How to find the best rates for Indian Overseas Bank
Indian Overseas Bank (IOB) was founded by Shri.M.Ct.M. Chidambaram Chettyar, a Banking, Insurance and Industry entrepreneur to help in trade finance and foreign exchange business. IOB is the only Indian bank to inaugurate three branches simultaneously in 1937 - at Karaikudi and Chennai in India and Rangoon in Burma (presently Myanmar) followed by a branch in Penang in Malaysia.
For the year ending in December, 2014, IOBs business touched INR 4,11,355 crores ( YoY growth 6.18%) and its deposits stood at INR 2,32,823 Crores (YoY growth 9.14%). The banks operating profit for the same period was Rs. 2,142.17 crores (YOY growth -23.66%).
You can check the latest interest rates from Indian Overseas Bank in the table given above. Fixed deposit rates are highly dynamic figures that tend to change according to the market or company policies. As such, you should be sure you have the latest rates before applying for a fixed deposit account.
Indian Overseas Bank short term FD rates
IOB offers interest rates varying from 5- 8.75 % for tenor ranging from 7 days to 1 year. For the shortest fixed deposit tenor of 7-14 days (minimum amount Rs. 1 lakh) IOB provides interest of 5%. For fixed deposits from 15 days to up to 90 days, the interest rate is 5%. For deposits from 91 days to 120 days the rate moves up to 7.25%, for 121 days to 179 days to 7.5% and from 180 days to 269 days it is 8.25 %. For deposits from 270 days to 1 year, the interest rate is 8.5%.
Indian Overseas Bank medium and long term FD rates
For one year and above, IOB offers interest rate of 8.75 % on fixed deposits.
Indian Overseas Bank Senior citizen FD rates
For resident senior citizens, interest rates vary from 5- 8.75 % for tenor ranging from 7 days to 1 year. For the shortest fixed deposit tenor of 7-14 days (minimum amount Rs. 1 lakh) IOB provides interest of 5%. For fixed deposits from 15 days to up to 90 days, the interest rate is 5%. For deposits from 91 days to 120 days the rate moves up to 7.25%, for 121 days to 179 days to 7.5% and from 180 days to 269 days it is 8.25 %. For deposits from 270 days to 1 year, the interest rate is 8.5%.
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