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THIS bank increases interest rate on FDs; check new rate, policy terms & more details
Some banks are increasing the interest rates on FDs. Following suit, the Indian Overseas Bank (IOB) has increased the interest rates on FDs. By making investments in FDs, you may take advantage of this wave of change and profit handsomely. Continue reading to find out relevant aspects of this by going through the article.
Highlights
- RBI hiking the repo rate in tranches.
- IOB has increased the interest rate on FDs.
- The new rule will come into effect from September 13.
New Delhi: To control inflation, RBI continues increasing repo rates from two previous quarters. The regulatory body hiking the repo rates in tranches. As RBI continue to increase the repo rate from the previous two financial quarters, as a result, public and private lenders also increased interest rates on loans. However, some banks are also increasing the interest rates on FDs. Following suit, the Indian Overseas Bank (IOB) has increased the interest rates on FDs.
By making investments in FDs, you may take advantage of this wave of change and profit handsomely. This is also traditionally regarded as one of the most secure forms of investment. Let's have a look at the interest rate, policy terms, and many more offers that the bank is offering. Here're all the relevant aspects of the new rule of the bank. (Also Read: LIC Saral Pension Yojana: Pay single premium, get every month Rs 50,000 for a lifetime)
New rule
The new interest rate will come into effect from tomorrow, September 13. The bank has increased the rate on the FDs amounting to less than 2 crores. (Also Read: SBI launches SMS service for FASTag customers; check details here)
Policy terms
A bank is offering a 3.25 percent interest rate on the FDs maturing in 3 to 29 days. 3.35 percent interest rate is offered by the lender at the FDs of 30 to 45 days. As per the revised rate of the bank, a 3.75 percent interest rate is offered at the FDs maturing in 46 to 90 days.
The nationalised bank is offering a 4.1 percent interest rate on the FDs maturing in 91 to 120 days and the same for 121 to 179 days. 4.65 percent interest rate is offered by the bank on the FDs maturing in 270 days. 5.5 percent interest rate is offered by the bank on the FDs going to mature in 1 to 2 year
A special scheme
A special FD scheme was launched by the bank. The maturity period of the scheme is 444 days. The interest rate on the FDs is 5.65 percent. If you want to invest for 2 to 3 years, you will get a 5.60 percent interest rate. If the maturity period of the FD is 1000 days, the bank offers a 6 percent interest rate.