|CEO||Partha Pratim Sengupta|
|Listed on exchange as||Indian Overseas Bank|
|Tenure||Regular customers||Senior citizens|
For an IOB FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.40% p.a. to 5.15% p.a. These deposits are known as short term deposits as they have a tenure less than 1 year.
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 5.15% - 5.20%
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 5.20%
You can now invest in IOB FD through both online methods such as internet banking and mobile app and offline route as well.
1) Internet Banking
Follow the below-listed steps to open an IOB FD account via internet banking:
2) Mobile App - IOB App
Follow the below-listed steps to open an FD account through IOB Mobile App-
3) Opening IOB FD Offline
For opening an IOB FD account offline, one needs to visit the nearest India Overseas Bank (IOB) branch. Next, fill out the IOB FD application form and submit all the necessary documents along with the deposit amount. On successful processing of the application, an FD receipt will be provided by the India Overseas Bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in IOB bank –
The following documents have to be furnished for opening an IOB FD –
Additionally, utility bills and municipal tax receipts can be furnished as address proof.
What is the highest rate of interest provided on IOB FD?
A maximum of 5.20% interest rate is provided by IOB on FD.
Who all are eligible to open IOB FD?
All resident individuals, HUFS, NRIs and even minors with guardianship can apply.
What is the minimum amount needed to open an FD account in IOB?
The minimum amount with which you can book an FD is Rs. 1 lakh.
What are the current interest rates provided by IOB on FD?
The current interest rates for general citizens range from 3.40% to 5.20%. For senior citizens, it is between 3.90% to 5.70%
Is premature withdrawal allowed in IOB FD?
Yes, Indian Overseas Bank FD account can be closed prematurely. However, Indian Overseas Bank charges a penalty of 1% for deposits above Rs. 5 lakh for premature withdrawal. Also, the penalty charges for premature withdrawal on Indian Overseas Bank FD are subject to change from time to time and also depends on deposit schemes.