Last Update: January 02, 2023, 11:35 AM IST
Indian Overseas Bank hikes interest rates on short term deposits
The bank offers a rate of 6.40% for deposits with a tenure of 2 to 3 years, while IOB guarantees an interest rate of 6.55% for deposits with a tenure of 444 days.
Indian Overseas Bank has notified an increase in the interest rate on FDs of less than Rs 2 crore. The rates have already come into effect from January 1, 2023. Indian Overseas Bank has increased the rate on short-term deposits with tenure of 7-90 days by up to 75 basis points.
The bank increased the interest rate on deposits maturing in the next 7 to 45 days by 75 basis points (bps) to 4.50% from 3.75%. For deposits maturing in the next 46-90 days, Indian Overseas Bank has increased the bank rate to 4.75% from 4.05% earlier. On deposits maturing in 91 to 179 days, IOB will continue to pay 4.20% interest, while the bank will pay 4.85% interest on deposits maturing in 180 to 269 days.
The interest rate on deposits maturing in 270 days to one year remains at 5.25%, on the other hand, the interest rate on deposits maturing in one year to two years (other than 444 days) is 6.40%.
The bank offers a rate of 6.40% for deposits with a tenure of 2 to 3 years, while IOB guarantees an interest rate of 6.55% for deposits with a tenure of 444 days. Deposits with maturity of three years or more will attract interest at the rate of 6.50%.
The interest rates on IOB Tax Saver Deposit will continue to be 6.50% for general public and 7% for senior citizens. For customers aged 80 years or more, the bank continues to offer an additional rate of 0.50% to senior citizens and an additional rate of 0.75% to very senior citizens. Similarly, Punjab National Bank has hiked interest rates for savings accounts and fixed deposit accounts of less than Rs 2 crore.
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