|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 29 days||4%||4.5%|
|30 days - 2 months 28 days||4.25%||4.75%|
|3 months - 5 months 27 days||4.5%||5%|
|5 months 28 days - 8 months 25 days||4.95%||5.45%|
|8 months 26 days - 11 months 28 days||5.35%||5.85%|
|11 months 29 days - 1 year 2 months 15 days||6.5%||7%|
|1 year 2 months 16 days - 1 year 2 months 16 days||7.25%||7.75%|
|1 year 2 months 17 days - 1 year 11 months 28 days||6.5%||7%|
|1 year 11 months 29 days - 2 years 11 months 28 days||6.8%||7.3%|
|2 years 11 months 29 days - 9 years 11 months 27 days||6.5%||7%|
Note: All interest rates shown above are as on 6th Nov 2023
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.
4% - 7.25%
4.5% - 7.75%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 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|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,06,697||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹6,697||₹ 7,763|
|Bank Name||FD Interest Rates|
|Kerala Gramin Bank FD||7.5% - 8%|
|Punjab and Sind Bank FD||6% - 6.5%|
|Ellaquai Dehati Bank FD||6.25% - 6.75%|
|Manipur Rural Bank FD||6.2% - 6.7%|
|Sarva Haryana Gramin Bank FD||6.75% - 7.25%|
|City Union Bank FD||6.5% - 6.75%|
|LIC Housing Finance FD||7.75% - 8%|
|Dhanlaxmi Bank FD||6.5% - 7%|
|Tamilnad Mercantile Bank FD||6.5% - 7%|
|Capital Small Finance Bank FD||7.15% - 7.65%|
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.
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.
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%.
What is the highest Indian Overseas Bank FD rate today?
What is the highest interest rate on Indian Overseas Bank 1 year FD scheme?
What is Indian Overseas Bank FD scheme interest rate for 5 years?
How many years FD will double in Indian Overseas Bank?
What is Indian Overseas Bank FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in Indian Overseas Bank?
What are the available FD tenures in Indian Overseas Bank?
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 66,972. The maturity value will be INR 10,66,972. 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?
How many FDs can be opened in Indian Overseas Bank?