Fixed Deposit (FD) is one of the best way to invest money. Banks are offering FDs with different interest rates. FDs from popular banks like SBI, HDFC or Axis Bank is well discussed before. But there is a 89 years old banks, which is offering three different types of Fixed Deposit schemes for general consumers.
Indian Overseas Bank is offering the Vardhan Fixed Deposit Scheme for senior citizens. Those over the age of 60 can avail this scheme. All types of fixed deposits and recurring deposits are included. The minimum investment limit is ₹5,000. The minimum term of this scheme is 15 days and a maximum of 120 months. Senior citizens also receive an additional 0.50% interest compared to regular citizens. They also receive a free international debit card.
3 special Fixed Deposit (FD) schemes offered by the Indian Overseas Bank:
IOB Green FD Scheme: The IOB Green Deposit Scheme allows investments of up to ₹3 crore. The minimum investment limit is ₹1,000. The tenure is 999 days. The bank currently offers customers an interest rate of 6.50%. Senior citizens also receive additional returns and loan facilities. This scheme can be availed offline, through net banking, or mobile banking.
IOB Saral FD Scheme : The bank offers the IOB Saral Fixed Deposit Scheme to individuals, NRIs, and minors. Under this scheme, customers can withdraw a portion of their deposit and continue to hold the remaining balance as an FD. Interest is earned on this scheme. The minimum investment limit is ₹10,000. There is no maximum investment limit. Tenures range from 12 months to 10 years.
IOB Suvidha Scheme : This scheme may be a better option. The minimum investment limit is ₹1 lakh. There is no maximum investment limit. The minimum term of this scheme is 15 months and a maximum of 10 years. The cash credit limit is 90% of the principal amount. The bank also offers top-up and loan facilities. Personalized check books and an automatic CC account are available.