In an unexpected move, Indian Overseas Bank (IOB) has lowered FD interest rates for various short-term tenures by 40 basis points at a time when other banks are increasing their bank fixed deposit interest rates.
When other banks are increasing their bank fixed deposit (FD) interest rates, in a surprising move Indian Overseas Bank (IOB) has slashed FD interest rates for various short-term tenures by 40 basis points. According to the IOB website, the new rates are effective from April 11, 2022.
According to the bank website, the interest rates on FDs with periods ranging from seven days to one year have been cut by 40 basis points by the bank. These FDs with tenure of 7-45 days will now earn 3 percent from 3.40 percent, beginning April 11, 2022.
The rates have been reduced by 40 basis points to 3.50 percent from 3.90 percent for tenures of 46 to 90 days. Bank customers will now earn 4 percent instead of 4.40 percent for terms ranging from 91 to 179 days.
Customers will earn 4.50 percent instead of 4.90 percent for a tenure of 180 days to less than one year.
The interest rates for one-year to three-year terms have remained unchanged. The minimum amount for fixed deposit for 7-14 days is Rs 1 lakh according to the IOB website.
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