IOB hikes FD rates by up to 45 bps on a special tenor of 444 days

2 min read . Updated: 11 Jan 2023, 02:29 PM IST Vipul Das

The general public will get interest on IOB Tax Saver Deposit at a rate of 6.50%, while senior citizens will receive interest at a rate of 7%.

Indian Overseas Bank (IOB), a public sector lender, hiked interest rates on fixed deposits under ₹2 crore.

IOB FD Rates

The bank will continue to give an interest rate of 4.50% on deposits maturing in the next 7–45 days, while IOB will continue to offer an interest rate of 4.75% on deposits maturing in the next 46–90 days. Indian Overseas Bank (IOB) will continue to provide interest rates of 4.20% on deposits with a tenor of 91 to 179 days and 4.85% on deposits with a tenor of 180 to 269 days.

The interest rate on deposits that mature in 270 days to a year will remain at 5.25%, and the interest rate on deposits that mature in a year to a two-year period (except for 444 days) will remain at 6.40%. On a special deposit tenor of 444 days, the bank has hiked the interest rate by 45 bps from 6.55% to 7.00% and on those maturing in 2 years to 3 years, IOB will continue to offer an interest rate of 6.40%. The interest rate on deposits with maturities of three years or longer will remain at 6.50%.

The general public will get interest on IOB Tax Saver Deposit at a rate of 6.50%, while senior citizens will receive interest at a rate of 7%. IOB is still promising an additional interest rate of 0.50% or 50 bps over and above the regular rates for senior citizens whereas super senior citizens aged 80 years and above will get an additional interest rate of 0.75%.

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Meanwhile, Bank of India (BOI) increased interest rates on special term deposits with buckets of 444 days starting on January 10, 2023, for deposits under ₹2 crore. In accordance with the revised, the bank now provides a special term deposit bucket with an interest rate of 7.05% for regular customers and 7.55% for senior citizens. For regular customers, interest rates on other term deposits with maturities ranging from 7 days to 10 years are in the range of 3% to 6.75%.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).