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Indian Overseas Bank Hikes Interest Rates on Short-Term Deposits

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Last Updated: January 02, 2023, 11:35 IST

Indian Overseas Bank Hikes Interest Rates on Short-term Deposits

Indian Overseas Bank Hikes Interest Rates on Short-term Deposits

The bank offers a rate of 6.40% on deposits with a tenor of 2 to 3 years, whereas IOB guarantees an interest rate of 6.55% on deposits with a tenor of 444 days.

Indian Overseas Bank has notified an interest rate hike on FDs under 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 tenors of 7-90 days 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), from 3.75% to 4.50%. For the deposits maturing in the next 46-90 days, Indian Overseas Bank has increased the bank rate from 4.05% to 4.75%. On deposits that mature in 91 to 179 days, IOB will continue to pay 4.20% interest, while the bank will pay 4.85% interest on deposits that mature in 180 to 269 days.

The interest rate on deposits that mature in 270 days to a year remains at 5.25% on the other hand, the interest rate on deposits maturing in a year to two years (apart from 444 days) pegs at 6.40%.

The bank offers a rate of 6.40% on deposits with a tenor of 2 to 3 years, whereas IOB guarantees an interest rate of 6.55% on deposits with a tenor of 444 days. A rate of 6.50% will be applied to interest on deposits with maturities of three years or longer.

Interest rates on IOB Tax Saver Deposits will remain at 6.50% for the general public and 7% for seniors. For customers who are 80 years of age or above, the bank continues to offer a senior citizen additional rate of 0.50% and a super senior citizen additional rate of 0.75%. Similarly, the Punjab National Bank hiked the interest rates for saving accounts and fixed deposit accounts under Rs 2 crore.

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