Floating Rate Deposits|Indian Overseas Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Indian Overseas Bank

Eligibility

Any individual either singly or jointly with others, a natural / legal guardian on behalf of a minor, Hindu Undivided Families, Trusts, companies, firms.

Interest Rate

Fluctuating

Tenure

3 to 10 years.

Fixed Deposit Type

Floating Interest Rate

Floating Rate Deposits

Tax Benefits

None

Credit Ratings

CRISIL AA+/Stable

Interest Payment Frequency

Quarterly. 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

Not specified by the bank.

Features

• The period of deposit can be from 3 years to 10 years.
• The deposit can be started with a minimum amount of Rs. 1,00,000 and there is no limit on the maximum deposit amount.
• Lock-in period of 3 years.
• Loan/ Overdraft against deposit is available

Minimum Investment Amount

1,00,000

Features & Benefits

Pros

• Flexible tenure options.
• Higher interest can be earned through floating interest rates.
• Additional concessions are available for senior citizens.

Cons

• The minimum deposit amount under this scheme is 1 lakh.
• Lock-in period of 3 years.

Pros & Cons

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.

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