Indian Overseas Bank (IOB) has slashed its mounted deposit (FD) rates of interest under ₹2 crore for numerous short-term tenures. This comes at a time when lenders just like the State Bank of India (SBI), HDFC Bank, ICICI Bank and others are growing the rates of interest on their time period deposits. According to the Indian Overseas Bank web site, the brand new charges got here into impact on April 11.
The rates of interest on FDs with intervals starting from seven days to at least one yr have been lower by 40 foundation factors. These FDs will now earn 3 per cent.
The charges have been diminished by 40 foundation factors for tenures of 46 to 90 days. These FDs will now fetch 3.50 per cent curiosity. Bank clients will now earn 4 per cent for time period deposits maturing in 91 to 179 days. And for FDs maturing in 180 days to lower than one yr, they are going to get 4.50%.
The rates of interest for one-year to three-year phrases have remained unchanged.
The minimal quantity for mounted deposits is ₹1 lakh.
For Senior Citizens, the financial institution presents an extra charge of 0.50% and for Super Senior Citizens (aged 80 years and above) further charge of 0.75% continues, in keeping with the financial institution web site.
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