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Indian Overseas Bank (IOB), a public sector lender, has modified the interest rates on savings bank accounts. According to the bank's official website, the new savings account interest rates are effective as of 10.08.2022. In accordance with the revised, the bank is now giving holders of savings accounts a maximum interest rate of 2.90%.

IOB Savings Account Interest Rates

The bank is now giving an interest rate of 2.75% on savings account balances up to Rs. 25 lac, and IOB will now give an interest rate of 2.75% on savings account balances above Rs. 25 lac and up to Rs. 1 crore. Indian Overseas Bank will now give an interest rate of 2.90% on savings bank deposits of more than Rs. 1 Crore, making it the highest rate available to holders of savings accounts.

The minimum balance requirement for savings accounts in rural areas is Rs. 100 for accounts without chequebook facilities and Rs. 500 for accounts with chequebook facilities. In the semi-urban area, the bank requires a minimum balance of Rs. 100 for savings accounts without chequebook facilities and Rs. 500 for accounts with chequebook facilities. IOB requires a minimum savings account balance of Rs. 500 for accounts without chequebook facilities and Rs. 1000 for accounts with chequebook facilities in urban areas.

IOB Savings Account Interest Rates
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IOB Savings Account Interest Rates (iob.in)

Indian Overseas Bank also increased its interest rates on fixed deposits of less than 2 Cr on August 10, 2022. Following the adjustment, the bank increased the interest rate on fixed deposits maturing in 444 days from 5.50% to 5.60% and on those maturing in 3 years and above from 5.60% to 5.70%. 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% at IOB. Since the Reserve Bank of India announced new rate hikes in the August 2022 Monetary Policy committee review, at which the repo rate was increased by 50 basis points to 5.40 per cent, Axis Bank, Central Bank of India, SBI, Canara Bank, Yes Bank, Kotak Mahindra Bank, and Ujjivan Small Finance Bank have increased interest rates on fixed deposits so far. 

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