IOB Suvidha|Indian Overseas Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Indian Overseas Bank

Eligibility

Individuals (including NRIs /NRO) /Firms /Corporates/ PSUs/Institutions/HUF/Trust/Society. Minor's special deposits are not allowed under the scheme.

Interest Rate

6.50 to 7.30% per annum.

Tenure

15 months to 10 years.

Fixed Deposit Type

Flexible with Cash Credit Facility

IOB Suvidha

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

• A CC (Cash Credit) account will be opened automatically along with Term Deposit.
• You can use up to 90% of the Principal amount as a cash credit.
• The minimum deposit requirement is Rs. 1.00 lakh.
• Top-up is allowed in multiples of Rs.1 lakh and the CC limit will be fixed at 90% of the Principal amount accordingly.
• Minimum tenure of 15 months and maximum tenure of 10 years.

Minimum Investment Amount

1,00,000

Features & Benefits

Pros

• Cash Credit Facility and personalized chequebook.
• You can use up to 90% of the Principal amount as a cash credit.

Cons

• Minimum deposit requirement of 1,00,000.
• The minimum tenure required to avail of this scheme is 15 months.

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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