IOB hikes interest rates on fixed deposits by up to 20 bps, check new rates here

IOB FD Rates

On deposits maturing in 7 days to 45 days, the bank has increased the interest rate by 15 bps from 3.60% to 3.75% and on those maturing in 46-90 days, IOB has increased the interest rate by 20 bps to 3.85% has increased by 4.05% from Rs. , Indian Overseas Bank offers an interest rate of 4.20% on FDs maturing in 91-179 days, 4.85% on deposits maturing in 180-269 days and 5.25% on deposits maturing in 270 days to 1 year Will continue

Deposits maturing in 1 year to 2 years (except 444 days) will now fetch an interest rate of 6.40%, an increase of 10 bps from 6.30% earlier and those maturing in 444 days will now fetch an interest rate of 6.55% Will get which is 15%. BPS is higher than the old rate of 6.40%. IOB has hiked interest rates on deposits from 2 years to less than 3 years (except 1000 days) and 3 years and above from 6.30% to 6.40% and 6.40% to 6.50% respectively. The interest rates for IOB Tax Saver Deposit have been kept at 6.50% for a tenure of 5 years.

“Additional rate of 0.50% for senior citizens and 0.75% for very senior citizens (80 years and above) continues,” Indian Overseas Bank mentioned on its website.

For the quarter ended September or Q2FY23, IOB reported Mobile Banking registered users of 59.52 lakh, Internet Banking registered users of 23.82 lakh, UPI registered users of 63.04 lakh, ATM/CDM at 3438 outlets, Passbook Printing Kiosks at 2389 outlets, Bank on Wheels reported 15’s, total home branch of 3214 and BC’s of 2228.

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