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Business News/ Money / Personal Finance/  Indian Overseas Bank (IOB) hikes fixed deposit interest rates across all tenors
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Indian Overseas Bank (IOB) hikes fixed deposit interest rates across all tenors

Indian Overseas Bank (IOB), a public sector lender, hiked interest rates on fixed deposits below ₹2 crore

Fixed deposits maturing in three years and above will now earn an interest rate of 5.85%, up from 5.70% before, thanks to a 15 basis point increase by Indian Overseas Bank.Premium
Fixed deposits maturing in three years and above will now earn an interest rate of 5.85%, up from 5.70% before, thanks to a 15 basis point increase by Indian Overseas Bank.

Indian Overseas Bank (IOB), a public sector lender, hiked interest rates on fixed deposits below 2 crore. The bank's official website states that the new rates will take effect on September 13, 2022. Following the amendment, the bank raised interest rates across all tenors and now guarantees fixed deposits maturing in 7 days to 3 years or more would earn interest rates ranging from 3.25% to 5.85%.

IOB FD Rates 2022

The bank hiked interest rates on fixed deposits maturing in 7–29 days by 25 basis points (bps), from 3% to 3.25%, while the IOB increased interest rates on fixed deposits maturing in 30-45 days by 35 bps, from 3.00% to 3.35%. Fixed deposits with maturities of 46 to 90 days will now earn interest at a rate of 3.75%, while those with maturities of 91 to 179 days will now earn interest at a rate of 4.10%, up from 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%, up from 4.50% previously, a 15 basis point increase.

The bank accelerated the interest rate on fixed deposits maturing in 1 year to less than 2 years (apart from 444 days) from 5.45% to 5.60%, which represents a hike of 15 basis points. The IOB increased the interest rate on fixed deposits maturing in 444 days from 5.60% to 5.65%, which represents a hike of 5 basis points.

A new tenor of 1000 days has been added by the bank, on which fixed deposit customers will now receive a maximum interest rate of 6%, while fixed deposits maturing in 2 years to less than 3 years (excluding 1000 days) will now fetch an interest rate of 5.60%, which was previously 5.45%. Fixed deposits maturing in three years and above will now earn an interest rate of 5.85%, up from 5.70% before, thanks to a 15 basis point increase by Indian Overseas Bank.

IOB FD Rates
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IOB FD Rates (iob.in)

Indian Overseas Bank (IOB) has mentioned on its website that “For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues. For retired Staff, applicable interest rate will continue to be governed by guidelines issued vide Planning Department circular number Dep/54/2019-20 dated 21.12.2019."

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 10 Sep 2022, 02:28 PM IST
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