Indian Overseas Bank (IOB) hikes fixed deposit interest rates for all tenors

IOB FD Rates 2022

The bank increased interest rates on fixed deposits maturing in 7-29 days by 25 basis points (bps) to 3.25% from 3%, while IOB increased interest rates on fixed deposits maturing in 30-45 days. Rates increased from 3.00. % to 3.35%. Fixed deposits with maturities of 46 to 90 days will now attract 3.75% interest, while fixed deposits with maturities of 91 to 179 days will now earn interest at 4.10%, which was 4% earlier—a 10-basis point increase. On fixed deposits maturing in 180 days to less than 1 year, Indian Overseas Bank will now guarantee an interest rate of 4.65%, from 4.50% earlier, an increase of 15 basis points.

The bank increased the interest rate on fixed deposits maturing in 1 year to less than 2 years (within 444 days) from 5.45% to 5.60%, representing an increase of 15 basis points. IOB increased the interest rate on fixed deposits maturing in 444 days from 5.60% to 5.65%, representing an increase of 5 basis points.

A new tenor of 1000 days has been added by the bank on which fixed deposit customers will now get a maximum interest rate of 6%, while fixed deposits maturing in less than 2 years to 3 years (excluding 1000 days) will now have a new tenure of Rs. Interest rate of 5.60%, which was earlier 5.45%. Due to the increase of 15 basis points by Indian Overseas Bank, fixed deposits maturing in three years and above will now attract an interest rate of 5.85%, from 5.70% earlier.

Indian Overseas Bank (IOB) mentions on its website that “an additional rate of 0.50% for senior citizens and an additional rate of 0.75% for super senior citizens (80 years and above) continues. For retired employees, The applicable interest rate will continue to be governed by the guidelines issued vide Planning Department’s circular No. Dep/54/2019-20 dated 21.12.2019.”

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