Fixed Deposit Details
Bank Name
Indian Overseas Bank
Eligibility
The deposit scheme is open to individuals. The Karta of a Hindu Undivided Family (HUF) can open in his capacity as Karta. The deposit can be in the single name of the depositor or in joint names of two adults or jointly in the name of an adult with a minor (only two joint account holders are permitted) payable to either or the survivor. In the case of deposits in the joint names, the tax benefit can be claimed by the first named depositor.
Interest Rate
6.50% per annum.
Tenure
5 to 10 years.
Fixed Deposit Type
Tax Saver
Tax Saver Deposit Scheme
Tax Benefits
Tax exemption under section 80C of the Income Tax Act, 1961
Credit Ratings
CRISIL AA+/Stable
Interest Payment Frequency
At maturity, half-yearly, quarterly or monthly. 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
Both
Features
- Tax Saver Fixed Deposit offers tax deduction on income of up to ₹1.5 Lakh under section 80C of the Income Tax Act.
- No premature withdrawal facility or auto-renewal facility.
- Minimum deposit of Rs 10,000 and a maximum of 1,50,000 per financial year for a 5-year lock-in period.
- The lock-in period of 5 years.
- Nomination facility is available.
- Premature withdrawal is not allowed.
Minimum Investment Amount
10,000
Features & Benefits
Pros
- Tax saving benefits.
- Special concession for senior citizens.
Cons
- Minimum deposit requirement of Rs. 10,000.
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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About this content
Public source: Original MyRupaya page
Captured 2026-11-06T11:00:13Z. 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.
