Fixed Deposit Rates Hike: Reserve Bank of India has continuously increased its repo rate in the last few days. The central bank has taken this decision in view of the rising inflation rate in the country. In such a situation, it has a direct impact on the common people. While loans like home loans, car loans, education have become costlier due to the hike in repo rate, the interest rates of bank deposit schemes like fixed deposits, savings accounts have also increased. In such a situation, many banks have increased their FD interest rates continuously. Now the name of Indian Overseas Bank has also been added to this list.
Indian Overseas Bank has decided to increase the interest rates of FDs to its customers. This increase has been done on deposit rates of less than Rs 2 crore. The new rates will be applicable from 13 September 2022. The bank has decided to increase its FD rates from 7 days to 3 years. In this period, the bank is offering interest rates ranging from 3.25% to 5.85%. Let us give you information about the Indian Overseas Bank FD Rates offered on different tenures of the bank-
This interest rate will be available on FD less than Rs 2 crore-
The bank is offering 3.25% interest rate on its FDs with tenure of 7 to 14 days instead of 3.00%. 3.25% interest rate is being given on FD of 15 to 29 days instead of 3.00%. On FD of 30 to 45 days, instead of 3.00%, 3.35% interest rate will be given by the bank. 3.75% on FDs of 61 to 90 days, 4.10% interest rate instead of 4.00% on FDs of 91 to 120 days, 4.10% instead of 4.00% on FDs of 121 days to 179 days. 4.65% interest rate is being offered on FDs from 180 days to 269 days instead of 4.50%. 270 on FDs less than 1 year, 4.65% instead of 4.60%, between 1 year to 2 years (excluding 444 days) 5.50% interest rate instead of 5.45% is being offered.
Indian Overseas Bank has also launched a special FD scheme of 444 days. Under this scheme, you will now get 5.65% interest rate instead of 5.60% in 444 days. On the other hand, FD of 2 to 3 years will get 5.60% interest rate instead of 5.45%. At the same time, 6.00% interest rate is being offered by the bank on FD of 1000 days. On the other hand, if we talk about FDs of more than 3 years, then instead of 5.70% of the bank, 5.85% interest rate is being offered by the bank to its customers.
Senior citizens will get this benefit
Indian Overseas Bank offers 0.50% higher interest rate to its Senior Citizen Customers (FD Rates for Senior Citizen IOC) as compared to normal citizens. At the same time, senior citizens above 80 years are given 0.75% more interest rate than normal customers. Apart from Indian Overseas Bank, recently Axis Bank has increased its FD rates. The bank has increased its interest rates by 25 basis points. These new rates have come into effect from 9 September 2022.