IOB FD Rates
On deposits maturing in 7-45 days, the bank has hiked the interest rate by 75 bps from 3.75% to 4.50% and on those maturing in 46-90 days, IOB has hiked the interest rate by 70 bps from 4.05% to 4.75%. IOB will continue to pay 4.20% interest on deposits that mature in 91-179 days, while the bank will pay 4.85% interest on deposits that mature in 180-269 days. Deposits that mature in 270 days to a year will still earn interest at a rate of 5.25%, and those that mature in a year to a two-year period (apart from 444 days) will still earn interest at a rate of 6.40%.
IOB guarantees an interest rate of 6.55% on deposits with a tenor of 444 days, while the bank offers a rate of 6.40% on deposits with a tenor of 2 to 3 years. Deposits with maturities of three years or longer will earn interest at a rate of 6.50%. IOB Tax Saver Deposit interest rates will stay at 6.50% for the general public and 7% for elderly individuals. The bank continues to provide a senior citizen additional rate of 0.50% and a super senior citizens additional rate of 0.75% for those who are 80 years or older.
Along with IOB, PNB has announced a rise in interest rates for savings accounts and fixed deposit accounts under ₹2 Cr. at the beginning of the new year. Savings account interest rates have increased by 25 basis points thanks to PNB, while fixed deposits will experience rises of up to 50 basis points across a range of tenors. As of today, January 1, 2023, Punjab National Bank's new fixed deposits and savings account interest rates are in effect.
