New Delhi. On April 6, the RBI’s monetary policy meeting decided not to increase the repo rate. At the same time, recently the Indian Overseas Bank of the public sector (Indian Overseas Bank) announced a change in interest rates on fixed deposits, ie FD.
On the one hand, the bank has reduced interest rates by 0.50 percent for selected maturities, and on the other hand they have also increased them by 0.40 percent for selected maturities. According to the bank’s official website, the bank has changed interest rates on FDs of less than 2 crores. The bank’s new FD interest rates will be effective April 10, 2023.
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7.25% interest is available for 444 days
After the changeover, the bank now gives a maximum of 7.25% interest instead of 7% on FD of 444 days. At the standard rate, the bank continues to pay 0.50 percent to seniors and 0.75 percent to their super seniors.
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Indian Overseas Bank’s new FD interest rates
The bank gives its customers 4% interest on FDs from 7 to 14 days, 4% on FDs from 15 days to 29 days, 4.25% on FDs from 30 days to 45 days and 4.25% on FDs from 46 days to 60 days days. . At the same time, the bank pays 4.25 percent interest on FDs from 61 days to 90 days, 4.50 percent on FDs from 91 days to 120 days, and 4.50 percent on FDs from 121 days to 179 days. On the other hand, the bank pays 4.95 percent interest on FDs from 180 days to 269 days, 5.35 percent on FDs from 270 days to less than 1 year, and 6.50 percent on FDs from 1 year to less than 2 years.
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Tags: Bank FD, FD prices, fixed deposits
FIRST RELEASED : April 09, 2023 8:31 p.m. IST
