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How to Open Indian Overseas Bank Fixed Deposit Account

Updated 03 Sep 2023

Opening a Fixed Deposit (FD) account is a smart way to save money while earning interest. Indian Overseas Bank (IOB), with its rich history and global reach, offers attractive FD rates, making it a popular choice among investors.

 

This guide will walk you through the steps, requirements, and criteria to open an FD account with IOB, ensuring a smooth and hassle-free experience.

Opening an FD account in Indian Overseas Bank (IOB)

Through Mobile App

  • Download the IOB mobile application from the app store or play store and log in.
  • Select the menu option, under the ‘Save’ tab, and select the ‘Deposit’ option to proceed.
  • Select the ‘Open Fixed Deposit’ option.
  • Enter all the personal details and also enter the nominee details.
  • Verify all the details and Click confirm to book a new deposit.

 

Offline way

  • Visit the bank branch.
  • Take the FD application form.
  • Fill in the required details and submit the necessary documents.
  • Submit the form to the branch.
  • On successfully processing the application, IOB will provide an FD receipt.
  • Through Internet banking:
  • Login to the IOB NetBanking account.
  • Under the ‘Deposit’ tab, select the ‘Open Deposit’ option.

Eligibility Criteria

  • Resident individuals, including minors. Minors can invest in IOB FDs only when an adult is jointly opening an account with them.
  • Sole proprietorship
  • Partnership firms
  • Public and private companies
  • HUFs
  • Trusts, associations, and societies

Documents Required

Identity proofs

  • PAN Card
  • Aadhar Card
  • Passport
  • Driving licence, etc.

Address proofs

  • Electricity bills
  • Telephone bills
  • Aadhar cards
  • Bank statements
  • Any other documents required for a sole proprietorship, partnership, companies, HUF, and trusts.

FAQs

Is the nomination facility available on IOB bank FD?

Yes, banks offer nomination facilities to FD investors keeping unforeseen circumstances in mind.

How many FDs can be opened in IOB?

There is no limit on the number of FDs, you can open as many FDs as you want

What are the available FD tenures in Indian Overseas Bank?

Indian Overseas Bank FD tenure ranges from 7 days to 9 years 11 months 25 days

 What are senior citizen fixed deposit interest rates in Indian Overseas Bank?

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.

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