Indian Overseas Bank hikes interest rates on fixed deposits: Details inside
Indian Overseas Bank (IOB), a public sector lender, increased interest rates on fixed deposits below ₹2 crore.
PremiumIndian Overseas Bank (IOB), a public sector lender, increased interest rates on fixed deposits below ₹2 crore. According to the bank's official website, the revised rates are effective as of 10.08.2022. The interest rates for fixed deposits maturing in 444 days and 3 years and above, respectively, have increased by 10 bps as a result of the modification.
IOB FD Rates 2022
The bank will continue to offer a 3.0 per cent interest rate on fixed deposits maturing in 7 days to 45 days and a 3.75 per cent interest rate on term deposits maturing in 46 days to 90 days. In addition, the bank will continue to give an interest rate of 4.50 per cent on fixed deposits maturing in 180 days to less than a year. IOB will continue to offer an interest rate of 4.00 per cent on deposits maturing in 91 days to 179 days. Fixed deposits with maturities between 1 year and less than 2 years (except 444 days) will continue to offer an interest rate of 5.45 per cent, while term deposits with maturities between 444 days and 2 years will now offer an interest rate of 5.60 per cent, up from 5.50 per cent and a 10 basis points increase. On term deposits maturing in 2 years to less than 3 years will continue to offer an interest rate of 5.45% and on fixed deposits maturing in 3 years and above will now offer an interest rate of 5.70% which was earlier 5.60% a hike of 10 bps. Interest rates for IOB Tax Saver Deposits will remain at 5.70 per cent, 0.50 per cent additional for senior citizens and 0.75 per cent additional for super senior citizens (those 80 years of age and above).
The increase in IOB's fixed deposit interest rates came after The Reserve Bank of India's Monetary Policy Committee raised the repo rate by 50 basis points to 5.40 percent. Lenders are raising the interest rates on their loans and fixed deposit products as a result of the repo rate increase. Canara Bank and Bandhan Bank are two examples of the same. Canara Bank increased interest rates on fixed deposits of less than ₹2 Cr, and the new interest rates are effective as of August 8, 2022. On the other hand, Bandhan Bank increased interest rates on savings accounts, and the new interest rates are effective as of August 8, 2022. Federal Bank has increased its savings account interest rates as well. In contrast, ICICI Bank, Canara Bank, HDFC Bank, PNB, and Bank of Baroda have increased their external benchmark lending rates.
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