Indian Overseas Bank (IOB) has reduced its fixed deposit (FD) interest rates 2 crores for various short term tenures. This comes at a time when lenders like State Bank of India (SBI), HDFC bank, ICICI Bank and others are increasing the interest rates on their fixed deposits. According to the Indian Overseas Bank website, the new rates have come into effect from April 11.
Interest rates on FDs with tenures ranging from seven days to one year have been cut by 40 basis points. There will now be an earning of 3 percent on these FDs.
The rates have been reduced by 40 basis points for tenures of 46 to 90 days. Now 3.50 percent interest will be available on these FDs. Bank customers will now earn 4 per cent on fixed deposits maturing in 91 to 179 days. And for FDs maturing in less than a year in 180 days, they will get 4.50%.
There has been no change in the interest rates for a period of one year to three years.
The minimum amount for fixed deposit is 1 Lac.
For senior citizenAccording to the bank’s website, the bank offers an additional rate of 0.50% and an additional rate of 0.75% continues for super senior citizens (aged 80 years and above).
download
The app will get 14 days of unlimited access to Mint Premium absolutely free!