Indian Overseas Bank Slashed FD Interest Rates
It is discouraging for the FD investors that a major financial institution Indian Overseas Bank (IOB) has decreased the interest rates for the FDs having distinct tenures. Recently when many large commercial banks have hiked the interest rates on FD, IOB has sliced its interest rates by 40 BPS for various tenures. New rates are effective from April 11, 2022, Monday.
Revised Rates
Bank has targeted the FDs having tenure ranging between 7 days to 1 year. Interest rates are dropped by 40 basis points and the new rates are being set. As per the new report, fresh rates suggest that for the FDs having tenure of 7-45 days the revised interest rates are 3 per cent, against the previous 3.40 per cent.
For the tenure of 40-90 days, the FDs are offering 3.50 interest rates down from the previous of 3.90 per cent. And for the investors who were earning 4.40 per cent before with FDs having the tenure of 91-179 days will now get 4 per cent on their investments. For long term FD investments of 180 days but less than one year, the bank is now offering the interest rate of 4.5 per cent which is dropped from 4.9 per cent.
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Latest FD Interest Rates Varying As Per Tenures:
- 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 less than 1 Year – 4.50 per cent
- 1 year to less than 2 Years (Except 444 Days) – 5.15 per cent
- For 444 Days – 5.20 per cent
- 2 years to less than 3 Years – 5.20 per cent
- On 3 Years and Above – 5.45 per cent
