Fixed Deposit Details
Bank Name
Indian Overseas Bank
Eligibility
Ideal for depositors who want regular monthly or quarterly interest income. Senior citizens / Pensioners could be targeted for this product.
Interest Rate
5.75 to 7.30% per annum.
Tenure
6 Months to 120 Months
Fixed Deposit Type
Monthly/Quarterly Interest
Special Fixed Deposit (M-Q)
Tax Benefits
None
Credit Ratings
CRISIL AA+/Stable
Interest Payment Frequency
Monthly/ 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
Non Cumulative
Features
- The period of deposit can be from 6 months to 120 months.
- The deposit can be started with a minimum amount of Rs. 3,000.
- Monthly/Quarterly interest payout.
Minimum Investment Amount
3,000
Features & Benefits
Pros
- Monthly/Quarterly interest payout.
Cons
- No tax saving benefits.
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.
Product Review
About this content
Public source: Original MyRupaya page
Captured 2026-11-06T11:00:01Z. Public page text has been preserved and restyled. Historical financial/product information may be outdated. Embedded widgets and forms are not copied or connected to live services.
