Indian Overseas Bank (IOB) was established on February 10, 1937, by Shri. M.Ct.M. Chidambaram Chettyar, a trailblazer in multiple fields. IOB was founded with the primary aim of specializing in foreign exchange business to expand the bank's operations globally. The bank commenced operations simultaneously in Karaikudi, Chennai, and Rangoon in Burma (now Myanmar), followed by a branch in Penang, Malaysia. IOB was among the 14 major banks that were nationalised in 1969, which had a significant impact on the banking sector in India. Just before nationalisation in 1969, IOB had 195 branches in India, with aggregate deposits and advances of ₹ 67.70 Crores and ₹ 44.90 Crores, respectively.
Presently, the bank has a strong overseas presence in four countries, namely Singapore, Hong Kong, Thailand, and Sri Lanka.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||4%||4.5%|
|15 days to 29 days||4%||4.5%|
|30 days to 45 days||4.25%||4.75%|
|46 days to 60 days||4.25%||4.75%|
|61 days to 90 days||4.25%||4.75%|
|91 days to 120 days||4.5%||5%|
|121 days to 179 days||4.5%||5%|
|180 days to 269 days||4.95%||5.45%|
|270 days to less than 1 year||5.35%||5.85%|
|1 year to less than 2 years (444 days not included)||6.5%||7%|
|Note: All interest rates are updated as of 18th May 2023|
Fixed Deposits are one of the safest ways of investing. FD involves investing a lump-sum amount into a bank at a fixed interest rate and for a fix. Indian Overseas Bank provides several fixed deposit options for different tenures with attractive interest rates. With a minimum investment of ₹ 1,000, investors can invest in IOB FDs online or offline, and earn higher interest rates than their savings account. This article discusses the features and interest rates of IOB FDs.
Fixed Deposit comes with the following features:
IOB gives a wide range of fixed deposits. And the best-fixed deposit interest rate on your FD investment. Types of FDs offered by IOB banks are:
To open an FD account with IOB, one would need the following documents
Following are the eligibility criteria to open FD in IOB-
Fixed deposit accounts can be opened in both online and offline ways-
Through Mobile App-
Step 1- Download the IOB mobile application from the app store or play store and log in.
Step 2- Select the menu option, under the ‘Save’ tab, and select the ‘Deposit’ option to proceed.
Step 3- Select the ‘Open Fixed Deposit’ option.
Step 4- Enter all the personal details and also enter the nominee details.
Step 5- Verify all the details and Click confirm to book a new deposit.
Step 1- Visit the bank branch.
Step 2- Take the FD application form.
Step 3- Fill in the required details and submit the necessary documents.
Step 4- Submit the form to the branch.
Step 5- On successfully processing the application, IOB will provide an FD receipt.
Through Internet banking-
Step 1- Login to the IOB NetBanking account.
Step 2- Under the ‘Deposit’ tab, select the ‘Open Deposit’ option.
Step 3- The page redirects to the ‘New Deposit’ page. Click on ‘Go’ to continue, and fill in all the relevant details along with the nominee details.
Step 4- Verify all the details and click on ‘Confirm’ to book a new fixed deposit.
IOB FDs can be withdrawn prematurely except for the tax-saving FD, and there is no penalty for deposits below ₹ 5 lakhs. Deposits greater than ₹ 5 lakhs incur a penalty of 1% upon premature withdrawal.
If you have an FD with Indian Overseas Bank and you want to close it then the following are the steps to follow:
Yes, banks offer nomination facilities to FD investors keeping unforeseen circumstances in mind.
There is no limit on the number of FDs, you can open as many FDs as you want.
Indian Overseas Bank FD tenure ranges from 7 days to 9 years 11 months 25 days.
The senior citizen fixed deposit interest rates in Indian Overseas Bank range between 4.8% to 7.5% p.a. for an available minimum and maximum investment duration.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.