Bank Offer: After the increase in the repo rate by the RBI, banks have also started increasing the interest rates of loans. While on the one hand the common people have been shocked by the increase in the interest rate on loans, on the other hand the interest rates on bank deposits have also started increasing.
In the same sequence, Indian Overseas Bank of the public sector has also increased the rates of its fixed deposits ie FD. The new rates are going to be effective from September 13.
New FD Rate’s
Let us tell you that Indian Overseas Bank has increased the interest rates on FDs of less than Rs 2 crore.
1. Under this, 3.25 percent interest will be available on fixed deposits of 7 to 29 days.
2. On 30 to 45 days, 3.35 percent interest will be available.
3. On 46 to 90 days, 3.75 percent interest will be available.
4. On 91 to 120 days 4.10 percent interest will be available.
5. On 121 to 179 days 4.10 percent interest will be available.
6. Interest will be 4.65 percent on 180 to 269 days.
7. On FD of less than 270 to 1 year, 4.65 percent interest will be available.
8. Between 1 year to 2 years, 5.50 percent interest will be available.
Special Interest on Special FD (Special FD Scheme)
Indian Overseas Bank has launched a special FD scheme of 444 days. In this scheme, the customer will get 5.65 percent interest rate for 444 days. If the customer makes an FD for 2 to 3 years, then he will get 5.60% interest. Apart from this, 6.00% interest is being given on 1000 days FD.
Many banks have increased interest rates on FD
After the increase in the repo rate by RBI, many banks have increased their FD rates. Private sector Axis Bank has also increased its FD rates. The bank has increased the interest rates by 25 basis points. These rates have come into effect from 9 September 2022.
