Indian Overseas Bank FD Calculator
IOB FD rates on Domestic/NRO Deposits of below Rs. 2 Crore - General Public
| Tenure | Regular Citizens |
| 7-14 days * | 3.25 |
| 15-29 days | 3.25 |
| 30-45 days | 3.35 |
| 46-60 days | 3.75 |
| 61-90 days | 3.75 |
| 91-120 days | 4.1 |
| 121-179 days | 4.1 |
| 180-269 days | 4.65 |
| 270 days to less than 1 year | 4.65 |
| 1 year to less than 2 years (except 444 days) | 5.6 |
| 444 days | 5.65 |
| 2 years to less than 3 years | 5.6 |
| 1000 days | 6 |
| 3 years and above | 5.85 |
Note: The FD interest rates are effective as of 13 September 2022
IOB FD rates on Domestic/NRO Deposits of below Rs. 2 Crore - Senior Citizens
| Tenure | Senior Citizens |
| 7-14 days * | 3.75 |
| 15-29 days | 3.75 |
| 30-45 days | 3.85 |
| 46-60 days | 4.25 |
| 61-90 days | 4.25 |
| 91-120 days | 4.6 |
| 121-179 days | 4.6 |
| 180-269 days | 5.15 |
| 270 days to less than 1 year | 5.15 |
| 1 year to less than 2 years (except 444 days) | 6.1 |
| 444 days | 6.15 |
| 2 years to less than 3 years | 6.1 |
| 1000 days | 6.5 |
| 3 years and above | 6.35 |
Note: The FD interest rates are effective as of 13 September 2022
IOB FD rates on Domestic/NRO Deposits of below Rs. 2 Crore - Super Senior Citizens
| Tenure | Super Senior Citizens |
| 7-14 days * | 4 |
| 15-29 days | 4 |
| 30-45 days | 4.1 |
| 46-60 days | 4.5 |
| 61-90 days | 4.5 |
| 91-120 days | 4.85 |
| 121-179 days | 4.85 |
| 180-269 days | 5.4 |
| 270 days to less than 1 year | 5.4 |
| 1 year to less than 2 years (except 444 days) | 6.35 |
| 444 days | 6.4 |
| 2 years to less than 3 years | 6.35 |
| 1000 days | 6.75 |
| 3 years and above | 6.6 |
Note: The FD interest rates are effective as of 13 September 2022
IOB Tax Saver Deposit - General Public
| Tenure | Regular Citizens |
| 5 years to 10 years | 5.85 |
IOB Tax Saver Deposit - Senior Citizens
| Tenure | Senior Citizens |
| 5 years to 10 years | 6.35 |
Interest Rates on NRE deposits of less than Rs 2 crore
| Tenure | Interest Rates (% p.a.) |
| 1 year to less than 2 years (except 444 days) | 5.65 |
| 444 days | 5.7 |
| 2 years to less than 3 years | 5.7 |
| 3 years and above | 5.85 |
Note: The FD interest rates are effective as of 13 September 2022
Interest Rates on NRE deposits of less than Rs 2 crore
| Tenure | Interest Rates (% p.a.) | ||||||||
| USD | GBP | EUR | JPY | CAD | AUD | CHF | NZD | SGD | |
| 1 year to less than 2 years | 2.95 | 2 | 0.03 | 0.03 | 0.5 | 0.7 | 0 | 1 | 0.42 |
| 2 years to less than 3 years | 3.05 | 2.1 | 0.15 | 0.05 | 1.6 | 1 | 0 | 1.2 | 0.89 |
| 3 years to less than 4 years | 3.15 | 2.15 | 0.15 | 0.05 | 1.8 | 1.25 | 0.02 | 1.4 | 1.09 |
| 4 years to less than 5 years | 3.15 | 2.2 | 0.15 | 0.05 | 1.9 | 1.55 | 0.02 | 1.5 | 1.23 |
| 5 years only | 3.15 | 2.25 | 0.15 | 0.05 | 1.95 | 1.85 | 0.02 | 1.6 | 1.39 |
Note: The FD interest rates are effective as of 1 September 2022
Interest Rates on RFC deposits
| Tenure | Interest Rates (% p.a.) | |||||
| USD | GBP | EUR | JPY | CAD | AUD | |
| 6 months to less than 1 year | 1.3 | 0.85 | 0 | 0 | 0.15 | 0.05 |
| 1 year to less than 2 years | 2.95 | 2 | 0.03 | 0.03 | 0.5 | 0.7 |
| 2 years to less than 3 years | 3.05 | 2.1 | 0.15 | 0.05 | 1.6 | 1 |
| 3 years | 3.15 | 2.15 | 0.15 | 0.05 | 1.8 | 1.25 |
Note: The FD interest rates are effective as of 1 September 2022
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Indian Overseas FD Calculator
Fixed deposit of Indian Overseas Bank offers high interest rates and has flexible tenures. FD is a safe investment option, offering guaranteed returns and low risk. It is a suitable investment avenue for risk-averse investors.
However, estimating the FD maturity amount can help in choosing the right tenure and investment amount. This can help you get returns suitable for your financial goals. In this regard, you can use an online IOB FD calculator. Here’s more about this calculator.
Indian Overseas Fixed Deposit (FD) Calculator
Fixed deposits of Indian Overseas Bank are quite attractive as it offers the highest interest rate of 6.55% p.a. for regular citizens and 7.05% p.a. for senior citizens for deposits below ₹2 crore. Senior citizens are eligible to receive 0.50% more than the base rates while super senior citizens can get an additional 0.75%. However, these rates vary as per your chosen tenure. For instance, investing for a shorter lock-in period signifies that your money will earn a lower interest rate and vice versa.
Therefore to avail of the highest interest rate from this financial institution, it is necessary to opt for a longer tenure FD. To figure out how much interest your fixed deposit earns at the end of your chosen tenure, IOB FD calculator can help you. This calculator is a great tool to compute accurate results based on your chosen investment tenure and the corresponding interest rate applicable. All you have to do is enter the required data in this calculator and it will generate the output instantaneously.
How Does the Indian Overseas Bank FD Calculator Work?
To use this simple calculator, all you need to provide information including the Indian overseas bank fixed deposit interest rate, investment tenure, and fixed deposit amount on the required box. Then, based on your inputs, this calculator will provide you with the total interest you will earn by the end of the investment tenure.
Additionally, you can adjust the inputs and find the maturity amount for different rate of interest and investment amounts.
FDs can be of two types: Compound interest FD and Simple interest FD.
In the case of compound interest the formula for maturity amount is:
A = P (1 + r/n) ^ n*t
Where,
A = The amount you will receive during maturity
P = Your total deposit amount
t = Investment tenure
r = Rate of interest
n = Number of times interest is compounded. For instance, n equals to 2 for half-yearly compounding and 4 for quarterly compounding.
To further clarify how this critical formula works, you can refer to the example given below:
Suppose, you want to invest ₹6 lakhs in an IOB FD for 8 years at an annually compounding interest rate of 6.1% p.a.
From the above information, your maturity value will be:
P = ₹ 6,00,000
t = 6 years
n = 1
r = 6.1/100 = 0.061
So, A = 600000 (1+0.061/1) ^ 1 x 8 = ₹9,63,550 and the interest amount you will receive is
A-P = ₹ (9,63,550 – 6,00,000) = ₹3,63,550.
On the other hand, in the case of simple interest the formula is:
M= P+ (PXRXT/100)
Where,
M = Your maturity amount
T = tenure of investment
R = Indian overseas bank interest rate for fixed deposit
P = Investment amount.
So, it is evident that manual calculations of such complexity can take a long time.
Benefits of an Online Indian Overseas Bank FD Calculator
Besides knowing how this calculator works, you must know the different benefits of using this tool. Here is the list of a few prominent benefits that you can look forward to from this calculator:
- This calculator is user-friendly and involves no complicated procedures, offering convenience. You can check the accrued interest promptly.
- This calculator provides accurate results. However, in case of manual calculations, the calculation process can be long and cumbersome, thereby leading to mistakes. This tool will eliminate such issues.
- You can easily alter different parameters on this calculator. This will help you compare returns for different tenures and investment amount and help to choose a suitable FD scheme.
- It is a free tool and can be accessed anytime you want.
So, check the different terms and rates available for fixed deposits of Indian Overseas Bank and make a decision.
With the Upstox IOB FD calculator, you can seamlessly calculate the interest that your investment amount will earn through a fixed deposit of Indian Overseas Bank.
Frequently Asked Questions
What is the highest interest rate of Indian Overseas Bank?
Currently, you can get the highest interest rate of 6.55% for general citizens in case of making an investment below ₹2 crore for a tenure of 444 days.
Are there any special rates for senior citizens FD of Indian Overseas Bank?
Yes, this financial institution offers an additional interest of 0.50% for seniors and 0.75% for super senior citizens for deposits below ₹2 crore for tenure ranging from 7 days to more than 3 years.
What is the minimum amount you can invest in IOB FDs?
The minimum amount to make an investment with Indian Overseas Bank FDs is ₹1000.
What is the maximum amount you can invest in IOB FDs?
There is no such maximum investment limit on FD.
Can I withdraw FD from Indian Overseas Bank prematurely?
Yes, you can withdraw premature FD from IOB, in case you want money before the tenure ends.
What is the penalty for early withdrawal in IOB FD?
In case of premature withdrawal you might have to pay a penalty fee ranging from 1% for the principal amount above ₹5 lakhs but below ₹2 crore of FD amount.
Can a customer open a term deposit account online in IOB?
Yes, you can open a term deposit account online. It is required to have a valid internet banking ID and password.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.