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  • Indian Overseas Bank Fixed Deposit Calculator

IOB FD Calculator

Calculate FD Returns

Investment Amount
₹ 
Investment Duration
Interest Rate
 %

After 5 years, you will have

₹ 15,105

that’s ₹ 5,105 earned as interest

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Features of IOB FD Fixed Deposit

Indian Overseas Bank Fixed Deposit offers investors a wide range of fixed deposits. It helps investors to achieve their financial goals through investment in FD at a minimum risk. The following are some of the key features of an IOB fixed deposit account:

  • Indian Overseas Bank fixed deposit schemes offer guaranteed income at a fixed interest rate.
  • The tenure of IOB FDs ranges from seven days to ten years.
  • The minimum amount to open an IOB FD account varies for different FDs. It starts with INR 1,000 and goes up till INR 1 lakh for some FDs.
  • There is no limit on the maximum amount of investment in IOB FD. However, for IOB Tax Saver Scheme FD, the maximum investment is limited to INR 1.5 lakhs.
  • The IOB fixed deposit interest rate ranges between 3.40% to 5.25% p.a.
  • IOB offers preferential interest rates for senior citizen depositors. The IOB FD rates for senior citizens range between 3.90% to 5.75%.
  • The Deposit Insurance Scheme insures the IOB deposits up to INR 5,00,000.
  • IOB provides its depositors with a facility to avail a loan up to 90% against their FDs. The interest rate on the loans is one to two percent above the IOB FD rate. Therefore, a loan against the FD allows investors to meet their financial gaps and helps meet liquidity requirements without breaking IOB FD. The terms of the loan will be as per IOB norms.
  • IOB depositors can nominate beneficiaries while opening the FD account.
  • IOB offers an auto-renewal facility of the fixed deposit account.

What is an IOB Bank FD Calculator?

The IOB Bank FD Calculator is a simple online tool. It helps in estimating the returns from an Indian Overseas Bank FD. Also, it calculates the wealth gained and maturity amount that investors can receive if they invested in the IOB FD Scheme. Furthermore, the IOB FD Calculator also shows a tabular and graphical representation of how the investment grows during the investment tenure.

The IOB FD calculator takes the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount from the investment. However, the IOB fixed deposit calculator only provides an estimation of wealth that you can earn based on the inputs provided. Moreover, you can know the exact maturity amount once you invest in the fixed deposit with Indian Overseas Bank. Nevertheless, the IOB FD calculator is a simple tool available online for free. Also, it can be used multiple times to estimate the returns from an IOB FD investment.

How to use IOB FD Calculator?

For every investor, it is essential to check the return/interest from an investment. This also helps the investors compare FDs provided by different banks and compare FD investment with other investment alternatives to FD. Hence, this allows the investor to plan their goals in a better way.

Scripbox’s online IOB FD Calculator is a simple tool that estimates the return from an IOB FD Investment.There are two approaches where you can estimate the returns from FD investment using Scripbox IOB FD Calculator. They are the investment amount approach and target amount approach.

Investment Amount Approach

The investment amount approach uses the total amount that you can invest in a fixed deposit. In other words, investors who know how much they want to contribute towards their FD will benefit from the investment amount approach. To determine the IOB FD maturity amount and interest earned for specific tenure, you need to follow the below steps:

  • Firstly, decide the investment amount for the fixed deposit
  • Enter the investment duration in years or months of investment. For instance, if the investment duration is 1.5 years, then enter the total number of months, i.e. 18 months. 
  • Provide the rate of interest
  • Lastly, select the compounding frequency, i.e. monthly, quarterly, half-yearly or yearly. Compounding frequency refers to the number of times interest gets compounded during the year. The interest in FD depends and varies with the compounding frequency. Hence, you need to select this field appropriately. 
  • Also, under the senior citizen section, select the appropriate option (yes or no) because most banks provide senior citizen with preferential interest rates.

Once enter the details are provided,  the IOB fixed deposit calculator will provide the following information as an output:

  1. Maturity amount for the tenure
  2. Wealth gained or interest earned.

Additionally, The IOB FD calculator shows a result in a tabular format and graphical representation of the initial investment and maturity amount.

Target Amount Approach

Through the target amount approach, investors can estimate the investment amount required today to meet their financial goals. Thus, the IOB FD calculator does a back-calculation of the amount you need to invest and the interest income they will earn after entering the target amount of investment. The following are the steps  to use the IOB FD calculator with the target amount approach:

  • Firstly, enter the expected target amount for the fixed deposit
  • Next, enter the investment duration in years or months. 
  • Enter the rate of interest on the fixed deposit. 
  • Lastly, select the compounding frequency, i.e. monthly, quarterly, half-yearly or yearly. The compounding frequency is the payout tenure of the fixed deposit. The interest in FD depends and varies with the compounding frequency. Hence you must select this field appropriately. 

Based on the above inputs, the IOB FD calculator gives the investment amount needed to achieve the target and estimates the interest the investor might earn. Moreover, the IOB FD Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.

Benefits of Using IOB FD Calculator

The following are the benefits of using the IOB FD calculator – 

Future Planning

Knowing the estimated maturity and interest amount on the investment helps investors make a better decision. Such a decision will help in achieving the investment goal, be it short-term or long-run. IOB FD calculator helps in estimating the returns and thus making a well-informed investment decision.  

Adjust the factors affecting

The interest earned on a fixed deposit depends on investment amount, interest rate, compounding frequency, and tenure. The IOB FD interest rates calculator helps in understaning which element is affecting the desired maturity amount. 

Comparision

Every bank/ NBFC offers a different rate for different types of fixed deposits. Therefore, using the calculator can easily compare the maturity amount for different banks and NBFCs.

There are other investment alternatives for fixed deposit investments. Before investing in a fixed deposit, you can compare the returns and interest from other alternatives investments with fixed deposits. This comparison will help in evaluating which investment option is better for your investment goals. Scripbox provides different online calculators for other investments as well. You can use these calculators by visiting our website. 

Different Approaches

You can perform the analysis using two different approaches. Firstly, using an initial investment amount approach and secondly, by using the target amount approach. With an investment goal in mind, you must invest the correct amount for the desired tenure. The target amount approach helps evaluate what amount of funds you should invest today to get the desired wealth post maturity. For instance, if you have a lump sum amount of money in hand and wish to know the maturity amount, then the investment amount approach is appropriate. 

Graphical Representation

The IOB FD calculator also provides a representation of results periodically in years. For example, it shows the opening balance, interest earned, and closing amount every year after year. This will help in knowing the balance in real-time after every interest payout. 

How is IOB FD Interest Calculated?

The interest earned from IOB fixed deposit investment depends on several factors. Such factors are the principal amount of investment, tenure, compounding frequency, and interest rate. You can calculate the interest amount for an IOB fixed deposit using two methods: simple interest and compound interest. Let us understand the formulation under both the methods with the help of an example:

Simple Interest on Fixed Deposit

Simple interest is the interest earned on the principal amount at a predetermined interest rate during the tenure of investment.

Formula for calculation

Simple Interest = (P * R * T)/ 100

P- Principal amount invested

R- Rate of interest of IOB Bank (%)

T- Tenure of IOB bank FD

Example

Mr Pratik invested Rs 20,000 for 5 years at an interest rate of 10% per annum.

Simple Interest = (Rs 20,000 * 10 * 5 years)/ 100 = Rs 10,000

Here,

Principal amount invested (P) = Rs 20,000

Rate of interest (%) = 10% per annum

Tenure = 5 years

Maturity Value = Principal amount of Investment + Simple Interest earned during the tenure

= Rs 20,000 + Rs 10,000

= Rs 30,000

Compound Interest on Fixed Deposit

Compound interest is the interest earned on the principal amount of investment and the interest earned on the investment. The interest rate is raised to the number of periods (years) for which the interest will be compounded and multiplied by the principal amount invested.

Formula for calculation

A = P (1+r/n) ^ (n * t)

A = Maturity Amount

P = Principal amount of investment

r = Rate of Interest (in decimals)

n = number of compounding in a year

t = number of years

Example

Mr Pratik invests Rs 1,00,000 for 5 years at an interest rate of 5% per annum compounded quarterly.

Here,

Principal amount of investment = Rs 1,00,000

Interest Rate = 5%

Number of compounding in a year = 4 (once every quarter)

Number of years of investment is 5 years

A (maturity amount) = 1,00,000 (1+0.5/4) ^ (4*5)

A (maturity amount) = Rs 1,28,204.

Interest amount = Rs Rs 1,28,204 – Rs 1,00,000 = Rs 28,204

Frequently Asked Questions

What are the minimum and maximum amounts that I can invest in an IOB Bank FD?

The minimum amount of FD investment in Indian Overseas Bank is Rs 1,000. There is no maximum amount for investment in a fixed deposit. 

What is the highest interest rate offered by IOB Bank on a fixed deposit?

The highest FD rate for Indian Overseas Bank is 5.25% for a regular investor for the tenure of 2 years and above. Also, for senior citizens, the highest IOB FD interest rate is 5.75%.

How to invest in IOB Bank FD? 

You can open an FD account with IOB by visiting any of its branches. The customer has to submit a duly filled application form along with the required KYC documents and cheque or demand draft for the amount to be deposited required to be submitted.

Is IOB Bank Fixed Deposit safe to invest in?

Yes, an investment in an IOB Bank fixed deposit is safe and secure. The interest on Indian Overseas Bank FD is fixed and guaranteed. The interest rate is not affected by the market conditions and fluctuations like mutual funds. That is why investment in fixed deposits is one of the most secure investment tools. The Deposit Insurance and Credit Guarantee Corporation insures every fixed deposit up to Rs 5 lakh in IOB. Hence, any default in repayment of the maturity value will be covered by the DICGC. 

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