Indian Overseas Bank (IOB) offers a diverse range of Fixed Deposit (FD) schemes, providing competitive interest rates to cater to various financial goals and timeframes. With IOB’s FD rates, investors can choose from the several different types of FD schemes available as per their requirements.
IOB’s FD interest rates vary depending on the tenure of the deposit. For instance, the interest rate for a 1-year IOB FD might be different from the rate offered for a 5-year IOB FD. The interest rates may also be influenced by the deposit amount, meaning that higher deposit amounts might attract different rates compared to lower deposit amounts.
Investing in IOB FDs can be an attractive option for those seeking a secure and reliable investment avenue with favourable returns. Indian Overseas Bank FDs provide stability and the assurance of a fixed interest rate, making them a suitable choice for risk-averse investors.
Indian Overseas Bank FD Interest Rates (Below 2 Crores)
Indian Overseas Bank FD rates for domestic, NRE, and NRO deposits below 2 Crores. IOB FD is a popular investment option for individuals and NRIs seeking attractive returns on their savings.
| FD Tenure | FD Interest Rates % (p.a.) (General) |
|---|---|
| 7 days to 14 days | 4.00% |
| 15 days to 29 days | 4.50% |
| 30 days to 45 days | 4.50% |
| 46 days to 60 days | 4.50% |
| 61 days to 90 days | 4.25% |
| 91 days to 120 days | 4.25% |
| 121 days to 179 days | 4.25% |
| 180 days to 269 days | 5.75% |
| 270 to less than 1 Year | 5.75% |
| Above 1 year to less than 2 Years | 6.90% |
| 444 Days | 7.10% |
| 2 years to less than 3 years | 6.80% |
| 3 Years and above | 6.50% |
*Note- The interest rates are subject to change. Please check the official website for the latest information.
IOB FD Interest Rates on NRE Deposits (Below 2 Crores)
Indian Overseas Bank offers competitive Fixed Deposit (FD) interest rates on Non-Resident External (NRE) retail term deposits below 2 Crores. By availing these FDs, NRIs can benefit from the stability and security offered by Indian Overseas Bank while maximising their savings.
| FD Tenures | FD Interest Rates % (p.a.) | |
|---|---|---|
| Senior Citizen (60 and above) | Super Senior (80 years and above) | |
| 7 days to 14 days | 4.50% | 4.75% |
| 15 days to 29 days | 5.00% | 5.25% |
| 30 days to 45 days | 5.00% | 5.25% |
| 46 days to 60 days | 5.00% | 5.25% |
| 61 days to 90 days | 4.75% | 5.00% |
| 91 days to 120 days | 4.75% | 5.00% |
| 121 days to 179 days | 4.75% | 5.00% |
| 180 days to 269 days | 6.25% | 6.50% |
| 270 to less than 1 Year | 6.25% | 6.50% |
| Above 1 year to less than 2 Years | 7.40% | 7.65% |
| 444 Days | 7.60% | 7.85% |
| 2 years to less than 3 years | 7.30% | 7.55% |
| 3 Years and above | 7.30% | 7.55% |
*Note- The interest rates are subject to change. Please check the official website for the latest information.
Curious about your IOB FD Interest & maturity amount? Use a FD calculator!
Before you deposit your money in FD, it’s wise to estimate your potential return / maturity amount. Use IOB FD Calculator to calculate your FD interest & maturity amount.
Foreclosure Charges for IOB Fixed Deposit
Foreclosure charges are fees imposed by Indian Overseas Bank (IOB) for early withdrawal of Fixed Deposits (FDs). These charges vary based on factors such as deposit amount, tenure, and IOB’s policies. Contact the bank or visit their website for specific information on foreclosure charges for IOB FDs.
| Description | Foreclosure Charges |
|---|---|
| Retail Term Deposits up to Rs. 15000 | NIL |
| Retail Term Deposits of Rs. 15,001/- up to Rs. 5 Lakh | 0.50% |
| Retail Term Deposits Above Rs. 5 Lakh but Below Rs. 2 Crore | 1.00% |
| Bulk Deposits of Rs. 2 Crore & Above | 1.00% |
NOTE
Interest rates for bulk deposits exceeding Rs. 2 crore require prior approval from the Treasury Department at the Central Office.
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Features & Benefits of Indian Overseas Bank Fixed Deposit
Indian Overseas Bank (IOB) offers a diverse bouquet of Fixed Deposit (FD) schemes to cater to various financial goals and risk appetites. Here’s a glimpse into the key features and benefits that make IOB FDs a compelling choice:
- Competitive Interest Rates: Earn attractive returns on your deposits with options ranging from simple to compounding interest, and additional rates for senior citizens and tax-saving schemes.
- Flexible Tenures: Invest for as little as 7 days or up to 10 years, tailoring your FD to your specific needs and liquidity requirements.
- Minimum Deposit Flexibility: Start small with a minimum deposit of Rs. 1,000 for regular FDs and Rs. 1 crore for Bulk FDs (deposits above Rs. 2 crores).
- Multiple Interest Payout Options: Receive interest payouts monthly, quarterly, half-yearly, or annually for income flexibility.
- Premature Closure Option: Access your funds before maturity with applicable penalty charges.
Indian Overseas Bank FD Account Eligibility
Indian Overseas Bank (IOB) Fixed Deposit (FD) account eligibility is fairly straightforward, but might vary slightly depending on the specific scheme you choose. Here’s a general overview for the eligibility to open term deposit accounts:
- A person in his/her own name
- Two or more person in their joint names payable to:
- both or all of them or to the survivor(S)
- either or any one or more of them or to the survivor(s)
- A natural guardian on behalf of a minor
- A natural guardian in the joint names of himself/herself and the minor, payable to either or survivor
- A person in name of any minor of whom he/she is the guardian appointed by a competent court
- A minor aged ten years or above in his/her single name to be operated upon by himself/herself
- A club, association, society, educational institution and other such bodies
- A Trustees/Executors/Administrators/Courts
- A Proprietary concerns, Partnership firms and Limited Companies
- A Central/State Government Departments/ Corporations/ Organisations, Local Bodies and
- statutory authorities, Quasi Government Bodies etc.,
- A Members of Staff /Ex-staff of Indian Overseas Bank
Documents Required to Open Indian Overseas Bank FD
The documents required to open an Indian Overseas Bank (IOB) Fixed Deposit (FD) account vary slightly depending on your individual circumstances and whether you’re a resident or non-resident Indian. Here’s a breakdown:
Identity Proof:
Any one of the following:
- Passport
- Driving Licence
- Voter’s Identity Card
- PAN Card
- Aadhaar Card with photo
- Identity card issued by a recognized Public Authority
- Ration card
Address Proof:
Any one of the following:
- Passport
- Voter’s Identity Card
- Driving Licence
- Bank Account statement (not older than 2 months)
- Electricity bill (latest)
- Telephone bill (latest)
- Rent agreement (registered)
- Letter from employer
Types of IOB Fixed Deposits Schemes
Indian overseas bank offered various FD schemes for its customers. Let’s go through the different types of IOB FD scheme from below:
Reinvestment Deposit
The RDP offers a robust and flexible savings solution for individuals, traders, self-employed professionals, and salaried employees.
Features:
- The interest in your deposit also earns interest.
- Obtain loans reaching 90% of your total deposit, encompassing both principal and accrued interest, providing exceptional liquidity when needed.
- You can close your deposit prematurely without any difficulty.
Minimum deposit amount:
- Rs. 1000/- and Multiples of Rs. 100/-
Payment of Deposit: 6 months to 120 months.
Payment of interest: Quarterly compounding and paid at the time of maturity.
OB EIGHTY PLUS – Term Deposit
This deposit scheme is exclusively available to individuals aged 80 years and above at the time of account opening. Valid KYC documents verifying age, as per RBI regulations, are required for proof. Alternatively, birth certificates or other acceptable documents confirming age and date of birth may be submitted.
Rate of Interest:Additional interest of 0.25% p.a over and above the applicable interest rate for Senior Citizens. Total 0.75% more.
Deposit amount:
- Minimum – As per the respective schemes (RDP/SFD-(M/Q)/RD)
- Maximum – Below Rs. 1 Crore.
Period of Deposit: 6 months to 120 months
Loan Facility: Loans of up to 90% are permitted for self or jointly with spouse only.
Vardhan
The Vardhan scheme welcomes individuals aged 60 years and above to open an account and enjoy senior citizen benefits.
Types of deposit that can be opened: All types of term deposits including Recurring Deposit can be accepted
Deposit amount:
- The minimum deposit amount is Rs. 5000/-
- The minimum deposit amount for RD is Rs 100 per month.
Period of Deposit: 15 days to 120 months
Floating Rate Deposits
The scheme is open to a wide range of individuals and entities, including single individuals, joint account holders, legal guardians of minors, Hindu Undivided Families, trusts, companies, and firms.
Amount that can be deposited: In one lump sum Minimum Rs.1000/- higher deposits in multiples of Rs.100/-
Tenure:
- 6 months to 120 months.
Deposit amount:
- The minimum deposit amount is Rs. 1 lakh and in multiples of 10,000 thereafter.
- No upper limit for maximum deposit amount.
Period of Deposit: 3 years to up to a maximum of 10 years.
Payment of interest: The interest on the deposit is payable quarterly on the 1st working day of January, April, June and September.
Motor Accident Claims Annuity Term Deposit Account- IOB MACAD
Under court order, minors can benefit from this scheme through a guardian. A lump sum determined by the court is deposited, and subsequent payouts occur in instalments (EMIs) that include both principal and accrued interest.
Tenure:
- 6 months to 120 months.
Deposit amount:
- The minimum deposit amount is Rs. 1 lakh and in multiples of 10,000 thereafter.
- No upper limit for maximum deposit amount.
Period of Deposit: 3 years to up to a maximum of 10 years.
Payment of interest: The interest on the deposit is payable quarterly on the 1st working day of January, April, June and September.
Special Fixed Deposit (M-Q)
Ideal for depositors who want regular monthly or quarterly interest income. Senior citizens / Pensioners could be targeted for this product.
Tenure:
- 6 months to 120 months.
Deposit amount:
- The minimum deposit amount is Rs. 3000.
Payment of interest: Monthly/Quarterly
Multiple Deposit Plan I
Individuals including Salaried people, professionals, business people etc. are eligible to take up this scheme.
Deposit amount:
- The minimum deposit amount is Rs. 100. And multiples of Rs 5.
Tenure:
- 6 months to 120 months.
Payment of interest: Quarterly compounding and paid at the time of maturity
Multiple Deposit Plan II
This plan welcomes a broad spectrum of account holders, including individuals (single or joint with at least two others), institutions, companies, firms, societies, traders, professionals, and salaried individuals.
Deposit amount:
- Minimum deposit amount Rs. 10000/- and in multiples of Rs. 1000/-
Tenure:
- 6 months to 120 months.
Payment of interest: Quarterly compounding and paid at the time of maturity
IOB Saral
Open to all, including non-resident Indians (NRIs) and individuals under the care of legal guardians. This unique Term Deposit offers the best of both worlds: guaranteed returns and convenient access to your funds.
Deposit amount:
- Minimum Rs. 10,000/- & No maximum.
- The deposits will be held in multiples of Rs. 1000/-
Tenure:
- Minimum 12 Months & Maximum of 10 Years
IOB Suvidha
Combine the stability of a Term Deposit with the convenience of a Cash Credit Facility and personalised cheque book. Upon the deposit’s maturity, the proceeds automatically replenish your credit line, ensuring seamless financial management. This linked facility ceases as the Term Deposit concludes.
Eligibility:
- Individuals (including NRIs /NRO) /Firms /Corporates/ PSUs/Institutions/HUF/Trust/Society. Minor’s special deposits are not allowed under the scheme.
Deposit amount:
- Minimum Rs. 1.00 lakh & No maximum
Tenure:
- Minimum 15 months – Maximum of 10 years
Cash Credit Limit:
- 90% of the Principal Amount. Minimum Rs. 0.90 lakh with a maximum of Rs. 2500 lakh.
Unfixed Deposit
Combine the stability of a Term Deposit with the convenience of a Cash Credit Facility and personalised cheque book. Upon the deposit’s maturity, the proceeds automatically replenish your credit line, ensuring seamless financial management. This linked facility ceases as the Term Deposit concludes.
Eligibility:
- Individuals (including NRIs /NRO) /Firms /Corporates/ PSUs/Institutions/HUF/Trust/Society. Minor’s special deposits are not allowed under the scheme.
Deposit amount:
- Minimum Rs. 1.00 lakh & No maximum
Tenure:
- Minimum 15 months – Maximum of 10 years
Cash Credit Limit:
- 90% of the Principal Amount. Minimum Rs. 0.90 lakh with a maximum of Rs. 2500 lakh.
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