Indian Overseas Bank hikes interest rates on fixed deposits under Rs 2 Crore: Check revised FD rates here

The Indian Overseas Bank (IOB) has increased the interest rates on its fixed deposits (FDs) below the amount of Rs 2 crore. The revised rates came into effect from 10 December. The lender has hiked FD rates across a range of tenors by up to 20 bps. IOB is now offering interest rates ranging between 3.75-6.5 percent on FDs maturing in seven days to three years and over. The bank is the latest to join the list of lenders hiking their interest rate after the Reserve Bank of India’s repo rate hike this month.

Indian Overseas Bank latest FD rates 2022:

IOB has raised the interest rate by 15 bps to 3.75 percent on deposits maturing in seven to 45 days. For FDs maturing in 46-90 days, the bank has increased the interest rate by 20 bps to 4.05 percent. The lender will continue to offer 4.2 percent interest on deposits maturing in 91-179 days. It is providing 4.85 percent interest on term deposits with a maturity period of 180-269 days, and 5.25 percent on deposits maturing in 270 days to one year.

Now, FDs maturing in one to two years (except 444 days) will give 6.4 percent returns. Term deposits with a tenure of 444 days will now receive a 6.55 percent interest, up by 15 bps. For deposits with a maturity of two years to less than three years (except 1000 days), the IOB has raised the interest rate by 10 bps to 6.4 percent. For deposits maturing in three years and more, the interest rate has been increased by 10 bps to 6.5 percent.

FD rates for senior citizens:

For senior citizens, an additional 0.5 percent interest is being offered on FDs. Super senior citizens are getting an additional 0.75 percent interest by IOB.

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