interest rate on fixed deposits down Indian Overseas Bank (IOB) has been increased by Rs 2 crore. According to the bank’s official website, the new rates will be effective from October 10, 2022. The bank has raised its interest rates by up to 35 bps across various tenors in response to the change. IOB is now offering fixed deposit interest rates between 3.60% and 5.85% for maturities ranging from 7 days to 10 years. Whereas the highest interest rate on fixed deposits with maturity of 1000 days is currently 6.00%.
Indian Overseas Bank (IOB) FD Rates
The bank increased its interest rate on fixed deposits maturing in 7-14 days by 35 basis points from 3.25% to 3.60%, while IOB increased its interest rate on fixed deposits maturing in 15-29 days by 35 basis points. increased from 3.25% to 3.60. , Fixed deposits with maturities of 30 to 45 days will now offer an interest rate of 3.60%, from 3.35% earlier – an increase of 25 basis points – while fixed deposits with maturities of 46 to 90 days will continue to offer 3.75% interest rate. The interest rates offered by Indian Overseas Bank (IOB) will continue at 4.10% for deposits maturing in 91-179 days and 4.65% for deposits maturing in less than one year from 180 days.
The bank increased its interest rate from 5.60% to 5.70%, an increase of 10 basis points on fixed deposits maturing in 1 year (excluding 444 days), while IOB increased its interest rate from 5.65% to 5.85%. An increase of 20 basis points on deposits maturing in 444 days. Fixed deposits maturing in 2 years to less than 3 years (excluding 1000 days) will now offer an interest rate of 5.70% from 5.60% earlier, a hike of 10 bps and interest rate on deposits maturing in 1000 days The offer will continue at 6.00%. Deposits maturing in 3 years and above will continue to earn an interest rate of 5.85%.
see full image
Senior citizens get an additional rate of 0.50%, while very senior citizens (those who are 80 years of age or older) get an additional rate of 0.75%. The interest rates of IOB Tax Saver Deposit will be 5.85% for general public and 6.35% for elderly persons.
Fixed deposit interest rates are rising in response to RBI’s hike in repo rate to 5.90%. In addition, today, Canara Bank Announced increase in fixed deposits by up to 135 bps. Following the hike in the repo rate, the following banks have announced an increase in interest rates on fixed deposits: csb bank, Kotak Mahindra Bank, ICICI Bank, DCB Bank, axis Bank, RBL Bank, Bank of India (BOI)And Karnataka Bank, The remaining banks are expected to hike interest rates further in the near future.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.