|Tenure||Normal Citizen RD Rate||Senior Citizen RD Rate|
|3 Months to 6 Months||4.50%||5.00%|
|6 Months to 9 Months||4.95%||5.45%|
|9 Months to 1 Year||5.35%||5.85%|
|1 Year to 2 Years||6.50%||7.00%|
|2 Years to 3 Years||6.80%||7.30%|
|3 Years to 5 Years||6.50%||7.00%|
|5 Years to 10 Years||6.50%||7.00%|
Note: All interest rates shown above are as on 1st November 2023
6 Months - 10 Years
Public Interest Rates
4.50% to 6.80%
Senior Citizen Interest Rates
5.00% to 7.30%
Minimum Deposit Amount
Highest Rates for Public
Highest Rates for Senior Citizen
|Investment Amount||For 3 years with interest of 6.50%||For 5 years with interest of 6.50%|
|₹ 50,000||₹ 1,51,622||₹ 2,54,070|
|₹ 1 lakh||₹ 3,03,244||₹ 5,08,140|
|₹ 2 lakh||₹ 6,06,488||₹ 10,16,279|
|₹ 5 lakh||₹ 15,16,221||₹ 25,40,698|
|₹ 10 lakh||₹ 30,32,442||₹ 50,81,397|
|Maturity Amount||₹ 3,03,244||₹ 3,02,621|
|Total Investment Amount||₹ 3,00,000||₹ 3,00,000|
|Total Interest Gained||₹3,244||₹ 2,621|
|Bank Name||RD Interest Rates|
|Punjab National Bank||4.40% to 6.50%|
|City Union Bank||5.75% to 6.50%|
|BOI Bank||4.50% to 6.50%|
|Canara Bank||5.25% to 6.90%|
|Indian Bank||3.50% to 6.70%|
|BOB Bank||4.50% to 7.05%|
|Central Bank of India||4.50% to 6.75%|
|Karur Vysya Bank||6.00% to 7.00%|
|Union Bank of India||4.30% to 6.70%|
|Tamilnad Mercantile Bank||5.75% to 7.00%|
|Karnataka Bank||5.25% to 7.00%|
|Dhanlaxmi Bank||6.50% to 6.75%|
|South Indian Bank||4.50% to 6.50%|
|Federal Bank||5.00% to 7.30%|
|Bank of Maharashtra||4.50% to 6.00%|
|UCO Bank||4.50% to 6.50%|
|RBL Bank||4.75% to 7.50%|
|State Bank of India||4.50% to 7.00%|
|IDBI Bank||4.50% to 6.80%|
|Axis Bank||4.75% to 7.10%|
|HDFC Bank||4.50% to 7.10%|
|ICICI Bank||4.75% to 7.00%|
|Indusind Bank||4.75% to 7.50%|
|Kotak Mahindra Bank||4.00% to 7.10%|
|Yes Bank||5.00% to 7.75%|
|Bandhan Bank||4.50% to 7.25%|
|IDFC First Bank||5.00% to 7.50%|
|Equitas Small Finance Bank||7.25% to 8.20%|
|Capital Small Finance Bank||4.75% to 7.15%|
|Ujjivan Small Finance Bank||4.75% to 7.50%|
|Fincare Small Finance Bank||5.75% to 8.25%|
|ESAF Small Finance Bank||5.25% to 8.50%|
|North East Small Finance Bank||4.00% to 7.50%|
|Suryoday Small Finance Bank||5.00% to 8.50%|
|Utkarsh Small Finance Bank||6.50% to 8.00%|
|Jana Small Finance Bank||4.00% to 8.50%|
|DBS Bank||3.00% to 7.50%|
|Post Office||6.90% to 7.50%|
Frequently Asked Questions
What is the current interest rate of RD in Indian Overseas Bank?
How to open rd account in Indian Overseas Bank?
How to close rd in Indian Overseas Bank?
How to calculate maturity and interest in Indian Overseas Bank recurring deposit ?
What is Indian Overseas Bank RD interest rates for 1 year in 2023 ?
Indian Overseas Bank (IOB) RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure.
IOB RD rates range between 4.85% to 6.50% p.a. for regular citizens. For senior citizens, the RD rates range between 5.35% to 7.00% p.a.. One can estimate the returns from their IOB RD investment using the IOB recurring deposit calculator. The RD rates of IOB are higher than their saving account rates. The IOB RD rate of interest differs based on the investor’s age, investment tenure, RBI policies and economic conditions in the country.
The interest that investor earns from RD investment is taxable as per their income tax slab rates. Also, this income has to be filed under the head ‘Income from Other Sources’ during their income tax returns. Moreover, the bank has to deduct a TDS of 10% if the interest income exceeds INR 40,000 while for senior citizens the limit is INR 50,000. Furthermore, this rate is applicable if the investor furnishes their PAN card details. Else, the TDS rate that the bank deducts is 20%.
Eligibility: Following are the eligibility criteria for opening an IOB RD account
The above entities must have a savings account with IOB and NRIs must have an NRE or NRO account.
Deposit and account: One can open an IOB recurring deposit account with a minimum investment of INR 50 and in multiples of INR 5. However, there is no limit on the maximum investment amount for IOB RD.
Withdrawal: IOB allows investors to prematurely withdraw their RD investment, however, with a penalty. The bank charges a penalty on the interest rate which varies depending on the banking policies.
Nomination: IOB RDs have a nomination facility where the account holder can nominate beneficiaries.
Indian Overseas Bank offers the following recurring deposit schemes:
Indian Overseas Bank RDs are considered a good investment for investors who can save small amounts of money regularly. Also, these schemes are considered low-risk investments as they offer guaranteed returns. However, investors must know that they have to pay taxes on interest earned on IOB RD investments. Therefore, investors must consider these taxes before investing in this scheme.
The minimum deposit amount for the IOB RD account is INR 50 per month. And, there is no maximum amount of investment in IOB RD.
Yes, one can open an IOB RD account on behalf of a minor.
One can open an IOB RD account through offline and online modes. For online mode, one has to visit the Indian Overseas Bank website. And for offline mode, one has to visit the nearest branch of Indian Overseas Bank.
To be able to invest in IOB RD, one needs to have all valid documents. They need to have an IOB RD application form, duly filled and signed and passport-size photographs. For proof of identity, they need a PAN card, Aadhar card, voter ID, and driving licence and for address proof, they need an Aadhar card, utility bills, and a driving licence. For age proof, they need a birth certificate, matriculation certificate, and PAN card.
Yes, it is possible to renew an IOB RD account. However, renewal is possible as per IOB norms and rules.