Indian Overseas Bank Cuts Interest Rates On FDs of Less Than Rs. 2 Cr

Indian Overseas Bank (IOB), a public sector lender, has announced a 40 basis point interest rate drop on fixed deposits of less than Rs 2 crore. Fixed deposits maturing in 7 days to less than 1 year will be subject to the revised interest rates beginning April 11, 2022. Previously, the bank offered a 3.40 percent interest rate on deposits maturing in 7-45 days; however, beginning April 11, 2022, the interest rate will be 3.00 percent, a 0.40 percent reduction. Similarly, the interest rate on deposits maturing in 46 to 90 days was formerly 3.90 percent, but it will now be 3.50 percent.

Previously, the bank offered a 4.40 percent interest rate on deposits maturing in 91 to 179 days, but that rate has been reduced to 4.00 percent. Previously, the interest rate on deposits maturing in 180 days to less than one year was 4.90 percent, but now it will be 4.50 percent. The bank has unchanged the interest rates on the remaining deposit tenors of 1 year to less than 2 years (excluding 444 days), 444 days, 2 years to less than 3 years, and 3 years and above at 5.15 percent, 5.20 percent, and 5.45 percent, respectively. The new interest rates will take effect on Monday, April 11th, 2022.

Indian Overseas Bank FD Rates

Here are the bank's revised interest rates on Domestic / NRO Retail fixed deposits of less than Rs 2 Cr for regular customers and an additional rate of 0.50 percent for senior citizens and 0.75 percent for super senior citizens (aged 80 and over) continue to operate.

Tenors	Existing Rates For deposits below Rs. 2 Crore W.E.F 10.03.2022 (in %)	Revised Rates For deposits below Rs. 2 Crore W.E.F 11.04.2022 (in %)
7-14 Days	3.4	3
15-29 Days	3.4	3
30-45 Days	3.4	3
46-60 Days	3.9	3.5
61-90 Days	3.9	3.5
91-120 Days	4.4	4
121-179 Days	4.4	4
180-269 Days	4.9	4.5
270 Days to less than 1 Year	4.9	4.5
1 year to less than 2 Years (Except 444 Days)	5.15	5.15
444 Days	5.2	5.2
2 years to less than 3 Years	5.2	5.2
3 Years and Above	5.45	5.45
Source: Bank Website

Indian Overseas Bank NRE Term Deposit Rates

The following are the interest rates for NRE Term Deposits of less than Rs 2 crore:

Tenors	Existing Rates For deposits below Rs. 2 Crore W.E.F 10.03.2022 (in %)	Revised Rates For deposits below Rs. 2 Crore W.E.F 11.04.2022 (in %)
1 year to less than 2 Years (Except 444 Days)	5.15	5.15
444 Days	5.2	5.2
2 years to less than 3 Years	5.2	5.2
3 Years and Above	5.45	5.45
Source: Bank Website