Indian Overseas Bank is offering interest rates of 6.75% for general customers, 7.25% for senior citizens, and up to 7.50% for super senior citizens on its 444-day FD scheme. On a 2-year FD of ₹2 lakh, super senior citizens will receive ₹2,30,908 on maturity, which includes a fixed interest of ₹30,908.
FD Scheme: Indian Overseas Bank has introduced attractive interest rates on its 444-day and 2-year FD schemes. General citizens will earn 6.75%, senior citizens 7.25%, and super senior citizens (above 80 years) 7.50%. For example, on a deposit of ₹2 lakh in a 2-year FD, super senior citizens will receive a total of ₹2,30,908 on maturity, which includes a fixed interest of ₹30,908.
444-Day Special FD Scheme
Indian Overseas Bank's 444-day FD scheme offers 6.75% interest for general customers and 7.25% for senior citizens. Super senior citizens (above 80 years) are receiving a bumper interest of 7.50% on FDs of this tenure. This scheme by the bank is beneficial for those who wish to make secure investments with assured returns.
The interest rate on deposits made in the bank varies according to age and deposit tenure. For general customers, a 2-year FD earns 6.50%, for senior citizens 7.00%, and for super senior citizens 7.25%.
Benefit of Fixed Returns
On depositing ₹2 lakh in this scheme, a general customer will receive a total of ₹2,27,528 on maturity, which includes ₹27,528 in fixed interest. Senior citizens will receive ₹2,29,776 on a ₹2 lakh deposit, with ₹29,776 being interest. Super senior citizens will receive ₹2,30,908 on maturity for the same amount, which includes ₹30,908 in fixed interest.
Experts suggest that this FD scheme from the bank is ideal for those who avoid risky investments and seek safe returns. Being a public sector bank, it instills confidence in investors regarding the safety of their funds.
FDs Available for Shorter Tenures Too
Indian Overseas Bank offers its customers the facility of Fixed Deposits ranging from 7 days to 2 years. Short-term FDs are beneficial for those who require liquidity for emergency needs.
The bank's interest rates range from 3.50% to 7.50%. These rates vary according to the investor's age and deposit tenure. Super senior citizens receive higher interest compared to other customers.
Other Features of Fixed Deposits
This FD scheme from Indian Overseas Bank is considered beneficial from both tax and investment security perspectives. Investors can deposit amounts according to their needs and tenure. The interest earned on FDs can be regularly credited to the bank account or directly upon maturity.
Experts state that in times of economic uncertainty, Fixed Deposits are a safe and reliable option. Investing in FD schemes of public sector banks not only provides investors with a fixed amount of interest but also ensures the safety of their principal capital.
Who is this Scheme For
This scheme is for general citizens, senior citizens, and super senior citizens. The 444-day FD is specifically designed for those looking for high interest in the medium term. The bank has increased the interest rate for super senior citizens to provide them with greater benefits.
The details of the deposit amount and interest under this scheme are clearly made available by the bank to its customers. Customers can open an FD conveniently online or by visiting a branch.
