Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 15 days||3.4%||3.9%|
|1 month 16 days - 2 months 29 days||3.9%||4.4%|
|3 months - 5 months 26 days||4.4%||4.9%|
|5 months 27 days - 11 months 30 days||4.9%||5.4%|
|1 year - 1 year 11 months 30 days||5.15%||5.65%|
|1 year 2 months 18 days - 9 years 11 months 29 days||5.2%||5.7%|
IOB provides a wide range of products and services such as saving bank accounts, current accounts, term deposit, retail loans, home loans and mortgages, depository services, gold investment products, debit and credit cards, multi city cheque facilities, insurance and mutual funds, and real time gross settlement services Indian Overseas Bank (IOB) was founded on February 10, 1937 by Shri. M.Ct.M. Chidambaram Chettyar, a pioneer in many fields. The Bank was founded by him with the main objective of specializing in foreign exchange business in banking to take the Bank across the globe The bank has a balance sheet size of Rs. 2.6 Lakh Crs as on 31st March 2020 The bank recorded a loss of Rs 8500 Crs in FY20
3.4% - 5.2%
3.9% - 5.7%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.2%||For 5 years with interest of 5.2%|
|₹ 1 lakh||₹129620||₹129620|
|₹ 2 lakh||₹259240||₹259240|
|₹ 5 lakh||₹648101||₹648101|
|₹ 10 lakh||₹1296202||₹1296202|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105273||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5273|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
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Indian Overseas Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on IOB FDs is higher in their savings account. One can invest in IOB FDs through both online and offline modes with just a minimum investment of INR 1,000. This article covers IOB FD, its features and interest rates in detail.
Following are the types of FD schemes offered by IOB:
IOB’s reinvestment deposit allows the depositors to reinvest the interest into the existing deposit. Furthermore, it helps in increasing the corpus. The interest on deposit also earns interest. In other words, the scheme works with a compounding effect. Following are the features of the scheme:
The scheme is specially designed for Super Senior Citizens (SSC) of India. IOB recognises citizens above the age of 80 years or more as SSC. Also, IOB offers higher rates for super senior citizens (an extra 0.75%). Following are the features of the scheme:
The Vardhan scheme is a senior citizen fixed deposit scheme. The scheme offers preferential interest rates for the depositors. An additional 0.50% interest is applicable to these schemes. Furthermore, the additional interest is only for residents of India. Following are the features of the scheme:
The scheme offers tax benefits on deposits for individuals residing in India. The tax savings scheme deposits qualify for tax deductions under Section 80C of the Income Tax Act. Following are the features of the scheme:
Under the floating rate deposit scheme, the interest rates keep changing. The interest is computed on updated IOB FD rates and not on the rate prevailing at the time of buying the FD. The interest rates are reset once every six months. For deposits maturing in:
Also, the bank gives an option to convert from an existing fixed-rate deposit to a floating rate deposit scheme. Following are the features of the scheme:
One can open an IOB FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an IOB FD account through internet banking:
The following steps will guide in opening an FD account through IOB Mobile App:
To open an IOB FD account offline, one has to visit the nearest IOB branch. Fill the IOB FD application form and submit all the supporting documents along with the deposit amount. On successfully processing the application, IOB will provide an FD receipt.
To open an FD account with IOB, one would need the following documents
To be able to open an FD account with IOB, one has to be eligible. Following is the eligibility criteria for the same.
Indian Overseas Bank offers recurring deposits to its depositors. IOB recurring deposits have a minimum tenure of six months and a maximum tenure of 10 years. Depositors can open an RD account either by going to the IOB branch or online using internet banking. The interest rate for regular citizens on IOB RDs is in the range of 5.75% to 6.8%, and for senior citizens, it is in the range of 6.25% to 7.3%.
Indian Overseas Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Indian Overseas Bank deposits. Also, the scheme covers all Indian Overseas Bank deposits up to INR 5,00,000. Hence, Indian Overseas Bank FDs are safe for investment.
To know in how many years Indian Overseas Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be that the number of years IOB FD will double. For example, for a 3 to 10 years tenure, the IOB FD interest rate is 5.2%. An investor can double the investment amount by investing for this tenure in IOB FD in 13.84 years (72/5.2).
Only investment in Indian Overseas Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other IOB FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from IOB FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Indian Overseas Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Indian Overseas Bank, then the TDS rate will be 20%.
The highest FD rate for Indian Overseas Bank is 5.2% for a tenure of 3 years to 10 years. The highest Indian Overseas Bank FD rate is 5.7% for senior citizens for a tenure of 3 years to 10 years.
The minimum investment in Indian Overseas Bank FD is INR 1,000. However, there is no limit on the maximum amount of investment in Indian Overseas Bank FD.
Suppose an investor fails to disclose his/her PAN Card details to Indian Overseas Bank. In that case, the bank will charge TDS at 20% instead of 10%. Moreover, IOB will not issue a TDS certificate. Also, the income tax department will not credit the TDS to the investor’s account. Furthermore, all exemption certificates, including form 15G/H, will be invalid.
Yes, investors can open an Indian Overseas Bank FD account online through their internet banking facility.
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