IOB Interest Rate: Indian Overseas Bank Revises Savings Account Interest Rate

Indian Overseas Bank (IOB) has revised interest rates on savings accounts effective March 10, 2022.

According to the bank’s website, savings account holders would now get a maximum annual interest rate of 2.90% for balances above Rs 1 crore, and for balances below Rs 1 crore, the rate interest rate was set at 2.75%.

Indian Overseas Bank Savings Interest Rate

The Indian Overseas Bank also raised its longer-term deposit rates by 25 basis points, according to the bank’s website. The new interest rate will come into effect on March 10, 2022. The rates granted on term deposits over three years will now be 5.45%, compared to 5.20% previously. Interest rates for other FD maturity rates have not been changed by the IOB.

Interest rates for savings accounts from other banks

The State Bank of India offers an interest rate of 2.75% on the savings account for any amount. While Axis Bank savings account offers 3.00% for less than Rs 50 lakh, 3.50% for amount between Rs 50 lakh and 10 crore. IDFC First offers an interest rate of 4% for amounts below Rs 1 lakh and for an amount between Rs 1 lakh and 100Cr it offers between 4.50 and 5%.

The interest rate is calculated daily on the balance of the Savings Account, but is credited quarterly to the account on the first day of the following quarter with the exception of the fourth quarter when the interest amount is paid on the last day. quarter.