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Indian Overseas Bank Fixed Deposit Plans

LIC’s New Bima Bachat

Indian Overseas Bank FD Rates

This private sector bank which has its branches spread across the south of India is helping thousands through its FD scheme.

Saving for the future with the Indian Overseas Bank

Saving efficiently is the key to having a safe and secure future. The Indian Overseas bank sees the importance of this fact. This bank based out of Chennai, Tamil Nadu has grown and expanded across India. A major reason to that is the products that they offer. Among their noteworthy products is the Deposit schemes. There are two kinds of deposits- the fixed deposit and the recurring Deposit.

The Advantages of the Fixed Deposit scheme

The Fixed Deposit scheme is Indian Overseas bank is outstanding. The rates differ for the amount of principal invested and the tenure that it is invested for. Another reason for the fluctuation of rates is the nature of the person who applies for the deposit. Senior citizens get a higher interest rate when compared to the other cadre of citizens. The Fixed Deposit scheme is available in three modes- The quarterly payout scheme where the interest can be withdrawn every quarter from the start date of the investment, the monthly payout scheme where the customer can withdraw the interest every month if he chooses, and collecting the interest along with the final amount during the maturity period.

Indian Overseas Bank Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits – Upto Rs. 1 cr (As on Dec 01, 2016)

For Domestic Deposits – Upto Rs. 25 lakh (As on Dec 01, 2016)

Tax Saver FD (Max Deposit – 1 LPA)

Tax Implications

  • The amount invested in Fixed Deposit with a tenure of 5 years with Indian Overseas Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  • The applicable tax will be deducted at source, i.e. Indian Overseas Bank, in case the annual interest earned crosses Rs. 10,000.

For NRO Fixed Deposit – Upto Rs. 1 cr (As on Dec 01, 2016)

For NRE Fixed Deposit – Upto Rs. 1 cr (As on Dec 01, 2016)

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