Investment
oi-Vipul Das
Interest rates on savings deposits have been changed by the Indian Overseas Bank (IOB), a public sector lender. The bank announced this on March 10, 2022, and following the change, savings account holders would now enjoy a maximum interest rate of 2.90% per annum. The Regular Savings Bank Account, The No-frills Savings Bank Account, IOB Savings Bank Gold I, IOB Savings Bank Gold II, IOB Savings Bank Silver I, IOB Savings Bank Silver II and the IOB SB Student are some of the bank savings account alternatives provided by the Bank.
However, in branches in rural and semi-urban areas, you must maintain a minimum level of Rs. 100/- for non-chequing accounts and Rs. 500/- for checking accounts on ordinary savings accounts. In other branches, it is 500 rupees for checkless accounts and 1,000 rupees for check accounts. The minimum balance required for pension accounts is Rs. 5 for checkless accounts and Rs. 250 for check accounts. Individuals, joint accounts, clubs, associations, trusts, government agencies, corporations (including cooperatives), educational institutions, associations and other non-commercial organizations, and minors over ten years, can all open a savings account with the Indian Overseas Bank.
To open a savings account, you will need an application form, ID, proof of address and photo ID. After that, you will enjoy amazing benefits like VISA/MASTER/RUPAY international debit card, instant resort check credit up to Rs.15,000/-, internet banking and mobile banking, ease of appointment, a standing instruction facility, easy transfer of funds, insurance benefits and 50 free checks per year.
Indian Banks Overseas Savings Account Interest Rates 2022
Here are the savings bank interest rates as of March 10, 2022.
| Savings bank account | Balance up to Rs. 25 lacs | Balance above Rs.25 Lacs up to Rs.1 Crore | Balance above Rs.1 Crore |
|---|---|---|---|
| With possibility of checkbook | 2.75 | 2.75 | 2.9 |
| Without the possibility of a checkbook | 2.75 | 2.75 | 2.9 |
| No frills account | 2.75 | 2.75 | 2.9 |
| Non-resident | 2.75 | 2.75 | 2.9 |
| NRO | 2.75 | 2.75 | 2.9 |
| ENR | 2.75 | 2.75 | 2.9 |
| Source: Bank website |
Indian Bank Overseas Savings Account Minimum Balance Requirement
| Savings bank account | Rural | Semi-urban | Urban | Other branches | Pensioners SB Account |
|---|---|---|---|---|---|
| With possibility of checkbook | Rs 500 | Rs 500 | Rs 1000 | Rs 1000 | Rs 250 |
| Without the possibility of a checkbook | 100 rupees | 100 rupees | Rs 500 | Rs 500 | Rs 5 |
| No frills account | Rs 5 | Rs 5 | |||
| Source: Bank website |
Fixed Deposit Interest Rates of Indian Banks Overseas
Interest rates for domestic/NRO/NRE retail term deposits have also been revised by the bank effective 10.03.2022. Following the amendment, the rate of increase for seniors of 0.50% remains unchanged, while the rate of increase of 0.75% for super seniors (80 years and over) remains unchanged.
| Period | For deposits below Rs. 2 crores |
|---|---|
| 7-14 days | 3.4 |
| 15-29 days | 3.4 |
| 30-45 days | 3.4 |
| 46-60 days | 3.9 |
| 61-90 days | 3.9 |
| 91-120 days | 4.4 |
| 121-179 days | 4.4 |
| 180-269 days | 4.9 |
| 270 days for | 4.9 |
| 1 year for | 5.15 |
| 444 days | 5.2 |
| 2 years for | 5.2 |
| 3 years and over | 5.45 |
| Source: Bank website |
Article first published: Monday, March 14, 2022, 9:54 a.m. [IST]
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