Easy way to hold your money safe. You can deposit or withdraw whenever you want. At present the deposit earns 3.50.% interest.
SHORT DEPOSIT :
If some money is held for a specific commitment and therefore, cannot be invested for a longer period, then investing in Short Deposit it an ideal way to keep your money safe and at the same time earn interest. Short deposits are accepted from 15 days to less than 6 months.
FIXED DEPOSIT :
You can invest your hard earned savings for a period ranging from 6 months to 120 months and earn interest every half year. Fixed investment for a longer period not only earns higher interest but also helps to dampen your temptation to spend your savings.
SPECIAL FIXED DEPOSIT :
Earn a regular income while your capital remains intact. On deposits of six months and above you can get interest at monthly or quarterly basis. Interest comes handy to pay your rent, insurance premium or school fees or any other expenses.
VARSHIK AAI YOJANA :
Earn an annual income while your capital remain intact, on deposits of 2 years and above. The interest is compounded every quarter and payment is effected annually. Interest comes handy to meet your Annual Insurance Premium, Income-tax, Children's education, etc. The minimum amount for opening this account is Rs.1,000/-.
REINVESTMENT DEPOSIT:
A real money spinner. Interest is compounded every quarter and reinvested to make your savings grow faster. It is so easy that you just invest an amount and relax. You will receive a lumpsum at the end of the period chosen.
MULTIPLE DEPOSIT ACCOUNT:
You can deposit as small as Rs.100- under this scheme for a fixed period, say from 6 months to 10 years. You can keep on remitting into the account whenever you get money (minimum Rs.100/-). You will be issued a special passbook, which show your remittances and also the maturity amount of each deposit. Therefore, at a glance you will know how much you have saved and how much you will receive on maturity of deposits.
MULTIPLE INVESTMENT SCHEME - MIS:
This is different from our Multiple Deposit Account in that the maturity date under the MIS scheme is fixed at the time of opening an account. All subsequent remittances made into the account mature on the fixed date. Therefore, under the scheme you receive a large sum with compounded interest on the chosen future date in one lumpsum. You can plan your amount and period and save. There is no rigidity of regular payment on a particular date of each month.
Pay into the account whenever you can. The minimum amount is Rs.100/- (higher amounts in multiples of ten). At a glance you can know from the special pass book the remittances made by you, the maturity value of each deposit and also the cumulative maturity amount of all deposits. With greater flexibility in operations all range of savers - from small to high income groups - will find this scheme attractive.
PERMANENT INCOME PLAN:
Save when you can and relax thereafter. If a fixed amount is deposited everymonth for 60/84/96 months, you will get a monthly payment after 62/86/98 months for the next period of 59/35/23 months plus an annual bonus at the end of each year commencing after start of repayment programme. The accumulated capital will remain intact.
CUMULATIVE BENEFIT DEPOSIT SCHEME:
It is an easy and convenient Savings Scheme. Under this scheme, fixed monthly instalments are accepted for 1 year, which is reinvested for next 4 years. At the end of the 5th year, you can take back a lumpsum. The scheme provides 3 more options, viz., facilitating fixed monthly instalments for 2/3/4 years and reinvesting the amount for 3/2/1 years respectively. At the end of 5 years you will get a lumpsum. Monthly instalments are as small as Rs.100/- and in multiples of Rs.5/- thereafter.
RECURRING DEPOSIT:
Save in monthly regular and convenient amounts and receive a lumpsum on maturity. You can open an account with just Rs.50/- and keep remitting for the period chosen by you. Or you can also leave a standing instruction for transfer of monthly instalments to the debit of your savings bank account. The interest is compounded quarterly. You can also get a loan on the amount paid and interest accrued thereon.
EASY DEPOSIT SCHEME:
The scheme is designed to cater to the needs of persons having flexible monthly income and also for executives, professionals, housewives, students and individual investors to build up a sum through monthly savings for a fixed period .
WEDDING DEPOSIT:
Take the strain out of savings. Investment in convenient monthly instalments, which are stepped up every year. You decide once and start the account; it gain momentum as months roll by. At the end you receive a lumpsum amount with compounded interest. Amount comes handy to celebrate the marriage of your daughter or son. The account can be opened for 63, 84 or 120 months.
EDUCATION DEPOSIT:
Devised to suit those people where expenses go up year after year not matching with the income. Monthly instalments are on a sliding scale - instalment amounts are higher in the first year and decrease progressively. At the end of the term you get a sizeable amount with compounded interest, which comes handy for your children's education.
MINOR'S ACCOUNT:
Inculcate the saving habit early in your children. If they are aged 10, they can operate their own accounts. Accounts of minor children can be opened by their parents / guardians. IOB offers the following plans for minors:
* Savings Bank Accounts
* Recurring Deposits
* Fixed / Special Fixed/Reinvestment Deposits
(Maximum amount acceptable under SB account is Rs.50,000/- -and there is no ceiling in the case of term deposit in the case of minors). All schemes offer normal interest as applicable for adults.
SANJEEVI DEPOSIT SCHEME:
Under Sanjeevi Deposit Scheme, automatic over-draft is allowed to the deposits upto 85% of their deposit amount.
NOMINATION FACILITY:
Nomination facility is available for all deposits in personal name and for Safe deposit lockers and items in safe custody.