This article offers a brief summary of the key aspects of the Indian Overseas Bank‘s Flexi Recurring Deposit schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
IOB Bank – Flexi Recurring Deposit Features:
- The depositor can choose a monthly deposit between Rs. 1000.00 and Rs. 100000.00 (core).
- There’s no limit on the number of monthly credits, capped at 10 times the core amount.
- For instance, with a core amount of Rs. 5000/-, the monthly installment can range from Rs. 5000.00/- to Rs. 50000.00/- in multiples of Rs. 100/-.
Key features:
- Core amount: Rs. 1000/- to Rs. 1 lac per month.
- Deposit period: Minimum 12 months (multiples of 6 months, e.g., 18, 24 months) to Maximum 120 months.
- Interest Rate: Based on daily products, following Term Deposit rates.
- Pre-Closure Charges: As per applicable guidelines.
- Loan Facility: Up to 90% of the accrued deposit balance.
- Nomination Facility: Available.
How to invest?
Click here to invest in the Indian Overseas Bank’s Flexi Recurring Deposit schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.