Welcome to Indian Overseas Bank

Domestic Rates

Savings Bank Interest Rates with effect from 1st October 2017
	Rate of Interest		Minimum Balance
Details	Balance Upto Rs. 25 Lacs	Balance Above Rs. 25 lacs	Rural	Semi Urban	Urban	Other Branches	Pensioners' SB account
1. Savings Bank A/c.
A. Domestic
a. With cheque book facility	3.5	4	500	500	1000	1000	250
b. Without cheque book facility	3.5	4	100	100	500	500	5
c. No Frills Account	3.5	4	5	5
B. Non Resident
a. NRO	3.5	4
b. NRE	3.5	4

Domestic Term Deposits & NRO Deposits:

Period of Deposit	Existing Rate (%) effective from 05.04.2018		Period of Deposit	New Rate (%) effective from 01.03.2019
	Up to less than Rs 1 Cr	Rs 1 cr and above		Up to less than Rs 2 Cr	Rs 2 crs and above
7-14 days*	4.50	Refer to Treasury for rates For Deposits of Rs 1 Crore and above, Branch has to take prior permission and rate of interest from Treasury Department, Central Office.	7-14 days*	4.50	Refer to Treasury for rates For Deposits of Rs 2 Crore and above, Branch has to take prior permission and rate of interest from Treasury Department, Central Office.
15-29 days	4.50		15-29 days	4.50
30-45Days	4.50		30-45Days	4.50
46 -60Days	4.60		46 -60Days	4.60
61-90 days	4.60		61-90 days	4.60
91-120 days	5.25		91-120 days	5.25
121-179 days	5.50		121-179 days	5.50
180 -269 days	5.75		180 -269 days	5.75
270 days --< 1 yr	6.25		270 days --< 1 yr	6.25
1 Year to < 2 years	6.60		1 Year to < 2 years	6.60
2 years to < 3 years	6.75		2 years to < 3 years	6.75
3 Years and above	6.80		3 Years and above	6.80

* Minimum amount Rs 1.00 Lakh

For Senior Citizens Additional Rate of 0.50% continues.
For the retired staff members, including Retired Senior Citizen Staff, the maximum additional interest rate benefit shall be capped at 1% over and above the card rate.
Interest rate for IOB Tax Saver Deposit stands at 6.80%.

For Deposits of Rs. 2 Crore and above

For deposits of Rs.2 Crore and above, Branch has to take prior permission and rate of interest from Treasury Department, Central Office.

The revised interest rates are attractive in each time period. Branches are advised to canvass more fresh retail deposits in all segments especially in longer term periods apart from renewing all deposits maturing for payment.

NRE Deposit Rates

Similar revision is applicable to NRE deposits also and it is furnished as under.

Period	Existing Rate (%) effective from 11.04.2018		Period	New Rate (%) effective from 01.03.2019
	Up to less than Rs 1 Cr	Rs 1 cr and above		Up to less than Rs 2 Cr	Rs 2 crs and above
1 year to <2 years	6.60	Refer to Treasury for rates	1 year to <2 years	6.60	Refer to Treasury for rates
2 yrs to <3yrs	6.75		2 yrs to <3yrs	6.75
3 Yrs and above	6.80		3 Yrs and above	6.80

Foreclosure Charges

Description	Foreclosure Charges
Retail Term Deposits upto Rs. 15000/-	Nil
Retail Term Deposits of Rs. 15,001/- up to Rs. 5 lakh	0.50%
Retail Term Deposits above Rs. 5 lacs but below Rs. 1 Crore	1.00%
Bulk Deposits of Rs. 1 crore & above	1.00%