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Home / Money / Personal Finance /  Indian Overseas Bank trims fixed deposits rates by 40 bps; Check latest rates here
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Government-owned Indian Overseas Bank (IOB) has reduced its fixed deposits interest rates below 2 crore on short-term tenures below 1 year. The new rates are set to come into effect from April 11.

From Monday, IOB will offer a 3% interest rate on deposits made for from 7 days to 45 days tenures. Currently, the rate here is 3.4%. 

Further, 3.5% will be offered on 46 days to 90 days tenure from the current 3.90%.

A 4% rate each will be applicable on tenures 91 days to 179 days from the current 4.4%, whereas, 4.5% is set on 180 days to less than 1-year tenures from the present 4.90%.

Meanwhile, the bank will continue to offer a 5.15% rate on 1 Year to less than 2 Years tenure (except 444 days). The interest rate on 444 days tenure is 5.20%, while the same is offered on 2 Years to less than 3 Years tenue. The highest rate is 5.45% which is kept unchanged for 3 Years and Above tenure.

The minimum amount for fixed deposits is 1 lakh.

For Senior Citizens, the bank offers an additional rate of 0.50% and for Super Senior Citizens (aged 80 years and above) additional rate of 0.75% continues.

Also, the interest rate for IOB Tax Saver Deposit will continue to be at 5.45%.

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