Fixed Deposit Details
Bank Name
Indian Overseas Bank
Eligibility
Customers having a limited or stipulated income and require a large amount of money but can only save small amounts every month, such as Salaried individual, small trader, housewife, student or a rural saver.
Interest Rate
5.75% to 7.30% per annum
Tenure
6 months to 120 months.
Fixed Deposit Type
Recurring
IOB Recurring Deposit
Tax Benefits
None
Credit Ratings
CRISIL AA+/Stable
Interest Payment Frequency
At maturity. 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
Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount.
Minimum deposit amount of Rs.50
There is no limit on the maximum deposit amount.
Nomination facility is available.
Deposit can be closed prematurely.
Minimum Investment Amount
50
Features & Benefits
Pros
Minimum deposit of Rs 50.
Premature closure facility.
Cons
No tax saving benefits.
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
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.