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Domestic & NRO Term Deposits effective from 16.08.08
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Period of deposit
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up to Rs.25 lakh
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7 days to 14 days (Applicable for
deposits of Rs.1.00 lakh and above)
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3.50
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15 days to 29 days
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5.00
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30 days to 45 days
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5.50
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46 days to 60 days
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6.00
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61 days to 90 days
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6.50
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91 days to 180 days
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6.50
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181 days to 270 days
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7.00
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271 days to less than
1year
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8.25
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1 year to less than 2
years
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9.75
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2 years to 3 years
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9.75
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Above 3 years to less
than 5 years
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9.50
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5 years and above
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9.25
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Customers are requested to
contact the nearest IOB branch for the interest rate for the deposits of
more than Rs. 25 lakhs.
IOB-Tax Saver Deposit
(under section 80C of I.T. Act) 5years to 10 years : 9.00%
(Premature closure and Loan not allowed before completion of 5 years)
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Additional interest on deposits of Resident Senior Citizen
(those who have completed 60 years of age) accepted for a minimum amount
of Rs. 5,000/- for a minimum period of 15 days
to a maximum period of 10 years
Additional interest 0.75% over the rates in the above schedule for deposits up to
a maximum of Rs.25 lakh in the aggregate held
in the name of the Senior Citizen
in the same branch or different branches. For deposits over and above
Rs.25 lakh the card rates only will apply.
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NRE Deposits: Click
Here
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FCNR(B) / RFC
Deposits: Click Here
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Foreclosure Charges:
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Domestic Deposits
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NRE
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Deposits up to and inclusive of Rs.5 lakh – no foreclosure charges. Applicable interest
rate according to period run is payable.
Deposits over Rs.5 lakh - 1% less than the
applicable interest rate for the period run is payable.
(on premature closure, additional interest for large deposits of Rs.15 lakh and above, if any, and for senior citizens'
deposits (over Rs.5 lakh) are not payable)
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Deposits for any amount:1% less than the applicable
interest for the period run is payable
(on premature closure additional interest for large deposits of Rs.15 lakh and above, if any, are not payable)
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Renewal of Overdue Deposits (for Domestic,
NRO and NRE term deposits)
Overdue period up to and inclusive of 14 days - Deposit can be
renewed from maturity date and the interest rate will be appropriate
rate on the date of maturity. The deposit should be renewed further at
least for the minimum period for which such deposits are accepted.
Overdue period is more than 14 days - Interest for the overdue period
is paid separately at simple rate prevailing on the date of deposit or
renewal whichever is lower applicable for the period of overdue.
The deposit amount should be placed as fresh deposit at least for the
minimum period for which such deposits are accepted.
If an overdue deposit renewed after paying the interest for the overdue
period is closed before completing the minimum period for which such
deposits are accepted, no interest is paid on the deposit and the
interest paid for the overdue period is also recovered.
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Interest rates and Effective Annualised Return
for various term deposit maturities
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For domestic deposits
up to Rs.25 lakh where interest is compounded
quarterly
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Period of Deposit
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Normal Interest rate %
p.a.
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Effective annualised return
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6 months
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6.50
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6.55
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12 months
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9.75
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10.11
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24 months
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9.75
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10.62
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36 months
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9.75
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11.19
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48 months
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9.50
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11.40
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60 months
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9.50
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11.98
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120 months
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9.25
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14.95
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Interest rates and Effective Annualised Return
for maturities from 6 months to 10 years up to Rs.25 lakh
Where the interest is paid monthly at discounted rates
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Interest rate % p.a.
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Effective Annualised Return % p.a.
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6.00
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5.97
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6.50
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6.46
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8.25
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8.19
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9.00
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8.93
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9.25
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9.17
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9.50
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9.42
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9.75
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9.67
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While all efforts have been made
to update the information, constituents are requested to contact the
branches for firm rates.
Updated on 16 August 2008
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