Indian Overseas Bank increased the interest rate on FD, now you will get more profit.

Indian Overseas Bank FD Rates: The Reserve Bank of India has kept its repo rate unchanged for the seventh time in a row. In such a situation, the repo rate is currently maintained at 6.50 percent. Despite the repo rate remaining unchanged, major state-owned bank Indian Overseas Bank has increased interest rates on some select tenure FD schemes.

How much did the interest rate increase?

According to the information given on the official website of Indian Overseas Bank, the bank has decided to increase the interest rate of certain tenure FD schemes by 0.50%. This increase has been made on FD schemes below Rs 2 crore. The new rate is effective from Monday, April 15, 2024.

Now 444 days special FD scheme is getting so much interest.

According to the information given on the official website of IOB, the bank is running a special FD scheme of 444 days. Under the scheme, the bank is offering customers a maximum interest rate of 7.30 percent on deposits below Rs 2 crore. While senior citizens are getting the benefit of additional 0.50% interest rate on this scheme. While super senior citizens i.e. seniors above 80 years of age are getting the benefit of 0.75% interest rate.

Such interest rate benefit is available in other periods.

Indian Overseas Bank is offering FD scheme to its customers for tenure of 7 days to 3 years and above, the bank is offering 4.00% interest rate on 7 to 14 day FD scheme to general customers. While the bank is offering 4.50% interest rate on 15 to 29 days FD scheme. While the bank offers 4.50 percent on FD scheme of 30 to 45 days, 4.50 percent on FD scheme of 46 to 60 days, 4.25 percent on FD scheme of 61 to 90 days, 4.75 percent on FD scheme of 91 to 120 days. Percentage, 121 FD scheme up to 179 days bank 4.25%, 180 to 269 days FD scheme 5.75%, 270 to 1 year FD scheme 5.75%, 1 to 2 years FD scheme (excluding 444 days) Bank will give 6.90% interest Is. Rate on FD schemes of 2 to 3 years and 6.50% interest rate on FD schemes of more than 3 years. While senior citizens are getting the benefit of 0.50% additional interest rate on every term.

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