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Indian Overseas Bank FD Rates

The Indian Overseas Bank is one of the most prominent banks in South India. Apart from its Indian operations, it has successfully established branches in Singapore, Colombo, Seoul, Bangkok, along with representative branches in Guangzhou, Vietnam and Dubai.

There are many different types of fixed deposit schemes offered by Indian Overseas Bank. Mentioned below are the rates for the same.

Indian Overseas Bank FD Rates 2019

Note: The FD rates have been sourced from the official website of IDFC Bank. Please note that Interest Rates are subject to change, without notice, as per the market trends and the bank’s decision in this regard is final.

Domestic Term Deposits & NRO Deposits

Period of DepositExisting Rate (%) Up to less than Rs 1 CrExisting Rate (%) Rs 1 cr and above
7-14 days4.50Refer to Treasury for rates For Deposits of Rs 1 Crore
15-29 days15-29 daysRefer to Treasury for rates For Deposits of Rs 1 Crore
30-45 Days4.50Refer to Treasury for rates For Deposits of Rs 1 Crore
46 -60 Days4.60Refer to Treasury for rates For Deposits of Rs 1 Crore
61-90 days4.60Refer to Treasury for rates For Deposits of Rs 1 Crore
91-120 days5.25Refer to Treasury for rates For Deposits of Rs 1 Crore
121-179 days5.50Refer to Treasury for rates For Deposits of Rs 1 Crore
180 -269 days5.75Refer to Treasury for rates For Deposits of Rs 1 Crore
270 days --< 1 yr6.25Refer to Treasury for rates For Deposits of Rs 1 Crore
1 Year to < 2 years6.60Refer to Treasury for rates For Deposits of Rs 1 Crore
2 years to < 3 years6.75Refer to Treasury for rates For Deposits of Rs 1 Crore
3 Years and above6.80Refer to Treasury for rates For Deposits of Rs 1 Crore

Period of DepositNew Rate (%) Up to less than Rs 2 CrNew Rate (%) Rs 2 crs and above
7-14 days*4.50Refer to Treasury for rates For Deposits of Rs 2 Crore and above
15-29 days4.50Refer to Treasury for rates For Deposits of Rs 2 Crore and above
30-45 Days4.50Refer to Treasury for rates For Deposits of Rs 2 Crore and above
46 -60 Days4.60Refer to Treasury for rates For Deposits of Rs 2 Crore and above
61-90 days4.60Refer to Treasury for rates For Deposits of Rs 2 Crore and above
91-120 days5.25Refer to Treasury for rates For Deposits of Rs 2 Crore and above
121-179 days5.50Refer to Treasury for rates For Deposits of Rs 2 Crore and above
180 -269 days5.75Refer to Treasury for rates For Deposits of Rs 2 Crore and above
270 days --< 1 yr6.25Refer to Treasury for rates For Deposits of Rs 2 Crore and above
1 Year to < 2 years6.60Refer to Treasury for rates For Deposits of Rs 2 Crore and above
2 years to < 3 years6.75Refer to Treasury for rates For Deposits of Rs 2 Crore and above
3 Years and above6.80Refer to Treasury for rates For Deposits of Rs 2 Crore and above
  1. Minimum amount Rs 1.00 Lakh*

  2. For Senior Citizens Additional Rate of 0.50% continues.

  3. For the retired staff members, including Retired Senior Citizen Staff, the maximum additional interest rate benefit shall be capped at 1% over and above the card rate.

  4. Interest rate for IOB Tax Saver Deposit stands at 6.80%.

Types of Indian Overseas Bank Fixed Deposits

Indian Overseas Bank Regular Fixed Deposit

Features and Benefits:

CriteriaDescription
Min. Amount₹1,000
Max. AmountNone
Tenure7 days to 10 years
NominationYes
Overdraft/LoanYes
EligibilityResident individual, professional & self-employed, small traders and Hindu Undivided Family (HUFs).

Reinvestment Deposit

Features and Benefits:

CriteriaDescription
Min. Amount₹1,000
Max. AmountNone
TenureNA
NominationYes
Overdraft/LoanYes, upto 90% of the FD amount
EligibilityResident individual, professional & self-employed, small traders and Hindu Undivided Family (HUFs).

‘Vardhan’ – Deposit of Senior Citizens

Features and Benefits:

CriteriaDescription
Min. Amount₹5,000
Max. AmountNone
Tenure15 days to 120 months
NominationYes
Overdraft/LoanYes
EligibilityResident senior citizens only

Tax Saver Scheme

Features and Benefits:

CriteriaDescription
Min. Amount₹10,000
Max. Amount₹1.5 lakh
Tenure5-10 years
NominationYes
Overdraft/LoanNo
EligibilityResident individual, professional & self-employed, small traders and Hindu Undivided Family (HUFs).

NRO Fixed Deposit

Features and Benefits:

CriteriaDescription
TypeSavings, Current and Term
Joint AccountYes
EligibilityNRI or PIO or OCI

Foreign Currency Non-Resident Account

Features and Benefits:

CriteriaDescription
CurrencyUSD, GBP, Euro, JPY, CAD, AUD, NZD, CHF and SGD
Tenure1-5 years
Joint AccountYes
Loan FacilityUp to 75% of the deposit amount
EligibilityNRI or PIO or OCI

Resident Foreign Currency Account

Features and Benefits:

CriteriaDescription
Currency USD/EUR/GBP/JPY/AUD/CAD
TypeSavings or Term Deposits
InterestYes, subject to tax
Loan FacilityUp to 75% of the deposit amount
EligibilityNRI or PIO or OCI

NRE Deposit Rates

Existing Rate (%) effective from 11.04.2018

PeriodUp to less than Rs 1 CrExisting Rate (%) Rs 1 cr and above
1 year to <2 years6.60Refer to Treasury for rates
2 yrs to <3yrs6.75Refer to Treasury for rates
3 Yrs and above6.80Refer to Treasury for rates

New Rate (%) effective from 01.03.2019

PeriodUp to less than Rs 2 CrRs 2 crs and above
1 year to <2 years6.60Refer to Treasury for rates
2 yrs to <3yrs6.75Refer to Treasury for rates
3 Yrs and above6.80Refer to Treasury for rates

Features of Indian Overseas Bank FD Account

The features of Indian Overseas Band FD Account are as follows-

  • Comes with three pay options - Quarterly, monthly and upon maturity.
  • Senior citizens get an additional rate of 0.50% over the rates offered to regular customers.
  • Different rates based on the tenure and invested amount.

Eligibility Criteria for Indian Overseas Bank FDs

Resident individual, professional & self-employed, small traders and Hindu Undivided Family (HUFs) with a valid PAN are eligible for Indian Overseas Bank FDs.

FAQs on Indian Overseas Bank FD Rates

What is the interest rate that Indian Overseas Bank Fixed Deposit offers on senior citizens FDs?

The interest rate offered by Indian Overseas Bank to senior citizens is 0.50% additional to the rates offered to normal citizens.

Can I make alterations to the tenure of my ongoing Indian Overseas Bank Fixed Deposit?

No, you cannot make any alterations to the tenure of your ongoing FD.

How to open an Indian Overseas Bank Fixed Deposit account without a PAN card?

You simply need to visit the nearest branch and deposit the FD amount along with a self-attested copy of PAN to open a new FD account.

What is the highest interest rate that is offered by the Indian Overseas Bank Fixed Deposit?

The highest interest rate offered by Indian Overseas Bank FD is 6.80 % for a tenure of 3 years or more.

What is the minimum amount required to start an Indian Overseas Bank Fixed Deposit account?

The minimum amount required to open an FD with Indian Overseas Bank is ₹1,000.

Can I open my Indian Overseas Bank Fixed Deposit without a PAN card?

Yes, you can open an FD with any other KYC document. In case you do not have a PAN card, you will be required to fill form 60 at the time of opening a new FD.

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