For the seventh time in a row, the Reserve Bank of India hasn’t changed its repo rate.
This means the repo rate remains at 6.50 percent. Even though the repo rate hasn’t changed,
the big government bank Indian Overseas Bank has increased the interest rates for certain fixed deposit (FD) schemes.
How much did the interest rate go up?
As per the info on Indian Overseas Bank’s official website, they’ve decided to raise the interest rates for selected FD schemes by 0.50 percent.
This increase applies to FD schemes with deposits less than Rs 2 crore. These new rates came into effect on Monday, April 15, 2024.
Now, let’s see the interest rate for the special 444-day FD scheme
According to their website, Indian Overseas Bank is offering a special FD scheme for 444 days.
They’re giving customers a maximum interest rate of 7.30 percent for deposits less than Rs 2 crore.
Senior citizens get an extra 0.50 percent interest, while super senior citizens (those above 80 years) get 0.75 percent extra.
Similar benefits are available for other periods
Indian Overseas Bank offers FD schemes ranging from 7 days to over 3 years. For general customers, they offer a 4.00 percent interest rate for FDs lasting 7 to 14 days, 4.50 percent for 15 to 29 days, and so on.
The interest rates vary for different durations, with senior citizens enjoying an additional 0.50 percent interest rate on each tenure.
