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Last Updated on 24/02/2023

Domestic Rates

Period of Deposit	Existing Rates For Deposits below Rs. 2 Crore W.E.F 10.01.2023 (in %)	Revised Rates For Deposits below Rs. 2 Crore W.E.F 10.02.2023 (in %)
7-14 Days *	4.50	4.50
15-29 Days	4.50	4.50
30-45 Days	4.50	4.50
46-60 Days	4.75	4.75
61-90 Days	4.75	4.75
91-120 Days	4.20	4.30
121-179 Days	4.20	4.30
180-269 Days	4.85	4.95
270 Days to < 1 Year	5.25	5.35
1 Year to < 2 Years (Except 444 Days)	6.40	6.45
444 Days	7.00	7.00
2 Years to < 3 Years	6.40	6.40
3 Years and Above	6.50	6.50

* Minimum Amount Rs. 1.00 Lakh

For Domestic Retail Term Deposits:

Interest rate for IOB Tax Saver Deposit shall continue to be at 6.50%.
For Senior Citizens Additional Rate of 0.50%and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues.
For Retired Staff, applicable interest rate will continue to be governed by guidelines issued vide Planning Department Circular No. Dep/54/2019-20 dated 21.12.2019.

The Revised Interest Rates on NRE Retail Term Deposit w.e.f 10.02.2023 are as follows:

Period of Deposit	Existing Rates For Deposits below Rs. 2 Crore w.e.f. 10.01.2023 (in %)	Revised Rates For Deposits below Rs. 2 Crore w.e.f. 10.02.2023 (in %)
1 Year to < 2 Years (Except 444 days)	6.40	6.45
444 Days	7.00	7.00
2 Years to < 3 Years	6.40	6.40
3 Years and Above	6.50	6.50

For Deposits of Rs. 2 Crore and Above

For Deposits of Rs. 2 Crore and Above, Branch has to take Prior Permission for Rate of Interest from Treasury Department, Central Office.

Fore Closure Charges

Description	Fore Closure 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 Lakh but Below Rs. 2 Crore	1.00%
Bulk Deposits of Rs. 2 Crore & Above	1.00%