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IOB FD Calculator

Indian Overseas Bank Fixed Deposit Calculator 2022

Last Updated 17th Nov 2021

Indian Overseas Bank FDs have tenures ranging from 1 year 2 months 19 days to 10 years with maximum rate of interest of 5.20%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.70%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 45 days 3.40% 3.90% ₹ 1,00,065 - ₹ 1,00,481
46 days to 90 days 3.90% 4.40% ₹ 1,00,492 - ₹ 1,01,085
91 days to 120 days 4.40% 4.90% ₹ 1,01,097 - ₹ 1,01,614
121 days to 179 days 4.40% 4.90% ₹ 1,01,461 - ₹ 1,02,417
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Indian Overseas Bank Fixed Deposit Calculator

Indian Overseas Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Indian Overseas Bank. Banks may allow a higher interest rate on larger deposits. Indian Overseas Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Indian Overseas Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Indian Overseas Bank is 5.20% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 1 year 2 months 19 days to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.40% for a 1 year 2 months 19 days FD and a rate of 5.20% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.40%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Indian Overseas Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Indian Overseas Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Indian Overseas Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Indian Overseas Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Indian Overseas Bank FD Rate Calculated?

Indian Overseas Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Indian Overseas Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Indian Overseas Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Indian Overseas Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Indian Overseas Bank FD for a 5-year tenure at an interest rate of 5.20% for depositors below 60 years and 5.70% for senior citizens.The maturity schedule of Indian Overseas Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.20% for Citizens below 60 years and at 5.70% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,302 ₹ 1,05,302 ₹ 5,823 ₹ 1,05,823
2023 ₹ 5,583 ₹ 1,10,885 ₹ 6,162 ₹ 1,11,985
2024 ₹ 5,879 ₹ 1,16,764 ₹ 6,521 ₹ 1,18,506
2025 ₹ 6,191 ₹ 1,22,955 ₹ 6,901 ₹ 1,25,407
2026 ₹ 6,519 ₹ 1,29,474 ₹ 7,302 ₹ 1,32,709

Indian Overseas Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Indian Overseas Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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What is the highest interest earned on Indian Overseas Bank fixed deposit?

You can earn a maximum interest of 5.20% on Indian Overseas Bank fixed deposits.

How many years FD will double in Indian Overseas Bank?

The growth of Indian Overseas Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Indian Overseas Bank FD.You can also use Indian Overseas Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Indian Overseas Bank.

What are the minimum and maximum amounts that I can invest in an Indian Overseas Bank FD?

The minimum investment limit in Indian Overseas Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Indian Overseas Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits above Rs. 5 lakh of FD amount for premature withdrawal.

How can I calculate Indian Overseas Bank premature FD amount?

To calculate premature FD amount you can use Indian Overseas Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).

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IOB News - Jan 2022
  • 2020-08-21 : Indian Overseas Bank reported Rs. 120.69 crore net profit in Q1FY21
    Indian Overseas Bank reported a net profit of Rs.120.69 crores for the period ended June 30, 2020, as against a net profit of Rs.143.79 crores for the period ended March 31, 2020. In addition to this, the bank posted a total income of Rs.5233.63 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Total deposits which include Fixed and recurring deposits increased to Rs 2.26 lakh crore as on June 30, 2020, as against Rs 2.21 lakh crore by June last year.
  • 2020-05-14 : Indian Overseas Bank revised fixed deposits interest rate
    With effect from 7 May 2020, Indian Overseas Bank revised the FD interest rate. FD rates for 7 to 45 days is 4.50%, for 46 to 90 days is 4.60%, and 91 to 120 days is 4.85%. Further, the rate for 121 to 179 days stands at 5.10%, for 180 to 269 days stands at 5.35% and 270 days to less than one year stands at 5.60%. FD rates for one year to above three years is 5.70%. The fixed deposit interest rate for 444 days is 5.75%.
  • 2020-01-09 : Indian Overseas Bank revised fixed deposits interest rate
    With effect from 8 January 2020, Indian Overseas Bank revised the FD interest rate. FD rates for 7 to 45 days is 4.50%, for 46 to 90 days is 4.60%, and 91 to 120 days is 5.25%. Further, the rate for 121 to 179 days stands at 5.50%, for 180 to 269 days stands at 5.75% and 270 days to less than two years stands at 6.25%. The fixed deposit interest rate for more than 444 days is 6.40%.
  • 2019-10-16 : Revised FD rates for Indian Overseas Bank
    Indian Overseas Bank revised its interest rates on fixed deposits, with effect from October 10, 2019. Revised interest for a period of 7-45 days is 4.50%, for 46- 90 days the rate is 4.60%, the rate for 91-120 days is 5.25%, for 121 to 179 days it is 5.50%, for 180-269 days the rate is 5.75%, and for 270 days to 1 year the rate is 6.25%. For longer tenure of 1-2 years, the rate is 6.50%, and for two years and above, the rate is 6.40%.
  • 2018-07-30 : IOB posts net loss of Rs 919 crore
    Chennai-headquartered public sector lender Indian Overseas Bank (IOB) posted a net loss of Rs 919 crore against Rs 499 crore a year ago. Total deposits year on year basis rose by Rs 213168 crore for the June quarter against Rs 210748 crore in the previous year. CASA of the bank improved to 36.85% against 35.85% while total CASA has increased to Rs 78560 crore from against Rs 75561 crore a year ago.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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