Mumbai: Leading public sector bank in the country, Indian Overseas Bank (IOB) has hiked interest rates on fixed deposits below Rs 2 crore. The new interest rates will take effect on September 13, 2022. Fixed deposits maturing in 7 days to 3 years or more would earn interest rates ranging from 3.25% to 5.85%.
The bank hiked interest rates on fixed deposits maturing in 7–29 days from 3% to 3.25%. The interest rates on fixed deposits maturing in 30-45 days is hiked from 3.00% to 3.35%. Fixed deposits with maturities of 46 to 90 days will now earn interest at a rate of 3.75%, while those with maturities of 91 to 179 days will now earn interest at a rate of 4.10%. On fixed deposits maturing in 180 days to less than 1 year, IOB will give an interest rate of 4.65.
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Interest rate on fixed deposits maturing in 1 year to less than 2 years (apart from 444 days) is hiked to 5.60%. Interest rate on fixed deposits maturing in 444 days will be 5.65%. Fixed deposits maturing in 2 years to less than 3 years (excluding 1000 days) will now fetch an interest rate of 5.60%. Fixed deposits maturing in three years and above will now earn an interest rate of 5.85%.
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