• Fixed Deposit
  • Indian Overseas Bank
  • IOB Fixed Deposit
IOB Fixed Deposit

IOB Fixed Deposit

Public SectorAA 
DICGC

6.5%

Interest for 3 years

Indian Overseas Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 14 days4%4.5%
15 days - 1 month 29 days4.5%5%
2 months - 5 months 26 days4.25%4.75%
5 months 27 days - 11 months 27 days5.75%6.25%
1 year - 1 year 2 months 17 days6.9%7.4%
1 year 2 months 18 days - 1 year 2 months 18 days7.3%7.8%
1 year 2 months 19 days - 1 year 11 months 27 days6.9%7.4%
2 years - 2 years 11 months 27 days6.8%7.3%
3 years - 9 years 11 months 26 days6.5%7%

Note: All interest rates shown above are as on 6th Mar 2024

About Indian Overseas Bank FD

Indian Overseas Bank (IOB) was founded in 1937 with the main objective of specializing in foreign exchange business in banking and taking the Bank across the globe. The bank has its headquarters in Chennai. As of March 2022, IOB bank has 3,214 branch offices across India, an overseas presence across 4 countries and 3,355 ATMs. The total deposits as of March 2022 stood at INR 2,62,158.92 crores. IOB Bank’s Fixed Deposits have an AA Credit Rating.

Indian Overseas Bank FD

4% - 7.3%

FD Rate

4.5% - 7.8%

FD Rate for Seniors

₹ 1000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AA

CRISIL Rating

Indian Overseas Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.5%For 5 years with interest of 6.5%
₹ 50,000 ₹ 60,734₹ 69,141
₹ 1 lakh ₹ 1,21,467₹ 1,38,282
₹ 2 lakh ₹ 2,42,934₹ 2,76,563
₹ 5 lakh ₹ 6,07,336₹ 6,91,409
₹ 10 lakh ₹ 12,14,672₹ 13,82,817

Compare Indian Overseas Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Utkal Grameen Bank FD
Indian Overseas Bank FD
Indian Overseas Bank FD
Maturity Amount 1,07,122 1,06,697
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained7,122 6,697

Compare Indian Overseas Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Utkal Grameen Bank FD
6.5% - 7%
Punjab and Sind Bank FD
6% - 6.5%
Saptagiri Grameena Bank FD
7.5% - 8%
Dakshin Bihar Gramin Bank FD
5.6% - 5.6%
Karnataka Gramin Bank FD
6.85% - 7.35%
Kerala Gramin Bank FD
6.75% - 7.25%
Baroda Gujarat Gramin Bank FD
6.75% - 7.25%
Yes Bank FD
7.3% - 8%
Union Bank of India FD
6.5% - 7%
Dhanlaxmi Bank FD
6.5% - 7%

Calculate Indian Overseas Bank FD Returns

1,00,000

Total Investment

7,122

Wealth Gained

1,07,122

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

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.

IOB Fixed deposit schemes

Following are the types of FD schemes offered by IOB:

  • Reinvestment Deposit
  • IOB 80 Plus Term Deposit
  • Vardhan – Deposit for Senior Citizens
  • Tax Saver Scheme
  • Floating Rate Deposit
  • Special Fixed Deposit (M-Q)
  • Multiple Deposit Plan I
  • Multiple Deposit Plan II
  • IOB Saral
  • IOB Suvidha
  • NRO Tax Saver
  • Unfixed Deposit

IOB Reinvestment Deposit

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:

  • Minimum Deposits Amount: INR 1000
  • FD Clouse: Depositors can close the FD without any penalty
  • Renewal: The bank offers a renewal of the deposit scheme

IOB 80 Plus Term Deposit

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:

  • Tenure: 6 months to 120 months
  • Minimum Deposit Amount: INR 1,000
  • Maximum Deposit Amount: INR 1 crore
  • Loan against FD: The depositors of the scheme can avail loan up to 90% of the deposit amount.
  • Nomination Facility: Available
  • Account holding type: Depositors can open a single or joint account with their spouse. Also, for a joint account, the primary account holder has to be a super senior citizen.

IOB Vardhan – Deposit for Senior Citizens

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:

  • Tenure: 15 days to 120 months
  • Minimum Deposit Amount: INR 5,000
  • Premature withdrawal or Premature Closure: Available
  • Loan against FD: Available
  • Account holding type: Depositors can open a single or joint account. Also, for a joint account, the primary account holder has to be a senior citizen.
  • Renewal: Available, and also, depositors don’t need to submit age proofs.
  • International debit cards: The scheme provides the free international debit card to the depositors

IOB Tax Saver 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:

  • Tenure: 5 years to 10 years
  • Minimum Deposit Amount: INR 10,000
  • Maximum Deposit Amount: INR 1,50,000
  • Interest: Compounded quarterly and paid half-yearly
  • Loan against FD: Not available
  • Premature withdrawal: Not available
  • Nomination Facility: Available

IOB Floating Rate Deposit

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:

  • 3 to 5 years, the interest rate shall be the last six months daily average of 5 year G Sec rate.
  • 5 to 10 years, the interest rate shall be the last six months daily average of 10 year G Sec rate.

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:

  • Tenure: 3 years to 10 years
  • Minimum Deposit Amount: INR 1,00,000
  • Interest: Floating interest rates
  • Loan against FD: The depositors of the scheme can avail loan up to 90% of the deposit amount.

Special Fixed Deposit (M-Q)

  • The FD is eligible for depositors who seek a regular monthly or quarterly interest income. This scheme is more suitable for senior citizens and pensioners.
  • The minimum deposit amount is Rs. 3,000
  • The minimum investment period is 6 Months and the maximum investment period is to 120 months
  • The interest is paid monthly and quarterly

Multiple Deposit Plan I

  • Individuals including Salaried people, professionals, business people etc are eligible
  • The minimum deposit amount is Rs. 100 and in multiples of Rs. 5
  • The minimum investment period is 6 Months and the maximum period is 120 Months
  • The interest is paid Quarterly compounding and paid at the time of maturity

Multiple Deposit Plan II

  • Individuals either singly or jointly with two or more persons, institutions, companies, firms, societies, Traders, Professionals, salaried individuals etc.are eligible
  • The minimum deposit amount is Rs: 10,000 and in multiples of Rs.1,000
  • The minimum investment period is 6 Months and the maximum period is 120 Months
  • The interest is paid Quarterly compounding and paid at the time of maturity

IOB Saral

  • IOB Saral scheme offers a facility to withdraw part of the deposit amount and continue the scheme with the contracted rate of interest.
  • The minimum Deposit Amount is INR 10,000, and has no maximum limit.
  • The scheme tenure ranges from 1 year to 10 years.

IOB Suvidha

  • The Suvidha scheme comes with Cash Credit Facility. A CC account is opened automatically with IOB Suvidha scheme. Once the deposit matures, the proceeds are to be credited to CC account only.
  • The minimum Deposit Amount is INR 1,00,000 and has no maximum limit.
  • The scheme tenure ranges from 15 months to 10 years.

IOB NRO Tax Saver

  • Tenure: 5 to 10 years (minimum lock-in period of 5 years)
  • Minimum Deposit Amount: INR 10,000
  • Maximum Deposit Amount: INR 1,50,000
  • Tax Benefit: Tax exemption up to INR 1,50,000 under section 80C of the Income Tax Act, 1961.
  • Eligibility: Non-Resident of Indian Origin with income other than investment income (Interest) and long-term capital gain.

IOB Unfixed Deposit

  • Tenure: 7 to 179 days
  • Minimum Deposit Amount: INR 50 Lakhs

Key Features of IOB Fixed Deposit Schemes

  • Premature withdrawal: All IOB FDs can be withdrawn prematurely except for the tax-saving FD. There is no penalty for deposits below INR 5 lakhs. For deposits greater than INR 5 lakhs, the penalty is 1%.
  • Nomination facility: Indian Overseas Bank FD investors can nominate beneficiaries for their FDs.
  • Auto-renewal: Investors can opt for auto-renewal of their Indian Overseas Bank FDs.
  • Safety: The Deposit Insurance Scheme of RBI covers all Indian Overseas Bank deposits. The scheme covers all Indian Overseas Bank deposits up to INR 5,00,000.
  • Additional payments: Investors cannot deposit an additional amount in an Indian Overseas Bank FD once it has commenced. However, they can open a fresh Indian Overseas Bank FD with the new amount.

How to Open an IOB FD Deposit Account?

One can open an IOB FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open an IOB FD account through internet banking:

  • Login to the IOB NetBanking account.
  • Under the ‘Deposit’ tab, select the ‘Open Deposit’ option.
  • The page redirects to the ‘New Deposit’ page. Click on ‘Go’ to continue, and fill in all the relevant details along with nominee details.  
  • Verify all the details and click on ‘Confirm’ to book a new fixed deposit.

Through Mobile App

IOB App

The following steps will guide in opening an FD account through IOB Mobile App:

  • Download the IOB App and log in.
  • In the menu option, under the ‘Save’ tab, select the ‘Deposit’ option to proceed.
  • Next, select the ‘Open Fixed Deposit’ option.
  • Provide all the personal and nominee details.
  • Verify all the details and click on ‘Confirm’ to book a new fixed deposit.

Offline IOB FD Opening

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.

Documents Required to Open an Indian Overseas Bank FD

To open an FD account with IOB, one would need the following documents

  • FD application form
  • PAN Card
  • Two photographs
  • Identity proof (PAN Card, Aadhar Card, Passport, or Driving license, etc.)
  • Address proof (Electricity bills, telephone bill, Aadhar card, bank statement)
  • Any other documents required by a sole proprietorship, partnership, companies, HUF, and trusts.

Eligibility to Open an Indian Overseas Bank FD

To be able to open an FD account with IOB, one has to be eligible. Following is the eligibility criteria for the same.

  • Resident individuals, including minors. Minors can invest in IOB FDs only when an adult is jointly opening an account with them.
  • Sole proprietorship
  • Partnership firms
  • Public and private companies
  • HUFs
  • Trusts, associations and societies

Does Indian Overseas Bank offer Recurring Deposits?

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.

Is IOB Safe for FD?

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.

Is FD Interest Taxable?

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%.

Frequently Asked Questions

What is the highest Indian Overseas Bank FD rate today?

The highest Indian Overseas Bank FD rates for general citizens is 7.3% p.a. and 7.8% p.a. for senior citizens.

What is the highest interest rate on Indian Overseas Bank 1 year FD scheme?

The highest interest rate on Indian Overseas Bank 1 year FD scheme is 6.9% p.a.

What is Indian Overseas Bank FD scheme interest rate for 5 years?

6.5% p.a is the interest rate for 5 years on Indian Overseas Bank FD scheme.

How many years FD will double in Indian Overseas Bank?

To know in how many years Indian Overseas Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Indian Overseas Bank Bank FD will double. The current highest Indian Overseas Bank FD interest rate is 7.3% so investors will double the investment in 9.86 years. Similarly, senior citizen depositors will double their FD investment in 9.23 years, where the highest FD rate for senior citizens is 7.8%.

What is Indian Overseas Bank FD minimum deposit amount?

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.

What is senior citizen fixed deposit interest rates in Indian Overseas Bank?

The senior citizen fixed deposit interest rates in Indian Overseas Bank range between 4.5% to 7.8% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Indian Overseas Bank?

Indian Overseas Bank FD tenure ranges from 7 days to 9 years 11 months 26 days

What is Indian Overseas Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the Indian Overseas Bank FD calculator for 10 lakh deposit for 1 year will be INR 71,224. The maturity value will be INR 10,71,224. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in Indian Overseas Bank?

You can check Indian Overseas Bank FD balance either online or offline mode. For online mode, log in to the Indian Overseas Bank internet banking portal. Alternatively, you can visit the nearest Indian Overseas Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Indian Overseas Bank?

There is no restriction on the number of FDs you can open with Indian Overseas Bank.