Big news received in the new year, this government bank increased interest rates on FD, know the latest rates
There is good news for those making fixed deposits in the new year. Indian Overseas Bank has increased the rates of fixed deposits.
Highlights
- Increase in interest rates on fixed deposits of less than Rs 2 crore
- New rates of Indian Overseas Bank effective from January 1, 2023
- Effect of increasing the repo rate
New Delhi. On the first day of the new year, there was good news for the customers of the public sector Indian Overseas Bank. Actually, the Indian Overseas Bank has increased the interest rates on Fixed Deposits (FD). Explain that after increasing the repo rate by RBI, banks are increasing the rates of FD.
According to the official website of the bank, the new rates have come into effect from January 1, 2023. The bank has increased the interest rates on FDs of less than 2 crores. After the change, the bank has increased FD interest rates by up to 75 bps on 7 to 90 days tenure.
Indian Overseas Bank FD Rates
- 7 to 14 days – 4.50%
- 15 to 29 days – 4.50%
- 30 to 45 days – 4.50%
- 46 to 60 days – 4.75 percent
- 61 to 90 days – 4.75%
- 91 to 120 days – 4.20 percent
- 121 to 179 days – 4.20%
- 180 to 269 days – 4.85 percent
- 270 days to < less than one year – 5.25%
- One year < less than 2 years (Except 444 days) – 6.40%
- 444 days – 6.55 percent
- One year to < less than 3 years – 6.40%
- 3 years and above – 6.50 percent
RBI has increased the repo rate 5 times this year
The Reserve Bank increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.
Many banks have increased the rates of fixed deposits
It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank, etc. have also increased their FD rates. This process of increasing FD rates started after the increase in repo rates by RBI.
