IOB hikes rates of interest on fastened deposits by as much as 20 bps, examine new charges right here

Indian Overseas Bank (IOB), one of many main public sector lenders, has elevated rates of interest on fastened deposits below ₹2 crore. According to the financial institution’s official web site, the brand new charges are efficient as of 10.12.2022. Following the revision, the financial institution hiked FD charges on a wide range of tenors by as much as 20 bps. The financial institution is now offering rates of interest starting from 3.75% to six.50% on deposits maturing in 7 days to three years and past.

IOB FD Rates

On deposits maturing in 7 days to 45 days, the financial institution has hiked the rate of interest by 15 bps from 3.60% to three.75% and on these maturing in 46-90 days, IOB has hiked the rate of interest by 20 bps from 3.85% to 4.05%. Indian Overseas Bank will proceed to supply an rate of interest of 4.20% on FDs maturing in 91-179 days, 4.85% on deposits maturing in 180-269 days and 5.25% on these maturing in 270 days to 1 12 months.

Deposits maturing in 1 12 months to 2 years (besides 444 days) will now fetch an rate of interest of 6.40% which was earlier 6.30% a hike of 10 bps and people maturing in 444 days will now fetch an rate of interest of 6.55% which is 15 bps increased than the previous price of 6.40%. IOB has hiked rates of interest by 10 bps from 6.30% to six.40% and 6.40% to six.50% on deposits maturing in 2 years to lower than 3 years (besides 1000 days) and three years and above, respectively. Interest charges for IOB Tax Saver Deposits are positioned at 6.50% for a tenure of 5 years.

View Full Image

IOB FD Rates (iob.in)

“For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues,” Indian Overseas Bank has mentioned on its website.

For the quarter ended September or Q2FY23, IOB reported mobile banking registered users of 59.52 lakhs, Internet Banking registered users of 23.82 lakhs, UPI registered users of 63.04 lakhs, ATMs / CDMs of 3438 outlets, passbook printing Kiosk of 2389 outlets, Bank on wheels of 15, total domestic branch of 3214 and BC of 2228.

In the same quarter, Indian Overseas Bank (35%) established a joint venture bank in Malaysia with Bank of Baroda(40%) and Union Bank of India (25%), named “India International Bank (Malaysia) Berhad”.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less