Product Details
Bank Name
Indian Overseas Bank
Eligibility
Individuals including NRIs and minors
Interest Rate
6.50 to 7.30% per annum.
Tenure
12 months to 10 years.
Fixed Deposit Type
Flexible
IOB Saral
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
The period of deposit can be from 12 months to 10 years.
The minimum deposit required is Rs. 10,000.
The depositor can keep multiple deposits in a single portfolio and withdraw a part of the amount, leaving other balances to earn interest as per the original interest rate.
Minimum Investment Amount
10,000
Features & Benefits
Pros
Part withdrawal before maturity is permitted.
Premature closure of the deposit is allowed.
Cons
A minimum deposit of 10,000 is needed.
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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