Public sector lender Indian Overseas Bank (IOB) has revised interest rates on savings bank accounts. According to the official website of the bank, the new savings account interest rates are effective from 10.08.2022. As per the revised, the bank is now offering a maximum interest rate of 2.90% to the holders of savings accounts.
IOB Savings Account Interest Rates
The bank is now offering an interest rate of 2.75% on the savings account balance. 25 lakhs, and IOB will now offer an interest rate of 2.75% on savings account balance above Rs. 25 lakh and Rs. 1 crore. Indian Overseas Bank will now offer an interest rate of 2.90% on savings bank deposits above Rs. 1 crore, making it the highest rate available for the holders of savings accounts.
The minimum balance for savings accounts in rural areas is Rs. 100 for accounts without checkbook facilities and Rs. 500 for accounts with check book facility. In semi-urban area, the bank has to pay a minimum of Rs. 100 for savings accounts without checkbook facilities and Rs. 500 for accounts with check book facility. The minimum savings account for IOB is Rs. 500 for accounts without checkbook facilities and Rs. 1000 for accounts with check book facility in urban areas.
see full image
Indian Overseas Bank also increased its interest rates on fixed deposits of less than 2 crore on August 10, 2022. After adjustments, the bank increased the interest rate from 5.50% to 5.60% on fixed deposits maturing in 444 days and from 5.60% to 5.70% on those maturing in 3 years and above. Senior citizens receive an additional rate of 0.50%, and super senior citizens who are 80 years of age or older receive an additional rate of 0.75% on IOB. Since the Reserve Bank of India announced new rate hikes in the August 2022 Monetary Policy Committee review, raising the repo rate by 50 basis points to 5.40 per cent, axis Bank, Central Bank Of India, State Bank Of India, Canara Bank, Yes Bank, Kotak Mahindra BankAnd Ujjivan Small Finance Bank The interest rates on fixed deposits have so far increased.
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.