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Indian Overseas Bank Fixed Deposit

Indian Overseas Bank FD Scheme

Last Updated 10th Nov 2020

Indian Overseas Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.40% to 5.25%
Minimum Tenure 6 months
Maximum Tenure 10 years
Deposit Amount ?Rs. 1,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Indian Overseas Bank FD

    Indian Overseas Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 6 months to 10 years. Apart from that, Indian Overseas Bank FD offers regular returns on fixed deposit ranging between 3.40% to 5.25%. For senior citizens, the interest rates on fixed deposits range between 3.90% to 5.75%. In addition to that, Indian Overseas Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Indian Overseas Bank Fixed Deposit Schemes

    Different type of Indian Overseas Bank term deposit products offered to the investors are listed as follows:

    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Variable deposit periods ranging from 6 months to 120 months
    • Nomination facility is available
    • You get interest once in 6 months
    • You can avail loans upto 90 per cent of the principal

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

    Benefits of Indian Overseas Bank FD

    Indian Overseas Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Indian Overseas Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Indian Overseas Bank offers FD rates up to 5.25%. The interest rates offered on Indian Overseas Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Indian Overseas Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Indian Overseas Bank fixed deposit allows one to borrow a secured loan against Indian Overseas Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Indian Overseas Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Indian Overseas Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Indian Overseas Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Indian Overseas Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Indian Overseas Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of ?Rs. 1,000. Apart from that, one can invest in the Indian Overseas Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Indian Overseas Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Indian Overseas Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Indian Overseas Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Indian Overseas Bank FD

    Indian Overseas Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Indian Overseas Bank FD

    Indian Overseas Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Indian Overseas Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Indian Overseas Bank?

    Indian Overseas Bank FD can be availed with a minimum deposit of ?Rs. 1,000.

    What is the minimum amount for a fixed deposit in Indian Overseas Bank?

    The minimum amount required for a fixed deposit investment in Indian Overseas Bank fixed deposit is ?Rs. 1,000.

    What is the current interest rate on FD in Indian Overseas Bank?

    Currently, Indian Overseas Bank offers an interest rate ranging between 3.40% to 5.25% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Indian Overseas Bank?

    Indian Overseas Bank fixed deposit can be opened with a minimum tenure of 6 months.


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    IOB News - Jan 2021
    • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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