB are as follows:
Regular Recurring Deposit:
The tenure for a regular RD account at IOB ranges from 6 to 120 months, with interest compounded every quarter. Customers can start their RD with a minimum deposit of Rs. 50.
Flexi Recurring Deposit:
- Minimum core deposit: ₹1,000/month
- Maximum core deposit: ₹1 lakh/month
- Monthly deposits: Between the minimum core and 10x core, in ₹100 multiples
- No limit on total credits, if the max remittance ≤10x core
- Tenure: 12 to 120 months, in 6-month multiples
IOB Eighty Plus:
This RD variant is available for super senior citizens, offering interest rates 0.75% higher than the regular rates applicable on term deposits. The minimum tenure for IOB Eighty Plus RD is 6 months, extending up to 120 months.
Vardhan:
Individuals over 60 years of age can open a Vardhan RD account at Indian Overseas Bank, earning interest at a rate 0.50% higher than the regular rates. The minimum amount to start a Vardhan RD is Rs. 100, with a minimum tenure of 6 months and a maximum tenure of up to 120 months.
Steps to Open Indian Overseas Bank RD Account
Indian Overseas Bank (IOB) offers two ways to open an RD account with them. The process varies depending on whether you are an existing IOB customer or not.
Offline Mode: You can visit the nearby IOB branch with all the required documents to open an RD account.
Online Mode: If you are already an Indian Overseas Bank account holder:
- Log in to your online account using your net banking credentials.
- Open an e-RD account directly.
New Customer: If you are not an existing Indian Overseas Bank customer:
- You need to open a regular bank account.
- Once your account is active, you can use the net banking facility to open an e-RD.
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Eligibility Criteria to Open Indian Overseas Bank RD Account
To open an IOB Recurring Deposit account, you must belong to one of the following categories:
- Should be a Salaried individual
- Small trader
- Student
- Housewife
- Individuals with stable income
- Rural investor
- Individuals with limited income who can save only a small amount
Documents Required For Indian Overseas Bank RD Account
When opening an RBL RD (Recurring Deposit) Account, specific documents are necessary to verify your identity and address. The required documents include:
- Identity Proof: Passport, Voter ID card, PAN card, Driving License, Government ID card, Photo ration card, Senior citizen ID card
- Address Proof: Passport, Telephone bill, Electricity bill, Bank statement with cheque, Certificate / ID card issued by the post office
Indian Overseas Bank RD Premature Withdrawal
Indian Overseas Bank (IOB) permits the early closure of Recurring Deposit (RD) accounts. And all this before the maturity date, subject to a small penalty as per the bank's regulations. However, partial withdrawals are not allowed. Yet, the interest rate applicable for premature closure may differ from the initially agreed rate. Here, the premature withdrawal calculation on the interest paid will be the amount deposited and its tenure in IOB.
The foreclosure charges for closing an RD account with IOB are as follows.
| Description | Fore Closure Charges |
|---|---|
| RDs upto ₹15000/- | NIL |
| RDs of ₹15,001/- up to ₹5 Lakh | 0.50% |
| RDs Above ₹5 Lakh but Below ₹2 Crore | 1.00% |
| RDs of ₹2 Crore & Above | 1.00% |
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General FAQs on Indian Overseas Bank RD Interest Rates
The RD interest rates at Indian Overseas Bank vary based on the deposit tenure, typically ranging from 6.25% to 7.25% per annum.
RD stands for Recurring Deposit in Indian Overseas Bank.
The interest rates offered by Indian Overseas Bank on various deposit accounts, including Recurring Deposits, can vary based on the tenure and amount deposited.
The minimum amount required to open an RD account at Indian Overseas Bank is ₹500 per month.
No, a Recurring Deposit (RD) is not the same as a Fixed Deposit (FD). In an RD, customers make regular, fixed deposits over a set period, while an FD involves a single lump-sum deposit.
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