Mumbai: One of the largest public sector bank in the country, the Indian Overseas Bank (IOB) reduced the interest rates on fixed deposits of various tenures by 40 basis points or 0.40%. As per the new rates issued by the IOB, investors will get 3% interest for fixed deposit investments maturing within 7 to 45 days. Earlier it was 3.40%.
Fixed deposit investments with a maturity period of 46 to 90 days will get 3.50% interest. At present it was at 3.90%. IOB is now offering an interest rate of 4% on fixed deposits that will mature within 91 days to 179 days, down 0.40% from the previous rate of 4.40%. Fixed deposits maturing between 180 days to less than one year will attract 4.5% interest. IOB has kept the interest rates on FDs maturing between 1 year to 3 years unchanged.
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Earlier several other banks including ICICI Bank, HDFC Bank, Bank of Baroda and Axis Bank had revised interest rates offered on fixed deposit investments.
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