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IOB FD Interest Rates for Senior Citizens & Non-Senior Citizens

The IOB FD interest rates promise generous returns across investment routes. The FD rates differ as per the customer type (regular, senior citizen, NRI, etc.) and the length of the tenor. Here are the Indian Overseas Bank fixed deposit interest rates.


Indian Overseas Bank FD rates (w.e.f 10.01.2023) in %

With senior citizen benefit of 0.50%

With senior citizen benefit of 0.75%

7 to 14 days




15 to 29 days




30 to 45 days




46 to 60 days




61 to 90 days




91 to 120 days




121 to 179 days




180 to 269 days




270 days to less than 1 year




1 year to less than 2 years

(Not including 444 Days)




444 days




2 years to less than 3 years




3 years and more




The Indian overseas bank FD rates go up to 7.75%, and for the best rate you should consider the scheme for 444 days. 


Do note that these rates are for deposits of less than ₹2 Crore. For deposits of ₹2 Crore, a customer support staff will help you get the best FD rate. Note also, that the rate for 7–14 days requires a minimum investment of ₹1 Lakh.

IOB FD Calculator

Deposit Amount
Interest Rate
Interest Payout
Your Total Maturity Amount is
Your Total Maturity Amount is
Total Investment
Total Interest Earned

IOB Tax Saver FD Rates

The Indian Overseas Bank fixed deposit interest rates for regular and senior citizen investors are 6.50% and 7% respectively.

IOB NRE Deposit FD Rates

Indian overseas bank fixed deposit rates for NRE accounts are as follows.


Interest rate (w.e.f 10.01.2023) in %

1 year to less than 2 years

(Not including 444 days)


444 days


2 years to less than 3 years


3 years and more


You can use an IOB FD calculator to forecast your maturity value. Barring the floating rate FD scheme, the others offer fixed returns. Hence, the IOB fixed deposit interest rates calculator will predict your returns at the end of the tenor accurately.


Here are the kind of results you can get from the IOB fixed deposit calculator.


FD Rate


Maturity Value


6.50% (regular)

5 years



7.00%  (senior citizen)

5 years


Use the Indian overseas bank fixed deposit interest rates calculator to select the right principal and tenor. Once you know your goals, you can tweak values on the IOB FD interest rates calculator to achieve the maturity value you need.

List of IOB Fixed Deposit Schemes

Below is the list of IOB fixed deposit schemes:

  • Reinvestment deposit plan

  • IOB Eighty Plus TD

  • Vardhan – Deposit for senior citizens

  • Floating rate deposit

  • Special fixed deposit (M-Q)

  • Multiple Deposit Plan I and II

  • NRO Tax Saver

  • IOB Saral

  • IOB Suvidha

  • Unfixed deposit

  • FCNR deposit

  • RCF deposit



Reinvestment Deposit Plan

It helps you maximise the effect of the current Indian overseas bank FD rates by benefitting from the power of compounding.

  • Reinvest the interest earned to earn interest on interest

  • Get a loan of up to 90% of the principal and interest accrued

  • Make a premature withdrawal without any penalty

  • Start investing with as little as ₹1,000

IOB Eighty Plus TD

This special scheme offers an interest rate benefit over and above the IOB senior citizen interest rate.

  • Apply as a super senior citizen, aged 80 and above

  • Get additional rate benefit of 0.25% over IOB FD rates for senior citizen (total rate benefit is 0.75%)

  • Invest flexibly over 6–120 months

  • Benefit from nomination facility

  • Avail a loan of up to 90% of the FD value at a nominal rate

  • Book an FD with ₹1,000 or more 

Vardhan – Deposit for Senior Citizens

This is the official Indian overseas bank senior citizen scheme. IOB senior citizen FD rates are typically 0.50% higher than the prevailing card rates.

  • Benefit from up to 0.50% rate hike on the current IOB FD rates

  • Get a free international debit card

  • Invest flexibly for 15 days to 120 months

  • Open an FD with ₹5,000 or more

  • Book a joint IOB FD with another senior citizen or a regular customer

Tax Saver FD Scheme

With this IOB fixed deposit, you can claim a deduction of up to ₹1.5 Lakhs under Section 80C of the Indian Income Tax Act.

  • Open a tax saving FD as an individual, a Karta of an HUF, or jointly

  • Invest ₹10,000 – ₹1,50,000 in an account in a financial year

  • Claim an income tax deduction of up to ₹1.5 Lakh under Section 80C

  • Take back maturity proceeds after 5–10 years

  • Pick between reinvestment deposit (RDP), fixed deposit or special fixed deposit (SFD)

  • Transfer your deposit between IOB branches

  • Opt to have interest paid monthly, quarterly, or bi-yearly

  • Get a rate hike of 0.50% on the current IOB fixed deposit interest rates as a senior citizen

  • Benefit from nomination facility

Floating Rate Deposit

For this FD, the IOB bank FD rates are not fixed through the tenor. They are linked to the G Sec rates and are reset once in 6 months.

  • Start and FD as an individual, jointly, for a minor, as an HUF, trust, company, or firm

  • Choose from a flexible tenor of 3–10 years

  • Ensure your FD rate matches the 5- or 10-year G Sec rate (based on tenor of FD)

  • Benefit from no upper limit on deposit amount (minimum amount is ₹1 Lakh)

  • Get interest payouts every quarter

  • Close your FD prematurely after completing 3 years

  • Obtain a loan of up to 90% of the FD value

Special Fixed Deposit (M-Q)

Here, the “M” stands for “monthly” and “Q” for “quarterly”. This IOB FD offers interest payments every month or quarter. Be aware that the Indian Overseas bank FD interest rates depend on the payout frequency. With monthly payouts, the FD rate will be lower.

  • Get interest payouts every month or quarter (Ideal for senior citizens or those on a pension)

  • Invest with ₹3,000 or more

  • Receive maturity proceeds after a tenor of 6–120 months

Multiple Deposit Plan I

You can make several deposits under an FD account, and each payment is treated as a separate deposit which matures after a specified period. You get a single Indian overseas bank FD passbook that contains each remittance along with details like the interest rate and maturity value.

  • Apply as an individual

  • Start investing with as little as ₹100

  • Choose a tenor between 6 and 120 months

  • Benefit from interest compounded quarterly and paid at maturity

Multiple Deposit Plan II

This scheme is very similar to Multiple Deposit Plan I and extends to you the facility of withdrawing part of the deposit amount by closing some units while earning from the rest.

  • Apply as an individual, jointly, or as an institution, company, firm, society, etc.

  • Start investing with as little as ₹10,000

  • Choose a tenor between 6 and 120 months

  • Benefit from interest compounded quarterly and paid at maturity

NRO Tax Saver

This is a special IOB FD plan you can opt for if you are a Non-Resident of Indian Origin (NRO) with income other than investment income. 

  • Book an IOB FD with ₹10,000 – ₹1,50,000

  • Invest flexibly over 5–10 years

  • Get a tax exemption of up to ₹1.5 Lakh under Section 80C 

IOB Saral

In this Indian overseas bank fixed deposit scheme, your investment is broken up into a number of units of small value. You can withdraw some units and continue to earn interest on the rest.

  • Apply as an individual, NRI, NRO, or minor

  • Invest with ₹10,000 or more (no upper limit)

  • Pick a tenor ranging from 1–10 years

  • Earn interest on interest

  • Withdraw prematurely at nil to nominal rates

IOB Suvidha

With this plan, you get an IOB FD with a cash credit facility. 

  • Apply as an individual, NRI, NRO, firm, corporate, PSU, HUF, trust, society, or institution

  • Invest ₹1 Lakh or more

  • Pick a tenor of 15–120 months

  • Get a cash credit limit of up to 90% of the principal amount

  • Benefit from a top-up facility

  • Avail a debit and credit card


Having considered these facets of the IOB fixed deposit, set aside funds and grow your wealth at leading FD interest rates. Start your investment journey with top assets from Bajaj Markets.


The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

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Yes, you can open an FCNR or RCF account in a currency such as USD, GBP, EUR, JPY, CAD, AUD, CHF, NZD, SGD.

You can get up to 7% as a regular customer, 7.5% as a senior citizen, and 7.75% as a super senior citizen on an FD for 444 days.

You can open an FD online via the net banking portal, on the IOB mobile application, or at a physical branch.

Yes, interest earned on all IOB FDs, including the tax saver FD, is taxed according to your tax slab. TDS will be deducted. If your income is below the taxable amount, submit form 15G or 15H to avoid TDS being cut.

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