Indian Overseas Bank FD Interest Rates

Senior citizens get a higher interest rate when compared to the other cadre of citizens. The Fixed Deposit scheme is available in three modes - The quarterly payout scheme where the interest can be withdrawn every quarter from the start date of the investment, the monthly payout scheme where the customer can withdraw the interest every month if he chooses, and collecting the interest along with the final amount during the maturity period.

Indian Overseas Bank Fixed Deposits

This private sector bank which has its branches spread across the south of India is helping thousands through its FD scheme.

Saving efficiently is the key to having a safe and secure future. The Indian Overseas bank sees the importance of this fact. This bank based out of Chennai, Tamil Nadu has grown and expanded across India. A major reason to that is the products that they offer. Among their noteworthy products is the Deposit schemes. There are two kinds of deposits- the fixed deposit and the recurring Deposit.

About Indian Overseas Bank’s Fixed Deposit Interest Rate Calculator

Indian Overseas Bank’s Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

• The amount that is invested

• The Rate of Interest offered

• The tenure of the Fixed Deposit Account

• The compounding period, that is, yearly, half-yearly, quarterly, or monthly

• The FD Amount

Once entered the following details, an investor will come to know:

• The maturity value of the FD

• The total interest earned during the complete tenure

Indian Overseas Bank Fixed Deposit Rates in India

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits - Upto Rs. 1 cr (As on Dec 01, 2021)

For Domestic Deposits - Upto Rs. 25 lakh (As on Dec 01, 2021)

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Tax Implications

1. The amount invested in Fixed Deposit with a tenure of 5 years with Indian Overseas Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
2. The applicable tax will be deducted at source, i.e. Indian Overseas Bank, in case the annual interest earned crosses Rs. 10,000.

For NRO Fixed Deposit - Upto Rs. 1 cr (As on Dec 01, 2021)

For NRE Fixed Deposit - Upto Rs. 1 cr (As on Dec 01, 2021)