Business
oi-Vipul Das
Indian Overseas Bank (IOB), a public sector lender, has revised its interest rates on savings bank deposits. The new rates come into effect on January 5, 2022, according to the bank’s official website. Following the current modification, the bank now grants an interest rate of 2.90% on both balances up to Rs 25 lacs and above Rs. 25 lacs. The revised interest rates apply to account types such as domestic, with checkbook, no checkbook, no frills account, non-resident, NRO and NRE.
Indian Overseas Bank Savings Account Interest Rates
| Savings bank A/c. | Interest rate on balance up to Rs 25 Lacs | Interest rate on balance above Rs 25 Lacs |
|---|---|---|
| National | 2.90% | 2.90% |
| With checkbook function | 2.90% | 2.90% |
| Without checkbook function | 2.90% | 2.90% |
| No frills account | 2.90% | 2.90% |
| Non-resident | 2.90% | 2.90% |
| NRO | 2.90% | 2.90% |
| ENR | 2.90% | 2.90% |
| Source: Bank website |
Indian Overseas Bank (IOB) minimum balance limit
Based on different locations, Indian Overseas Bank (IOB) allows installments below the balance as a minimum deposit on savings accounts. In rural and semi-urban branches, you must maintain a minimum balance of Rs. 100/- for checkless accounts and Rs. 500/- for check-processed accounts. In other branches, it is Rs.500 for checkless accounts and Rs.1000 for check accounts. The minimum balance required for pension accounts is Rs. 5 for checkless accounts and Rs. 250 for check managed accounts.
| Details | Rural | Semi-urban | Urban | Other branches | Pensioners SB account |
|---|---|---|---|---|---|
| With checkbook function | 500 | 500 | 1000 | 1000 | 250 |
| Without checkbook function | 100 | 100 | 500 | 500 | 5 |
| No frills account | 5 | 5 | – | – | – |
| Source: Bank website |
Article first published: Sunday, February 6, 2022, 5:25 p.m. [IST]
