Indian Bank Fixed Deposit Rates
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Interest Rates - Deposit
Indian Bank’s medium-term fixed deposit rates are for tenures that range from 1 year to 5 years. The interest rate for deposits less than Rs.2 crore ranges from 5.10% p.a. The highest interest rate of 5.15% p.a. Is for a tenure of 3 years to 5 years. FD interest rates Punjab National Bank (below Rs 2 crore) effective January 1, 2021:On fixed deposits maturing in the range of 7 days to 10 years, PNB is offering an interest rate ranging between. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%. Domestic Term Deposits and NRO Deposits:. Minimum amount Rs 1.00 Lakh For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues. Interest rate for IOB Tax Saver Deposit shall be 5.20%.
| Interest rates effective from 15/12/2020 (Percentage per Annum) | ||||||||||||||||||||||||||||
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| Interest is calculated on daily product basis and is credited on quarterly basis in the months of April, July, October and January every year. | ||||||||||||||||||||||||||||
| Saving Bank deposits rates w.e.f. 31.03.2020 |
| On balance upto & including Rs. 25.00 lakhs | 3.00% p.a. |
| On balance above Rs. 25.00 lakhs |
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Table of Contents
- 3 IOB Fixed Deposit Schemes
- 4 Who are Eligible to Open Indian Overseas Bank Fixed Deposit?
- 5 Indian Overseas Bank FD Calculator
- 5.1 Indian Overseas Bank Fixed Deposit Form
About Indian Overseas Bank FD
Mulling over the options to secure your financial life for the future? Choose the tool of fixed deposit that will multiply your capital with the effect of compounding interest. Talking about the bank, you can choose Indian Overseas Bank (IOB) as your fixed deposit partner. The bank provides fixed deposit facility to all the resident and non-resident Indians (NRIs) through its 3,350 branches, more than 2400 ATMs and six overseas branches. You have to deposit a minimum amount as stipulated under different fixed deposit schemes. But what could grab your attention is the interest rate, which differs as per the period of deposit. So, let’s get down and introspect what IOB has in store for you in terms of interest rate offerings.
Indian Overseas Bank FD Interest Rates March 2021
| Period of Deposit | Interest Rate on Deposit Upto Rs 1 Cr (Domestic) | Interest Rate on Deposit upto Rs 25 lacs (For Domestic Senior Citizens Only) | Interest Rate on NRO Fixed Deposit for Amount Upto Rs 1 Cr | Interest Rate on NRE Fixed Deposit for Amount Upto Rs 1 Cr |
|---|---|---|---|---|
| 7-14 Days (For Single Deposit of Rs 1 lac and more) | 4.00% | 4.50% | 4.00% | N.A. |
| 15-29 Days | 4.00% | 4.50% | 4.00% | N.A. |
| 30-45 Days | 4.00% | 4.50% | 4.00% | N.A. |
| 46-60 Days | 4.00% | 4.50% | 4.00% | N.A. |
| 61-90 Days | 4.50% | 5.00% | 4.50% | N.A. |
| 91-120 Days | 5.00% | 5.50% | 5.00% | N.A. |
| 121-179 Days | 5.00% | 5.50% | 5.00% | N.A. |
| 180-269 Days | 5.75% | 6.25% | 5.75% | N.A. |
| 270 Days-Less than a Year | 6.25% | 6.75% | 6.25% | N.A. |
| 1-2 Years | 7.30% | 7.80% | 7.30% | 7.50% |
| 2-3 Years | 7.00% | 7.50% | 7.00% | 7.25% |
| 3-5 Years | 7.00% | 7.50% | 7.00% | 7.25% |
| 5 Years and Above | 7.00% | 7.50% | 7.00% | 7.25% |
Indian Bank Fixed Deposit Rates Interest Rate
IOB Fixed Deposit Schemes
The bank offers various fixed deposit schemes tailoring to the needs of the customers. Depending upon your requirements, you can choose a scheme from fixed deposit, floating rate deposit, and tax saver scheme. You can check the information for each of the schemes below.
Fixed Deposit
Fixed Deposit Rates In India
As per the scheme, the depositors are required to park a lump sum amount for a certain time period. On the deposit amount, you can yield interest at a prescribed rate and get the total payout at the maturity. The minimum deposit for the scheme is Rs 1,000. The time period for deposit under the scheme is 6 months-10 years. The interest gets credited half-yearly as per the scheme.
Floating Rate Deposit
Want to take advantage of the favorable interest rate environment in the country? Avail Floating Rate Deposit option that will offer fixed deposit at a floating rate instead of fixed rates. The bank reset the rates every six months in a financial year. Based on the changes, the interest rate on your fixed deposit will vary. This type of deposit runs for a period of 3-10 years. However, unlike other deposits where the minimum amount is Rs 1,000-50,000, here you will have to make a minimum deposit of Rs 1 lac and in multiples of Rs 10,000 afterward. Premature withdrawal is allowed subject to some charges.
Tax Saver Scheme
Enjoy tax saving benefits by availing the option of Tax Saver Scheme, which has a deposit period of 5-10 years. The lock-in period of the scheme is 5 years. A maximum of Rs 1.5 lacs is permitted in a financial year. The interest rate offered on the scheme is 7% per annum for an amount up to Rs 1 lac.
Who are Eligible to Open Indian Overseas Bank Fixed Deposit?
- Salaried Individuals
- Self-employed & Professionals
- Small Trader
Documents Required
- A Duly Signed Application Form
- Cheque or Demand Draft
- Identity Proof- Passport, PAN Card, Driving License, Voter ID, Aadhaar Card, Photo Ration Card, Senior Citizen ID Card
- Address Proof- Passport, Electricity Bill, Telephone Bill, Bank Statement, Certificate or ID Card Issued by Post Office
Indian Bank Fixed Deposit Rates Calculator
Indian Overseas Bank FD Calculator
The FD calculator will help you arrive at an amount that you are supposed to earn on your fixed deposit amount. All you need is the feeding of principal amount, interest rate, compounding interval, total deposit period in the calculator, which will compute the number you will have on your wallet at the time of maturity.
Indian Bank Fixed Deposit Rates For 5 Years
Indian Overseas Bank Fixed Deposit Form
Indian Bank Fixed Deposit Rates Fixed
You can download the fixed deposit account opening form, which is uploaded on the IOB’s website. After you download the form, fill the details and send it along with necessary documents to the nearest branch of the bank, which upon satisfactory verification, will open the fixed deposit account in your name. In case you want to go completely offline, then you have to request for the form at the branch and the rest process is same as explained earlier.