PremiumIndian Overseas Bank (IOB), one of the leading public sector lenders, has increased interest rates on fixed deposits under ₹2 crore. According to the bank's official website, the new rates are effective as of 10.12.2022. Following the revision, the bank hiked FD rates on a variety of tenors by up to 20 bps. The bank is now providing interest rates ranging from 3.75% to 6.50% on deposits maturing in 7 days to 3 years and beyond.
On deposits maturing in 7 days to 45 days, the bank has hiked the interest rate by 15 bps from 3.60% to 3.75% and on those maturing in 46-90 days, IOB has hiked the interest rate by 20 bps from 3.85% to 4.05%. Indian Overseas Bank will continue to offer an interest rate of 4.20% on FDs maturing in 91-179 days, 4.85% on deposits maturing in 180-269 days and 5.25% on those maturing in 270 days to 1 year.
Deposits maturing in 1 year to 2 years (except 444 days) will now fetch an interest rate of 6.40% which was earlier 6.30% a hike of 10 bps and those maturing in 444 days will now fetch an interest rate of 6.55% which is 15 bps higher than the old rate of 6.40%. IOB has hiked interest rates by 10 bps from 6.30% to 6.40% and 6.40% to 6.50% on deposits maturing in 2 years to less than 3 years (except 1000 days) and 3 years and above, respectively. Interest rates for IOB Tax Saver Deposits are placed at 6.50% for a tenure of 5 years.
“For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues," Indian Overseas Bank has mentioned on its website.
For the quarter ended September or Q2FY23, IOB reported mobile banking registered users of 59.52 lakhs, Internet Banking registered users of 23.82 lakhs, UPI registered users of 63.04 lakhs, ATMs / CDMs of 3438 outlets, passbook printing Kiosk of 2389 outlets, Bank on wheels of 15, total domestic branch of 3214 and BC of 2228.
In the same quarter, Indian Overseas Bank (35%) established a joint venture bank in Malaysia with Bank of Baroda(40%) and Union Bank of India (25%), named “India International Bank (Malaysia) Berhad".