Fixed deposits: Indian Overseas Bank has increased the interest rates on FDs of less than Rs 2 crore. The new FD interest rates of the bank will be applicable from April 15, 2023.
FD Rate Hike: Reserve Bank of India (RBI) did not make any change in the policy rate repo for the seventh consecutive time in the first bi-monthly monetary policy review of the current financial year on April 5, 2024 and kept it at 6.5 percent. At the same time, the public sector Indian Overseas Bank, established on 10 February 1937, has increased the interest rates on fixed deposits i.e. FD.
The bank has increased the interest rates for select tenures by 0.50 percent. According to the official website of the bank, the bank has changed the interest rates for FDs less than Rs 2 crore. The new FD interest rates of the bank will be applicable from April 15, 2023.
7.30 percent interest will be available for 444 days
After the change, the bank will give maximum interest of 7.30 percent on FD of 444 days. The bank will continue to offer additional 0.50 per cent interest on the standard rate to senior citizens and 0.75 per cent interest to its super senior citizens.
New FD rates of Indian Overseas Bank
The bank will give its customers 4 percent interest on FD of 7 days to 14 days, 4.5 percent on FD of 15 days to 29 days, 4.5 percent on FD of 30 days to 45 days and 4.5 percent on FD of 46 days to 60 days. . Whereas the bank will give 4.25 percent interest on FD of 61 days to 90 days, 4.75 percent interest on FD of 91 days to 120 days and 4.25 percent interest on FD of 121 days to 179 days. On the other hand, the bank offers 5.75 percent interest on FDs of 180 days to 269 days, 5.75 percent interest on FDs of 270 days to less than 1 year and 6.90 percent interest on FDs of 1 year to less than 2 years (except 444 days). Will give.
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