Indian Overseas Bank FD online calculator will help you calculate the interest that your money will earn when kept in a fixed deposit in Indian Overseas Bank. This will give the details of investment that's the principal amount on maturity after the interest is compounded on days or a monthly, quarterly, half-yearly and yearly basis. To learn about how your fixed deposit earns interest and how much will be your earning at the end of the tenure chosen, Goodreturns online calculators will help you.
Indian Overseas Bank fixed deposit is a great way to save money for a period of time, if you are looking at getting your invested money safely along with good returns on your investment, then fixed deposit is the way to go. Checking the Indian Overseas Bank fixed deposit interest rate and making the decisions is now very easy.
Features of Fixed Deposits in Indian Overseas Bank
• Investors can open fixed deposits in Indian Overseas Bank either by visiting the nearest bank branch or through online mode.
• The rate of interest offered by the bank varies in the range between 4.50% per annum – 6.80% per annum based on the tenure of the deposits.
• The rate of interest will differ for the senior citizens and it will be more when compared with the regular citizens.
• One can avail loans on the term deposits up to the tune of 90% of the principal by pledging the term deposit certificate.
• The variable deposit period ranges between 6 months to 120 months.
• If a depositor wishes to withdrawn the fixed deposit, he/she can do so any time even before the maturity of the deposit without facing any hassles. But a premature penalty charges will be levied on the depositor in case of early withdrawal.
• The minimum amount to be invested by a depositor for term deposit is Rs 1,000.
• One can choose to deposit for a fixed deposit in multiples of Rs 100.
• Nomination facility for term deposits in Indian Overseas Bank is available.
• Tax saving deposit is available in the bank and the tenure for the same ranges between 5 years to 10 years.
• The minimum amount of deposit for Tax Savings Scheme is Rs 10,000 per annum.
• The maximum amount of deposit accepted for Tax savings is restricted to Rs 1,50,000 per annum.
• The deposits for fixed tenure is accepted across all the branches of Indian Overseas Bank.
• The deposits can be accepted either in the form of reinvestment deposit (RDP) or Fixed Deposit (FD) or Special Fixed Deposit (SFD).
• The investor can choose to opt for the payment of interest on deposits. Interests are paid on monthly, quarterly, half-yearly and yearly basis.
• If an investor wishes to transfer deposits from one branch of Indian Overseas Bank to another one they can do so by intimating the respective bank branches and the staff members.
• In case of loss of the fixed deposit receipt, the depositor can get a duplicate receipt on furnishing an indemnity at the respective bank branch.
• If the interest on the fixed deposit exceeds Rs 10,000 per annum then the same is eligible for TDS (Tax Deducted at Source).
• The interest rates on fixed deposits is subject to change purely at the discretion of Board of Directors of Indian Overseas Bank.