IOB hikes interest rates on Special FDs for 444 days, find out how much you will earn 2023

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PKBnews India Edited by: Saurabh Sharma

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Updated: January 11, 2023 | 3:15 p.m

According to the IOB website, the updated interest rates are effective from January 10, 2023. The bank has increased the interest rates on FDs with special tenure of 444 days by 45 basis points.

After the RBI increased the repo rate, investing in FD has become attractive again.

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Public sector lender Indian Oversea Bank (IOB) Interest rates hike on FDs below Rs 2 crore (FD interest rate hike) According to the bank’s official website, the updated interest rates are effective from 10th of May 1 year 2023. Bank has 444 days Interest Rate for FD Special Term Increase by 45 basis points. The bank does not change interest rates for the remaining time. Indian Oversea Bank (IOB) is currently offering a maximum interest rate of 7% for 444 days.

Bank FD rates

The bank will continue to apply 4.50% interest rate on FD for the next 7-45 days.
IOB is offering 4.75% interest on FD for the next 46-90 days.
IOB is offering 4.20% interest for 91 to 179 days FD.
180 to 269 days FD will continue to pay 4.85% interest.
From 270 days to one year, the interest rate on FD will be 5.25%.
The interest rate for FDs from one year to two years (excluding 444 days) will be 6.40%.
For special FDs with a tenure of 444 days, the bank has increased the interest rate by 45 basis points to 7% from 6.55%.
IOB will continue to offer 6.40% interest rate on 2-year to 3-year FD loans.
The interest rate for FDs of 3 years or more will be 6.50%.
The general public will get interest at 6.50% on IOB tax savings deposits, while senior citizens will get interest at 7%.
IOB still promises an additional interest rate of 0.50% or 50 basis points over the regular interest rate for seniors.
Seniors aged 80 and over will enjoy an additional interest rate of 0.75%.
BOI has increased interest rates on special FDs below Rs 2 crore with a tenure of 444 days from January 10, 2023.
The bank will now offer 7.05% interest to regular customers and 7.55% to senior citizens.