IOB Recurring Deposit: Enhance Your Savings with Attractive Interest Rates

Embark on a financial growth journey with Indian Overseas Bank (IOB)'s recurring deposit (RD) scheme, which offers attractive interest rates to grow your savings. IOB is a trusted financial partner, offering a variety of tenures ranging from 6 to 120 months to meet diverse customer needs.

Unlocking the Potential: IOB RD Interest Rates in 2023

In 2023, IOB's recurring deposit interest rates provide an opportunity to maximize savings:

• 180-269 days: 4.90% (Regular), 5.40% (Senior Citizens)
• 270-364 days: 4.90% (Regular), 5.40% (Senior Citizens)
• 1-1 year 364 days: 5.15% (Regular), 5.65% (Senior Citizens)
• 2-2 years 364 days: 5.20% (Regular), 5.70% (Senior Citizens)
• 3-10 years: 5.20% (Regular), 5.70% (Senior Citizens)

Key Features of IOB RD Interest Rates in 2023

Discover features that make IOB RD exceptional:

• Loan Facility: Access up to 90% of the RD amount for financial needs.
• Competitive Interest Rates: Rates up to 5.20% for general citizens and 5.70% for seniors.
• Accessible Entry: Begin saving with a minimum deposit of Rs. 50.
• Nomination Facility: Secure investments by nominating a family member or spouse.
• Flexible Tenures: Choose from 6 to 120 months.
• Multiples of Rs. 5: Invest easily in multiples of Rs. 5.
• Wide Eligibility: Open to Indian residents, including salaried individuals, housewives, and more.
• TDS Deductions: Follow current income tax rules on TDS.

Calculating Your Returns: IOB RD Interest Calculation

Understand potential returns with the formula: A = P x (1+R/N)^(Nt). For example, if Mr. H invests Rs. 4000 for 3 years at 6.5%, his maturity amount will be Rs. 1,59,300. Use IOB's online RD interest calculator for easy calculations.

Opening Doors to Financial Growth: How to Invest in IOB RD

Learn the simple process to open an IOB RD account:

• Visit a Branch: Open RD by visiting a local IOB branch.
• E-RD Online: Utilize net banking to open an e-RD online.

Diverse RD Options: Tailoring to Your Needs

IOB offers several RD types, each with unique interest rates and deposit amounts:

• Regular RD
• Flexi RD
• IOB Eighty Plus
• Vardhan

Flexibility and Penalties: IOB RD Management

Understand flexibility and penalties with IOB RD:

• Premature Withdrawal: Allowed with applicable penalties.
• Non-payment Penalties: IOB standards dictate penalties for missing monthly installments.

Eligibility and Documentation: Your Gateway to IOB RD

Ensure eligibility by being a salaried individual, small trader, student, housewife, or someone with limited income. Provide proof of identity and address.

Conclusion: IOB RD - Your Partner in Financial Empowerment

In conclusion, IOB's RD is a beacon of financial empowerment, offering attractive rates and options to meet diverse needs. Seize the chance to grow your savings and achieve financial goals. Invest prudently with IOB RD today.