Product Details
Bank Name
Indian Overseas Bank
Eligibility
Resident Individuals and Non-Individual
Interest Rate
6.80% per annum.
Tenure
999 days.
Fixed Deposit Type
Green Deposit
IOB-Green-Deposit-Scheme
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
Deposits shall be eligible for a Demand Loan /overdraft facility.
When you invest in Green Deposit, your funds are earmarked for green financing, which includes renewable energy projects, sustainable infrastructure development, eco-friendly businesses, and more.
Minimum deposit amount of Rs.1000
Minimum Investment Amount
1,000
Features & Benefits
Pros
Additional concession for senior citizens.
Your investment directly supports projects that promote environmental sustainability.
Cons
Low interest rates.
Available for specific tenure duration.
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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