Product Details
Bank Name
Indian Overseas Bank
Eligibility
Individuals either singly or jointly with two or more persons, institutions, companies, firms, societies, Traders, Professionals, salaried individuals etc.
Interest Rate
5.75 to 7.30% per annum.
Tenure
6 months to 120 months
Fixed Deposit Type
Recurring Deposit
Multiple Deposit Plan II
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 (Compounded Quarterly)
Features
The depositor has the option of making any number of deposits under the same account and each remittance will be deemed as a separate deposit.
Each deposit will mature after the agreed period.
If the depositor wants to take back a part of his deposit amount then the required number of units can be closed and repaid while the remaining amount remains intact and earns interest.
Deposit tenure of 6 to 120 months.
Minimum Investment Amount
10,000
Features & Benefits
Pros
FDs will be broken as per Last-In, First-Out (LIFO) basis for reverse sweep.
Maximized liquidity and returns.
Cons
Minimum deposit of 10,000.
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
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