Indian Overseas Bank (IOB), a public sector lender, has raised interest rates on term deposits below ₹2 crores. According to the bank’s official website, the revised rates are effective from 10.08.2022. Interest rates on term deposits maturing in 444 days and 3+ years, respectively, increased by 10 basis points as a result of the change.
IOB FD Rates 2022
The bank will continue to offer an interest rate of 3.0% on term deposits maturing between 7 and 45 days and an interest rate of 3.75% on term deposits maturing between 46 and 90 days. In addition, the bank will continue to grant an interest rate of 4.50% on term deposits with maturities between 180 days and less than one year. IOB will continue to offer an interest rate of 4.00% on deposits maturing in 91 days to 179 days. Term deposits with a maturity between 1 year and less than 2 years (except 444 days) will continue to offer an interest rate of 5.45%, while term deposits with a maturity between between 444 days and 2 years will now offer an interest rate of 5.60%. , down from 5.50 percent and an increase of 10 basis points. Term deposits maturing in 2 years to less than 3 years will continue to offer an interest rate of 5.45% and term deposits maturing in 3 years or more will now offer an interest rate of 5.70% which was previously 5.60%, an increase of 10 basis points. Interest rates for IOB Tax Saver deposits will remain at 5.70%, an additional 0.50% for seniors and an additional 0.75% for super seniors (those 80 and over).
The increase in IOB fixed deposit interest rates came after the Reserve Bank of India’s monetary policy committee raised the repo rate by 50 basis points to 5, 40%. Lenders are increasing interest rates on their loans and term deposit products due to the increase in the repo rate. Canara Bank and Bandhan Bank are two examples. Canara Bank raised interest rates on term deposits of less than ₹2 Cr, and the new interest rates are effective from August 8, 2022. On the other hand, Bandhan Bank has increased interest rates on savings accounts, and the new interest rates are in effect. effective from August 8, 2022. The Federal Bank has also increased its interest rates for savings accounts. On the other hand, ICICI Bank, Canara Bank, HDFC Bank, PNB and Bank of Baroda increased their benchmark external lending rates.
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