FD Rate Change: Now you will get less return on FD of this bank, interest rates have changed

Indian Overseas Bank has changed the interest rates of FD. The new rates have been implemented. Now the returns will be 10 to 20 bps less. The interest rate on loans has also been revised.

Public sector Indian Overseas Bank has changed the interest rates of fixed deposits (Bank FD Rates). The new rates have become effective from August 14. The bank has announced to give lower returns on some tenures. After the amendment, 3.50% interest will be available on tenures ranging from 7 days to 3 years or more. Senior citizens are getting 0.50% extra return.

Earlier, 4% interest was available on maturity slabs of 91 days to 120 days. Now 20 bps less return is going to be available. Interest rate has come down to 3.50%. Interest rates have also been reduced by 50 bps for tenures ranging from 121 days to 179 days. The bank is offering 6.50% return instead of 6.60% on tenures of less than 2 years. FDs with maturity period of 2 years to less than 3 years and 3 years and above will also get 10 bps less return. Customers can invest a minimum of Rs 1 lakh and a maximum of Rs 3 crore in fixed deposits.

You will get the highest return on investment of this many days

After the change, the bank is offering the highest interest on the 444 day special FD scheme. General citizens are getting 6.75% interest and senior citizens are getting 7.25% interest. The bank is offering 6.20% return on tax saver FD. In this, customers can choose a tenure of 5 years.

Interest rate according to tenure

7 days to 14 days – 3.50%

15 days to 29 days – 3.50%

30 days to 45 days – 3.50%

46 days to 60 days – 4%

61 days to 90 days – 3.50%

91 days to 120 days – 3.50%

121 days to 179 days – 3.50%

180 days to 279 days – 5%

270 days to less than 1 year – 5.50%

1 year – 6.60%

1 year and more than 2 years – 6.50%

444 days – 6.75%

2 years to less than 3 years – 6.50%

3 years and more – 6.20%

Loan interest rates also changed

On August 15, Indian Overseas Bank made loans cheaper. Marginal Cost of Funds Based Lending Rates (MCLR) has been reduced by 10 bps. After the revision, the rates for overnight tenure are 8.05%. The rates for one month are 8.3 percent, for 3 months 8.45 percent, for 6 months 8.7% and for 1 year 8.9%.

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