New Delhi: State-owned Indian Overseas Bank has revised the interest rates on fixed deposits (FDs) from today, 10 April 2023. After the latest revision, investors can earn 7.25 per cent interest rate on fixed deposits below Rs 2 crore for a special tenure of 444 days. While senior citizens can earn an interest rate of 7.75 per cent, super senior citizens (aged 80 and above) will receive 8 per cent interest rate for the same.
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Indian Overseas Bank Domestic FD Rates For Deposits Below Rs 2 crore
| Tenure | Existing Rates | Revised Rates |
| 7-14 Days * | 4.5 | 4 |
| 15-29 Days | 4.5 | 4 |
| 30-45 Days | 4.5 | 4.25 |
| 46-60 Days | 4.75 | 4.25 |
| 61-90 Days | 4.75 | 4.25 |
| 91-120 Days | 4.2 | 4.5 |
| 121-179 Days | 4.2 | 4.5 |
| 180-269 Days | 4.85 | 4.95 |
| 270 Days to < 1 Year | 5.25 | 5.35 |
| 1 Year to < 2 Years (Except 444 Days) | 6.4 | 6.5 |
| 444 Days | 7 | 7.25 |
| 2 Years to < 3 Years | 6.4 | 6.8 |
| 3 Years and Above | 6.5 | 6.5 |
As per the bank website, the minimum deposit for the 7-14 days tenure is Rs 1 lakh. Senior citizens will receive an additional rate of 0.50 per cent super senior citizens will receive an additional rate of 0.75 per cent on the aforementioned rates.
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Accordingly, a general investor can receive 6.8 per cent interest rate on a fixed deposit less than Rs 2 crore for a tenure of 2 years to less than 3 years; in case of a senior citizen, the interest rate would be 7.30 per cent and in case of a super senior citizen, the interest rate would be 7.55 per cent for the same tenure.
Indian Overseas Bank Interest Rates For NRE Retail Term Deposits Rates Below Rs 2 crore
| Tenure | Existing Rates | Revised Rates |
| 1 Year to < 2 Years (Except 444 days) | 6.45 | 6.5 |
| 444 Days | 7 | 7.25 |
| 2 Years to < 3 Years | 6.4 | 6.8 |
| 3 Years and Above | 6.5 | 6.5 |
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For deposits of Rs 2 crore and above, the branch has to take prior permission for rate of interest from Treasury Department, Central Office, as per the information available on Indian Overseas Bank website.
The interest rate for Indian Overseas Bank Tax Saver Deposit will remain unchanged at 6.50 per cent.
