Last Updated on 10/09/2022
Domestic Rates

The Revised Interest Rates for Domestic & NRO Retail Term Deposits are as Furnished below:

Period of Deposit Existing Rates
For Deposits below Rs. 2 Crore
W.E.F 10.08.2022 (in %)
Revised Rates
For Deposits below Rs. 2 Crore
W.E.F 13.09.2022 (in %)

7-14 days *

3.00

3.25

15-29 days

3.00

3.25

30-45 days

3.00

3.35

46-60 days

3.75

3.75

61-90 days

3.75

3.75

91-120 days

4.00

4.10

121-179 days

4.00

4.10

180-269 days

4.50

4.65

270 days to < 1 year

4.50

4.65

1 year to < 2 years

(except 444 days)

5.45

5.60

444 days

5.60

5.65

2 yrs to < 3 yrs

(except 1000 days)

5.45

5.60

1000 days

-----

6.00

3 yrs and above

5.70

5.85


* Minimum Amount Rs. 1.00 Lakh

  • Interest rate for IOB Tax Saver Deposit shall be at 5.85%.
  • For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues.
  • For retired Staff, applicable interest rate will continue to be governed by guidelines issued vide Planning Department circular number Dep/54/2019-20 dated 21.12.2019.

The Interest Rates on NRE Term Deposits are as furnished below.

Period of Deposit Existing Rates
For Deposits below Rs. 2 Crore
W.E.F 12.07.2022 (in %)
Revised Rates
For Deposits below Rs. 2 Crore
W.E.F 13.09.2022 (in %)

<1 year to < 2 years

(except 444 days)

5.50

5.65

444 days

5.55

5.70

2 yrs to < 3 yrs

5.55

5.70

3 yrs and above

5.70

5.85


  • The above increase in NRE Term Deposit rate is applicable only for fresh term deposits mobilized till 31.10.2022.

For Deposits of Rs. 2 Crore & Above

For Deposits of Rs. 2 Crore & Above, Branch has to take Prior Permission for Rate of Interest from Treasury Department, Central Office.

Fore Closure Charges

Description Fore Closure Charges

Retail Term Deposits upto Rs. 15000/-

NIL

Retail Term Deposits of Rs. 15,001/- up to Rs. 5 Lakh

0.50%

Retail Term Deposits Above Rs. 5 Lakh but Below Rs. 2 Crore

1.00%

Bulk Deposits of Rs. 2 Crore & above

1.00%