Product Details
Bank Name
Indian Overseas Bank
Eligibility
Individuals either singly or jointly with two or more persons, institutions, companies, firms, societies, Traders, Professionals, salaried individuals etc.
Interest Rate
6.50 to 7.30% per annum.
Tenure
12 months to 120 months.
Fixed Deposit Type
Flexible Recurring Deposit
Flexi Recurring Deposits (Flexi RD)
Tax Benefits
None
Credit Ratings
CRISIL AA+/Stable
Interest Payment Frequency
Not specified by the bank. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
Customers have to declare the monthly instalment i.e. “Core amount” at the time of opening of the account.
Customers can deposit multiple times in a month in the account but the maximum permissible amount per month is 10 times the core amount or Rs 1,00,000- whichever is lower.
Depositors can increase (Step Up) the monthly instalment amount up to 10 times the Core amount during any month. The instalment can also be deposited one or more times during a month, subject to a maximum of 10 times the Core Amount.
After stepping up the instalment amount, a customer can also reduce the same (Step Down), in any subsequent month, but it should not be less than the Core amount.
The minimum period of the deposit will be 12 months, and the maximum tenure can be up to 120 months.
Minimum Investment Amount
1,000
Features & Benefits
Pros
Flexible deposit options starting from Rs 1,000.
Step Up and Step Down options.
Premature closure of the deposit is allowed.
Cons
The maximum core amount that can be deposited in a month is 1,00,000.
Pros & Cons
Account Opening Procedure
How to Open?
1. Visit an IOB Branch:
Locate a nearby IOB branch and visit during their operating hours.
2. Gather Required Documents:
Identity Proof: Aadhaar card, PAN card, passport, driving license, voter ID card.
Address Proof: Aadhaar card, passport, driving license, voter ID card, utility bill.
Income Proof: (Optional) Salary slips, bank statements, income tax returns.
3. Submit Application Form:
Obtain a fixed deposit application form from the bank.
Fill in the required details accurately, including:
Your name, address, and contact information.
Deposit amount.
Maturity period.
Interest payout options (monthly, quarterly, half-yearly, or annually).
Nomination details (optional).
4. Make the Deposit:
Hand over the deposit amount in cash or by cheque to the bank representative.
5. Verify Documents:
The bank will verify the documents you've submitted.
6. Receive Acknowledgment:
You'll receive a deposit receipt or acknowledgment as proof of your fixed deposit.
7. Interest Payout:
The interest earned on your fixed deposit will be paid out according to your chosen frequency.
Application Procedure
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