Indian Overseas Bank has announced a cut in FD interest rates. That is, now investors will get less interest on making FD in this bank. This deduction has been made on FDs with different tenures up to Rs 2 crore.
According to the information given on the website of Indian Overseas Bank (IOB), the interest rates of FD have been cut by 40 basis points i.e. up to 0.40 percent. The new rate has come into effect from April 11, 2022.
New Delhi. While most banks have increased the interest rates of fixed deposits (FD), Indian Overseas Bank has announced a cut in fixed deposit (FD) interest rates. That is, now investors will get less interest on making FD in this bank. This deduction has been made on fixed deposits of different tenures up to Rs 2 crore.
According to the information given on the website of Indian Overseas Bank (IOB), the interest rates of FD have been cut by 40 basis points i.e. up to 0.40 percent. The new rate has become effective from April 11, 2022. The bank is offering higher interest up to one and a half percent to senior citizens.
IOB’s new interest rates
FDs with a tenor of 7 days to one year will get interest at the rate of only 3 percent. Investors will now get interest at the rate of only 4 per cent on FDs of 46 to 90 days and 3.5 per cent on fixed deposits of 91 days to 179 days. The bank is now offering 4.5 per cent interest on FDs made for tenures of more than 180 days and less than one year. There has been no change in the interest rates of fixed deposits from one year to three years. The minimum FD limit is Rs 1 lakh.
One and a half percent more interest to senior citizens
According to the website of Indian Overseas Bank, senior citizens are being given half a percent (0.5 percent) more interest on bank FDs. Whereas the bank is offering 0.75 percent more interest on fixed deposits up to Rs 2 crore to super senior citizens (citizens of 80 years and above).
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