FD Interest Rates Hiked: Govt Bank's 444 Days FD Now Offers Highest Interest Rate

Leading public sector lender, Indian Overseas Bank has decided to modify its interest rates for fixed deposits below Rs 2 crore. The announcement has come after Reserve Bank of India (RBI) sought to keep the repo rate unchanged at 6.5% in its meeting that took place on April 6, 2023.

However, Indian Overseas Bank also brought down FD interest rates on some tenures by nearly 50 bps. It hiked FD interest rates on other tenures by up to 40 bps.
For FDs maturing in 7 days to 29 days, the bank now offers 4.00% interest rate as against the previous one of 4.50%

If you opt for FDs for the tenures of 61 days to 90 days, the bank reduced it from 4.75% to 4.25% now.

The bank hiked its FD interest rates of 444 days FD and now you can fetch 7.25% interest rate (earlier it was 7.00%).

IOB offers a higher FD interest rate of 6.80% for deposits maturing in 2 years to less than 3 years (earlier it was 6.4%).

The leading public sector bank, headquartered in Chennai, now offers 6.50% interest rate (earlier it was 6.40%) for deposits maturing in 1 year to less than 2 years.

According to IOB's website, "for senior citizens, additional rate of 0.50% and for super senior citizens (aged 80 years and above) additional rate of 0.75% continues."

"Interest rate for IOB Tax Saver Deposit will remain unchanged at 6.50%," stated the bank's website.

Check the new interest rates of IOB that will come into effect from April 10, 2023.