The bank is now offering interest rates between 3.60% and 6.40% on FDs with maturities ranging from 7 days to 3 years and above.
Public sector lender Indian Overseas Bank (IOB) hiked interest rates on fixed deposits of under Rs 2 crore by up to 60 bps on various tenures. According to the bank's official website, the new rates are effective from November 10. The bank is now offering interest rates between 3.60 percent and 6.40 percent on FDs with maturities ranging from 7 days to 3 years and above.
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Senior citizens get an additional 50bps, which bumps the max interest up to 7.15 percent.
Revised FD Rates of IOB
The bank gives an interest rate of 3.60 percent on FDs of tenure 7 days to 45 days,
IOB has increased the interest rate on FDs maturing in 46 to 90 days by 10 basis points, from 3.75 percent to 3.85 percent now.
For FDs maturing in 91-179 days, the bank has hiked the interest rate by 10 bps from 4.10 percent to 4.20 percent.
The bank has also hiked the interest rate by 20 bps from 4.65 percent to 4.85 percent for FDs maturing in 180-269 days.
While FDs maturing in 270 days to one year will now fetch customers an interest rate of 5.25 percent which is up from 4.65 percent, a hike of 60 bps.
FDs maturing in one year to two years (except 444 days) will earn an interest rate of 6.30 percent which is up from 5.70 percent due to a hike of 60 bps.
The bank has increased the interest rate on FDs maturing in 444 days by 55 basis points to 6.40 percent.
The interest rate on FDs maturing in two years to three years (except 1000 days) has been hiked by 60 basis points from 5.70 percent to 6.30 percent.
The bank is also providing a regular interest rate of 6.40 percent on fixed deposits maturing in three years or more.
(Edited by : Sudarsanan Mani)