Indian Overseas Bank RD Interest Calculator

Indian Overseas Bank, a leading Public Sector Bank in India offers attractive interest rates upto 6.80% on its Recurring deposits.
RD maturity amount that you will get depends upon

• Deposit amount
• Rate of interest
• RD tenure
• Compounding frequency
• TDS applicability and TDS rate

• 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 same across the life of the deposit. On maturity of RD, unless the deposit is renewed, would transfer the principal amount to your bank account.
• 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.
• Calculate the RD maturity amount using the RD calculator.

• In case the interest earned by you across all your recurring deposits across all branches of Indian Overseas Bank in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Indian Overseas Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
• We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your Indian Overseas Bank RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. You must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
• Indian Overseas Bank will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.

• Keep your KYC documents - PAN card, address proof and photo ready.
• To know more or apply, contact any of the branches of Indian Overseas Bank in your city

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

You can earn a maximum interest of 6.80% on Indian Overseas Bank recurring deposit.

✅Are there any extra benefits for senior citizens on fixed deposit of Indian Overseas Bank?

Yes, senior citizens get extra benefit of 0.5% interest rates on their RD in Indian Overseas Bank.