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Indian Overseas Bank (IOB) has slashed its fixed deposit (FD) interest rates below 2 crore for various short-term tenures. This comes at a time when lenders like the State Bank of India (SBI), HDFC Bank, ICICI Bank and others are increasing the interest rates on their term deposits. According to the Indian Overseas Bank website, the new rates came into effect on April 11.

The interest rates on FDs with periods ranging from seven days to one year have been cut by 40 basis points. These FDs will now earn 3 per cent. 

The rates have been reduced by 40 basis points for tenures of 46 to 90 days. These FDs will now fetch 3.50 per cent interest. Bank customers will now earn 4 per cent for term deposits maturing in 91 to 179 days. And for FDs maturing in 180 days to less than one year, they will get 4.50%.

The interest rates for one-year to three-year terms have remained unchanged.

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, according to the bank website.

 

 

 

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