Indian Overseas Bank 2024 Interest Rate For FD, RD, Forex Calculator

Customers of Indian Overseas Bank, a major public sector bank based in Chennai, can park their money in a variety of FDs. Customers can expect substantial returns on their investments thanks to the competitive FD rates offered by Indian Overseas Bank. The chosen tenure and the amount of principal invested determine the rates. IOB offers senior citizens interest rates that are significantly higher than those offered to general citizens.

The Indian Overseas Bank is an Indian financial institution that provides a wide range of banking services. It was founded in 1949 and has since grown to become one of the largest financial institutions in the country. Among its core products and services are personal loans, mortgages, and credit cards. The bank is headquartered in Mumbai and is regulated by the Reserve Bank of India (RBI). The Indian Overseas Bank FD is a good place to store your money if you are looking for a stable, trustworthy, and high-quality bank.

Types of IOB Fixed Deposit Schemes

Types of Fixed Deposit Schemes are important to consider when choosing an investment option. Different types of deposit schemes may suit different individuals and financial needs. For example, some individuals may prefer to make small deposits regularly, while others may prefer larger deposits with higher interest rates. Some individuals may want to lock in their savings for a certain period of time, while others may prefer the flexibility to withdraw funds at any time. Additionally, different types of deposit schemes may have different levels of risk associated with them. It is important to consider all available options and choose an investment scheme that best suits individual needs and financial goals.

Regular Fixed Deposit with Reinvestment of Interest component

• The interest earned on a deposit can be reinvested in this scheme.
• The minimum deposit amount is: Depositors are eligible for loans of up to 90 percent of the principal and interest earned,
• up to Rs 1,000 and thereafter in multiples of Rs 100. Premature withdrawals are permitted.

Check Also- State Bank Of India 2024 Interest Rate For FD

Special Fixed Deposit

• This scheme is ideal for depositors who want regular monthly or quarterly interest income.
• Minimum deposit amount:  3,000
• Tenure: 6 months to 10 years
• Payment of Interest: Monthly/Quarterly
• The monthly interest is paid at a discounted rate

Tax Saver Scheme

• Under Section 80C of the Income Tax Act, deposits made under this scheme are eligible for a deduction of up to Rs 1.5 lakh.
• Deposit amount: Minimum: 10,000 rupees; Maximum: In a single fiscal year, Rs. 1,50,000
• Tenure: From five to ten years, a deposit can be accepted in the form of a fixed deposit, a reinvestment deposit (RDP),
• a special fixed deposit (SFD). Interest can be paid quarterly, half-yearly, or monthly.
• The deposit cannot be used as collateral for a loan, and it cannot be used to secure a loan.
• Senior citizens receive rates that are higher than the average rate.
• There is a nomination facility, with the exception of deposits held by or on behalf of minors.

IOB Eighty Plus Term Deposit

• This plan is proposed to Very Senior Residents matured 80 years or more
• Extra 0.75% p.a. over standard rates is proposed to very senior residents
• Store sum: Least – In view of the separate plans (RDP/SFD-(M/Q)/RD); Greatest – Not as much as Rs 1 crore
• Residency: a half year to 10 years
• Credits of up to 90% are allowed for self or mutually with mate as it were

Floating Rate Deposits

• Least store sum: 1 lakh and from there on in products of Rs.10,000
• Residency: 3 years – 10 years
• The interest on the store is credited quarterly on the first working day of January, April, June and September
• The store got under this plan will convey a financing cost subject to the accompanying circumstances:
• Residency: 3 years to 5 years: 5-year G-Sec rate (day to day normal throughout the previous a half year)
• Residency: 5 years to 10 years: 10 years G-Sec rate (day to day normal throughout the previous a half year)
• Financing costs will be changed at regular intervals as on first Walk and first September consistently independent of the date of FD opening
• Untimely conclusion of FD is permitted in the event that the record is opened for no less than 3 years and a notification of untimely conclusion has been submitted no less than 10 days ahead of time
• 1% punitive loan fee is deducted from the appropriate drifting financing cost.
• A credit of up to 90% of the store sum is permitted. The advance’s financing cost will be 2% over the drifting rate for self-borrowers and 3% over the drifting rate for outsider borrowers.

Read More- Central Bank 2024 Interest Rate For FD

IOB Suvidha

• This plan offers a term store with a money credit office and a customized really look at book
• Least store sum: 1 lakh
• Residency: 15 months to 10 years
• Cash Credit Cutoff: 90% of the chief sum; Least: Rs. 90,000; Greatest: Rs. 25 crore
• The top-up office is allowed in products of Rs.1 lakh each and as far as possible is in like manner fixed at 90% of the chief measure of stores accessible as security
• Least edge for Credit Against Store: 10%.

Read More- HDFC Bank 2024 Interest Rate For FD

IOB Saral

• This reinvestment store conspire offers term Store with a choice to pull out a part of stores while keeping the rest at the contracted pace of interest
• Least store sum: Rs 10,000
• Residency: 1 year to 10 years
• Correctional Loan cost on Untimely Withdrawal
• Upto Rs. 15,000 – Nothing
• Over 15,000 to 5 lakhs – 0.50%
• Over 5 lakhs – 1%
• No interest will be payable in the event that NRI stores are shut before a year
• The investor will have the choice of consolidating numerous stores into a solitary portfolio and pulling out just the sum required, with the leftover adjusts procuring revenue at the contracted rate

Motor Accident Claims Annuity (Term) Deposit Account- IOB MACAD

• Least store sum: In light of least month to month annuity pay out of Rs. 1,000
• Residency: 3 years to 10 years
• Typical FD to be opened assuming the store period is under three years
• Designation office is permitted
• No advance or Overdraft is allowed
• With the Court’s approval, MACAD can be shut early or paid in a section single amount during the existence of the petitioner. Whenever permitted, the annuity part will be reissued for the leftover residency and sum, if any, with the adjustment of the annuity sum
• Punishment for untimely conclusion isn’t appropriate.

Click Also- Axis Bank 2024 Interest Rate For FD

Foreign Currency (Non-Resident) Account

• Contributors can hold stores in any of the 9 unfamiliar monetary forms: US Dollar (USD), Extraordinary England Pound (GBP), EURO (EUR), Japanese Yen (JPY), Canadian Dollar (computer aided design), Australian Dollar (AUD), Singapore Dollars (SGD), New Zealand Dollar (NZD), Swiss Franc (CHF)
• Least measure of store: 1000 units of unfamiliar money for all monetary standards with the exception of JPY for which it is 1 lakh units.
• Residency: 1 year – 5 years
• The store sum and interest are completely repatriable
• Untimely conclusion office is accessible
• Nonetheless, the loan fee will be 1% underneath the rate that was active during the time the store was open
• No interest will be payable on the off chance that the store is shut before the fulfillment of 1 year

Non-Resident External (NRE) Accounts

• Credit office is accessible against the security of NRE fixed stores
• Untimely conclusion of store is permitted subject to conditions
• Assignment office is accessible
• The whole store sum is completely repatriable

Resident Foreign Currency (RFC) Account

• Contributors can hold stores in any of the 6 unfamiliar monetary standards: USD, GBP, JPY, EUR, AUD and computer aided design
• The record can be kept up with by a NRI who has gotten back for extremely durable settlement, in the wake of remaining abroad for a base time of 1 year
• The record can be opened with next to no administrative endorsement from the RBI.

Check Also- ICICI Bank 2024 Interest Rate For FD

Indian Overseas Bank FD Interest Rates 2024

IOB FD rates on Domestic/NRO Deposits of below Rs. 2 Crore w.e.f. from 10 January 2024

Also Read- IDFC Bank 2024 Interest Rate For FD

Interest Rates on FCNR deposits w.e.f. 10 January 2024

Benefits of Indian Overseas Bank FD Calculator

Even though using the IOB FD interest rates calculator is optional, it can be very helpful. A few of the benefits that such calculators can offer an investor are outlined below.

• Because they prioritize convenience over all other features, these calculators are simple to use.
• Using such a tool, you can quickly assess profitability. Calculating manually would take a great deal more time.
• If the information entered by the user is accurate, the Indian Overseas Bank FD calculator will provide accurate results. The same cannot be said for manual calculations because the process of calculating interest can take a long time and be difficult.
• On the calculator, investors can freely alter certain parameters until they achieve their desired result. Therefore, in addition to determining profitability, this calculator can also assist in determining the appropriate term and principal for FD investments.

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