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Personal Banking

Last Updated on: 01/05/2023

IOB Saral


Individuals including NRIs and minors

Special Feature

Term Deposit with a facility to withdraw part of the same and continue the balance with the contracted rate of interest.

Deposit Amount

Minimum Rs.10, 000 & No maximum. The deposits will be held in multiples of Rs. 1000. (Eg. For an aggregate deposit of Rs. 10,000 the deposit will be held in 10 units of Rs. 1000 each maturing on the same date).

Minimum and Maximum Duration

Minimum 12 months & Maximum of 10 years

Deposit Type

Reinvestment Deposit

Interest Rate on Premature Withdrawal

The rate applicable at the time of opening of the deposit for the period the deposit actually runs less premature closure charges as per the extant guidelines viz. Upto Rs. 15000 – NIL, 15001 to 500000 – 0.50% and above 500000 – 1%. For NRI deposits if closed before 12 months no interest shall be payable. Interest is subject to TDS for residents and NRO deposits. The deposits shall be closed as and when required by the customer upon request on the basis of last in first out

USP of the product

  • The depositor will have the option to keep multiple deposits in a single portfolio and withdraw a part of amount in need only, leaving other balances to earn interest as per the contracted rate.
  • The unit is kept at very minimum level giving more flexibility to the depositor.