FD rates slashed by 40 bps by this bank. Check latest rates

At a time when many major banks have hiked the interest rates of their fixed deposits, Indian Overseas Bank has cut the rates on various short-term FD tenures by 40 basis points.

ET Now Digital

Updated Apr 13, 2022, 07:50 IST

Fixed deposit rate

New Delhi: In a major setback for its customers, the Indian Overseas Bank (IOB) has cut FD interest rates for various short-term tenures by 40 basis points. At a time when several banks have hiked FD interest rates, IOB’s reduced rates will take effect from Monday, April 11, 2022.

The bank has slashed the interest rates on its FDs with periods ranging from 7 days to 1 year by a big 40 basis points. As per the fresh rates, fixed deposits with tenure of 7-45 days will now earn a 3 per cent interest rate, down from the previous 3.40 per cent.

For tenures of 46 to 90 days, the rates have come down by 40 basis points to 3.50 per cent from 3.90 per cent. Meanwhile, customers opting for terms ranging from 91 to 179 days will get a 4 per cent interest rate instead of 4.40 per cent.

Customers will earn 4.50 per cent instead of 4.90 per cent for a tenure of 180 days to less than one year. Check latest rates here:

7-14 Days - 3 per cent

15-29 Days - 3 per cent

30-45 Days - 3 per cent

46-60 Days - 3.50 per cent

61-90 Days - 3.50 per cent

91-120 Days - 4 per cent

121-179 Days - 4 per cent

180-269 Days - 4.50 per cent

270 Days to < 1 Year - 4.50 per cent

1 Year to < 2 Years (Except 444 Days) - 5.15 per cent

For 444 Days - 5.20 per cent

2 Years to < 3 Years - 5.20 per cent

3 Years and Above - 5.45 per cent

However, the bank has kept the interest rates for 1 year to 3-year terms unchanged. The minimum amount for fixed deposit for 7-14 days is Rs 1 lakh according to the IOB website.

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