Indian Overseas Bank fixed deposit interest rate hiked from today; Check revised FD rates, return calculator for senior citizens

Public sector lender Indian Overseas Bank has hiked its fixed deposit interest rates for domestic and foreign currency non-resident (banking) term deposits with immediate effect. The IOB now offers an FD rate of up to 7.3 per cent to the depositors for a tenure of 444 days and up to 7.25 per cent for a period of three years and above. Foreign currency depositors shall be paid an interest rate of up to 4.25 per cent by opening FCNR (B) term deposits with the bank.

The bank had earlier revised its FD rates in November. Now, the bank offers a return of 3.75% on FDs for a tenure of 7 days to 45 days, 4.05% for FDs with a maturity period of 46-90 days, 4.2% for FDs of 91-179 days, 4.85% for fixed deposit of 180-269 days, 5.25% on the tenure of 270 days to less than one year, 6.4% on deposits of one year to less than 2 years except for 444 days, 6.55% for deposits of 444 days, 6.4% for FDs of 2 years to less than 3 years, and 6.5% on FDs of over 3 years.

The bank said that the interest rate for IOB Tax Saver Deposit shall be at 6.5% while the bank will offer an additional interest rate of 0.5% to senior citizens and 0.75% to super senior citizens (aged 80 years and above). This takes the interest rate to 7.3% for super senior citizens in the case of 444 days deposit. The bank also said that the retired staff will be given additional benefits as per the rule.

IOB FD Calculator
If you (for super senior citizens) invest Rs 3 lakh in the 444 days FD plan, the return at the rate of 7.4% would be Rs 26,846 and the maturity amount would be Rs 3,26,846.