Product Details
Bank Name
Indian Overseas Bank
Eligibility
Individuals
Interest Rate
4 to 4.75% per annum.
Tenure
7 days to 179 days.
Fixed Deposit Type
Regular
Unfixed Deposit
Tax Benefits
None
Credit Ratings
CRISIL AA+/Stable
Interest Payment Frequency
If closed before 7 days no interest is payable.
If closed after 7 days and before 15 days, normal interest.
Cummulative/Non-Cummulative
Not specified by the bank.
Features
No prepayment penalty.
If closed before 7 days no interest is payable
If closed after 7 days and before 15 days, normal interest is paid
Additional interest of 0.75% for senior citizens and additional interest of 1.00% for super senior citizens.
Minimum Investment Amount
50,00,000
Features & Benefits
Pros
No prepayment penalty.
Short tenure of 7 days to 179 days.
Additional concession on interest rates for senior and super senior citizens.
Cons
High minimum deposit requirement.
Low-interest rate.
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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