Indian Overseas Bank Fixed Deposit Calculator

IOB Fixed Deposit Calculator is a digital tool that assists in determining the maturity value for an investor. Investments via fixed deposits in Indian Overseas Bank may be made for a flexible time period, from 7 days to 10 years. Returns on investment depend upon the rate of interest, the duration of the scheme, the principal invested, and the amount of TDS charged. The IOB FD Calculator demands only a few details, based on which it can calculate the returns that an investor may expect. It is an easy-to-use, convenient and accurate tool.

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How can IOB FD Calculator help?

India Overseas Bank offers varied options to investors. It hence falls upon the investor to choose as to where he would like to invest. The IOB Fixed Deposit Calculator makes it easy for the investor to make this choice. It takes away the burden of manually sifting through each FD scheme to determine the best one for himself to meet his financial goals. Regular investment in fixed deposits also instils financial discipline in customers, leading to the accumulation of a good corpus in the long run.

IOB FD Calculator can be accessed online at any time. It is accurate and can provide results within seconds. The investor saves his time and effort when he uses this tool to ascertain the maturity value of his investment. Based on the results obtained from the calculator, the investor will be in a better position to plan events in his life. It gives him a clear picture of his financial status in the future since the maturity values provided are almost certain to be achieved as fixed deposits are low-risk investments.

How does an IOB FD Calculator work?

IOB offers a wide variety of fixed deposit options for investors to choose from. Regular fixed deposits and Tax Saver IOB fixed deposits are the ones that customers most often choose. It is imperative that the investor have a clear idea of the rate of investment applicable to the investment as it is one of the factors that directly affect the maturity value. Though the IOB Fixed Deposit Calculator is a great asset; it helps to understand how the other factors might affect the investor's returns.

NREs, NRIs and senior citizens may avail special rates of interest on their investments. Investors also need to bear in mind that TDS charges are factored into the maturity values. Underlying are a few charts that explain the IOB FD Calculator information better.

IOB Rate of Interest for General and Senior Citizens

Tenure of Investment

General Rate of Interest

Senior Citizen Rate of Interest

7 – 45 days

3.40%

3.90%

46 days – 90 days

3.90%

4.40%

91 days – 120 days

4.40%

4.90%

121 days – 179 days

4.40%

4.90%

180 days – 269 days

4.90%

5.40%

270 days – 364 days

4.90%

5.40%

444 days

5.20%

5.70%

1 year – 1 year 364 days

5.15%

5.65%

2 years – 2 years 364 days

5.20%

5.70%

3 years – 10 years

5.20%

5.70%

IOB Domestic FD rates

Maturity Period

Up to Rs 1 Crore

Up to Rs 25 Lakh

 

General

Senior

General

Senior

7 – 14 days

4.00%

-

-

4.50%

15 – 29 days

4.00%

-

-

4.50%

30 – 45 days

4.00%

-

-

4.50%

46 – 60 days

4.00%

-

-

4.50%

61 – 90 days

4.50%

-

-

5.00%

91 – 120 days

5.00%

-

-

5.50%

121 – 179 days

5.00%

-

-

5.50%

180 – 269 days

5.75%

-

-

6.25%

270 days – below 1 year

6.25%

-

-

6.75%

1 year

6.75%

-

-

7.25%

Above 1 year – below 2 years.

6.50%

-

-

7.00%

2– 3 years

6.25%

-

-

6.75%

Above 3 years – below 5 years.

6.00%

-

-

6.50%

5 years and above

6.00%

-

-

6.50%

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

IOB NRE and NRO Rates w.e.f. 9.11.2020

Maturity Period

Rate of Interest for NROs below Rs 2 Crore

Rate of Interest for NREs below Rs 2 Crore

7 – 14 days

3.40%

-

15 – 29 days

3.40%

-

30 – 45 days

3.40%

-

46 – 60 days

3.90%

-

61 – 90 days

3.90%

-

91 – 120 days

4.40%

-

121 – 179 days

4.40%

-

180 – 269 days

4.90%

-

270 days – 364 days

4.90%

-

12 months – below 24 months

5.15%

5.15%

444 days

5.20%

5.20%

2 years – below 3 years

5.20%

5.20%

3 years and above

5.20%

5.20%

Tax Saver FD Rates

Maturity Period

Deposit Amount

Rate of Interest

General

Senior

IOB Tax Saver Deposit Scheme – 5 years

Up to Rs. 1 lakh

6.00%

6.50%

FD interest have fallen consistently over the last 5 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years
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Simple Interest vs. Compound Interest

Understanding the concept of interest and its types is mandatory if a customer wishes to invest in fixed deposits.

Whenever an investor invests “x” amount in a fixed deposit (principal), a certain percentage of that amount (“y”) is added back into that principal, after a specific time period. Hence, the maturity value that the investor would receive would be x+y. Owing to this, the maturity value is always higher than the principal invested, so long as the fixed Deposit completes the duration that it has been invested for.

There are mainly two types of interest:

  • Simple Interest:

In this case, the investor gains interest only on the principle that he has invested.

It is calculated using the formula

I= (p*n* r)/100

where I = Interest

p = Principal

n = Time period

r = Rate of interest

Interests for fixed deposits that have a term of lesser than 6 months are calculated on the basis of Simple Interest.

  • Compound Interest

In this case, any previously accumulated interest is also added back into the principal and the investor gains from both sources.

It is calculated using the formula

A = P (1+r/n)^n*t

where A = Maturity Amount

P = Principal

r = Rate of interest

n = Frequency of compounding in a financial year

t = Tenure of FD

Interests for fixed deposits that have a term of more than 6 months are compounded every quarter.

IOB Fixed Deposit Calculator performs these complex calculations. Compounded Interests always result in a higher sum value than Simple Interests.

How to use IOB FD Calculator?

The IOB FD Calculator is easily accessible and straightforward to use. Anyone can use it to calculate the maturity amount of the money that they wish to invest. Since it is a digital tool, the investor can be sure that the answers provided will be accurate. The IOB Fixed Deposit Calculator can be used from the comfort of the investor's home. The following steps are to be followed:

  • Find the FD Calculator tab on the insurer website.
  • Choose IOB FD Calculatorfrom the options provided.
  • Enter principal, intended to be invested.
  • Select type of Deposit.
  • Click on the "Calculate" option.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Advantages of using IOB FD Calculator

Digital Calculators are provided on the website of most banks for the sake of the ease of the investors. The IOB Fixed Deposit Calculator ensures that investors have all the information possible before they make an investment. It cuts out the tedious process of making complex calculations and assumptions so as to determine the maturity amount. It takes into consideration all the factors affecting the amount that will be available to the investor after the term of investment and provides a clear figure within minutes. Listed below are a few of the advantages of using the IOB FD Calculator:

  • It gives precise and quick answers to complex calculations within minutes.
  • It can be used any number of times by the investor.
  • It is completely free of cost.
  • It is accurate and dependable.
  • It saves the time and effort of the investor as he does not need to visit the branch office or calculate the maturity values himself.

FAQ's

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws. Standard T&C apply.

Written By: PolicyBazaar - Updated: 14 October 2021

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