Indian Overseas Bank (IOB) has increased interest rates on fixed deposits. However, this increase in interest rate will be applicable on FDs of less than 2 crores. This information was given on the official website of the bank.
The new rates of interest will be effective from September 13. After the amendment, the bank has increased the interest rate for all tenors of the fixed deposit. Rates of interest on FDs maturing in 7 days to 3 years or more will be in the range of 3.25 to 5.85 percent.
Indian Overseas Bank has increased the rate of interest on FDs of 7-29 days by 25 basis points, which has now increased from 3 percent to 3.25 percent. At the same time, an increase of 35 basis points has been made on fixed deposits of 30-45 days, after which the rate of interest has increased from 3 percent to 3.35 percent.
The rate of interest on FD which is completed in 46 to 90 days will be 3.75 percent. Whereas FDs with a tenure of 90 to 179 days will get 4.10 percent interest. Apart from this, Indian Overseas Bank will pay 4.65 percent interest on fixed deposits of less than 180 days to one year.
IOB has increased the interest rate on fixed deposits of more than one year and less than 2 years from 5.45 percent to 5.60 percent. Also, the rate of interest on FDs of more than 444 days has been increased from 5.60 to 5.65 percent. At the same time, the bank has included a new FD of 1000 days, in which customers will get a maximum interest of 6 percent.
Giving information on its website, Indian Overseas Bank said that in all fixed deposit schemes, senior citizens will get an additional 0.50 percent interest and super senior citizens (citizens of 80 years and above) will get an additional interest of 0.75 percent.
