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Indian Overseas Bank Domestic Term Deposits FD
The Indian Overseas Bank Domestic Term Deposits tenure ranges from min 7 Days to max 3 Year . The ROI ranges from 4.00% to 7.10 % for the general public. The lock-in period for this scheme is 5 Year
Indian Overseas Bank Domestic Term Deposits Scheme for amount ranging from ₹ 1,000 to ₹ 2.0 Cr
The rate of interest for deposited amount ranging from ₹ 1,000 to ₹ 2.0 Cr is as below
Tenure | Interest Rate for General Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
|---|---|---|
| 7 Days Upto 14 Days | 4.00% p.a. | 4.50% p.a. |
| 15 Days Upto 29 Days | 4.00% p.a. | 4.50% p.a. |
| 1 Months Upto 1 Months 15 Days | 4.25% p.a. | 4.75% p.a. |
| 1 Months 16 Days Upto 2 Months | 4.25% p.a. | 4.75% p.a. |
| 2 Months 1 Days Upto 3 Months | 4.25% p.a. | 4.75% p.a. |
| 3 Months 1 Days Upto 4 Months | 4.50% p.a. | 5.00% p.a. |
| 4 Months 1 Days Upto 5 Months 29 Days | 4.50% p.a. | 5.00% p.a. |
| 6 Months Upto 8 Months 29 Days | 4.95% p.a. | 5.45% p.a. |
| 9 Months Upto 1 Year | 5.35% p.a. | 5.85% p.a. |
| 1 Year 1 Days Upto 1 Year 2 Months 19 Days | 6.80% p.a. | 7.30% p.a. |
| 2 Year Upto 3 Year | 6.80% p.a. | 7.30% p.a. |
| 3 Year Upto | 6.50% p.a. | 7.00% p.a. |
| Upto 1 Year 2 Months 19 Days | 7.10% p.a. | 7.60% p.a. |
Key features of Indian Overseas Bank Domestic Term Deposits Scheme
Summary of Indian Overseas Bank Domestic Term Deposits Scheme features :
| Mutual Fund Schemes | Domestic Term Deposits |
| CRISIL Rating | AACRISIL Rating |
| Lock-in Days | 5 Year |
| Loan Against FD | NA |
| Pre-mature Withdrawal | Available |
| FD Nominee | Yes |
| Tenure | 7 Days to 3 Year |
| General Public | 4.00% to 7.10 % |
| Senior Citizen | 4.50% to 7.60 % |
| Amount | Rs.1,000 to Rs.200,00000 |
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
What is Indian Overseas Bank Domestic Term Deposits FD?
Indian Overseas Bank (IOB) is a public sector bank in India that offers various financial products and services to its customers. One of the most popular offerings of IOB is the Domestic Term Deposit (DTD) scheme, a type of fixed deposit (FD) account that provides a secure investment option with attractive interest rates. In this blog, we will discuss the eligibility criteria, required documents, key features, and application process of IOB DTD.
Eligibility Criteria for an Indian Overseas Banks Domestic Term Deposits FD
Individuals invested in this investment instrument must fulfil the following eligibility criteria set by the bank.
- Indian citizens, HUFs (Hindu Undivided Families), trusts, companies, partnership firms, and other registered institutions can open a DTD account with IOB.
- The minimum age for opening a DTD account is 18 years.
Documents Required to Open an Indian Overseas Bank Domestic Term Deposits FD
The applicants are required to produce the following documents to apply for the Indian Overseas Bank Domestic Term Deposit FD.
- Identity proof includes an Aadhaar card, PAN card, passport, or voter ID.
- Address proof such as an Aadhaar card, passport, utility bills, or bank statement.
- Two passport-size photographs.
- KYC (Know Your Customer) documents if you are a new customer.
Key Attractions of the Indian Overseas Bank Domestic Term Deposits FD
Indian Overseas Bank Domestic Term Deposit FD offers the following key attractions.
- Flexible Tenure: You can choose the tenure of your DTD account at your convenience, ranging from 7 days to 10 years. The longer the term, the higher the interest rate offered.
- Loan Facility: IOB allows you to take a loan against your DTD account, up to 90% of the deposit amount, at a lower interest rate than regular loans.
- Nomination Facility: You can nominate one or more persons to receive the deposit amount in case of your demise.
- Auto-Renewal: IOB offers an auto-renewal facility for your DTD account, where the deposit amount and interest earned are reinvested for the same tenure at the prevailing interest rate.
- Tax Benefits: The interest earned on your DTD account is taxable per the Income Tax Act of 1961. However, you can claim a deduction under Section 80C of up to Rs. 1.5 lakh on the deposit amount for a tenure of 5 years or more.
Features & Benefits
The Indian Overseas Bank Domestic Term Deposit FD offers the following features and benefits.
- Indian Overseas Bank Domestic Term Deposit is a safe and profitable investment option for individuals and businesses looking for a fixed income with minimum risk.
- Along with attractive interest rates, flexible tenures, and additional features such as loan facility and auto-renewal, Indian Overseas Bank Domestic Term Deposit
- Indian Overseas bank provides additional interest to senior citizens so that they can stimulate their corpus.
How to Apply for an Indian Overseas Bank Domestic Term Deposits FD
You can open a Domestic Term Deposit with Indian Overseas Bank through any of the following methods:
- Visit the nearest IOB branch and fill out the account opening form with the necessary details.
- Download the Domestic Term Deposit account opening form from the IOB website, fill it out, and submit it to the nearest branch along with the required documents.
- Apply for a Domestic Term Deposit account through Indian Overseas Banks’ internet banking or mobile banking platforms if you are an existing customer.
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FAQs
What is a fixed deposit in an IOB bank?
The Indian Overseas Bank offers a fixed deposit scheme that allows investors to earn handsome returns on their savings.
What are the current Indian Overseas Bank FD interest rates for 2023?
The current interest rate of the Indian Overseas Bank is 6.50% per annum. An additional interest rate of 0.50% is also offered to senior citizens.
Are there any special rates for senior citizens FD of Indian Overseas Bank?
The senior citizens can avail of an additional interest rate of 0.50% per annum on fixed deposits with Indian Overseas Bank.
