This article offers a brief summary of the key aspects of the Indian Overseas Bank‘s Floating Rate 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 – Floating Rate Deposit Features:
- The scheme accepts a minimum deposit of Rs. 1 lakh, thereafter in multiples of Rs. 10,000/-, without an upper limit for the deposit amount.
- Interest payouts occur quarterly, credited on the 1st working day of January, April, June, and September.
- For premature closure, there’s a foreclosure charge of 1.00%, deducted from the applicable interest on the deposit, recalculated every 1st of March and September.
- The deposit can be closed early after 3 years from the deposit date, provided a 10-day prior notice for premature closure is given.
- Closure is not permitted if the deposit hasn’t completed 3 years.
- A loan of up to 90% of the deposit amount is available.
- Interest on the loan is 2.00% over the Floating rate for self and 3% over the floating rate for third parties.
- Loan interest aligns with the deposit’s interest reset.
How to invest?
Click here to invest in the Indian Overseas Bank’s Floating Rate 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.