Fixed Deposit Rate: On April 6, in the meeting of RBI’s monetary policy, it was decided not to increase the repo rate. At the same time, recently the public sector Indian Overseas Bank has announced a change in the interest rates on Fixed Deposit ie FD.
On the one hand, the bank has reduced the interest rates by 0.50 per cent for selected tenures, while on the other hand, it has also increased it by 0.40 per cent for selected tenures. According to the official website of the bank, the bank has changed the interest rates for FDs of less than 2 crores. The bank’s new FD interest rates will be applicable from April 10, 2023.
7.25% interest will be available for 444 days
After the change, instead of 7% on FD of 444 days, the bank will now give a maximum interest of 7.25%. The bank will continue to pay an additional 0.50 per cent to the standard rate to senior citizens and 0.75 per cent to its super senior citizens.
New FD rates of Indian Overseas Bank
The bank is offering its customers 4% on FDs of 7 days to 14 days, 4% on FDs of 15 days to 29 days, 4.25% on FDs of 30 days to 45 days and 46 days to 60 days. Will give 4.25 percent interest on FD. At the same time, the bank will pay 4.25 percent interest on FDs of 61 days to 90 days, 4.50 percent on FDs of 91 days to 120 days and 4.50 percent on FDs of 121 days to 179 days.
On the other hand, the bank will pay 4.95 per cent interest on FDs from 180 days to 269 days, 5.35 per cent on FDs from 270 days to less than 1 year and 6.50 per cent on FDs from 1 year to less than 2 years.
