IOB offers a range of banking and financial products and services to individuals, small and medium-sized enterprises, and large corporations. These include savings accounts, current accounts, retail products, Indian Overseas Bank cards, term deposits, and third-party insurance. The bank also provides corporate and rural banking services, such as micro, small, and medium enterprise schemes and merchant banking.
IOB has a strong presence in India, with a network of branches across the country, and also operates in other countries, including Singapore, Hong Kong, Sri Lanka, and Thailand. As of March 2022, IOB has 3,269 domestic branches, Digital Banking Units, and foreign branches and representative offices. IOB was one of the 14 major banks nationalized by the Indian government. In February 2024, Indian Overseas Bank reached ₹1 lakh crore in market capitalization, becoming the fifth public sector lender to reach this milestone
Latest News on Indian Overseas Bank
Unlock the Key to Affordable Home Ownership: Say goodbye to high interest rates! Compare the best home loan deals of 2025 and start building your dream home now!
Are you dreaming of owning your own home, but high loan rates are giving you sleepless nights? Worry no more! Many banks are currently offering home loans at very affordable interest rates and EMIs (Equated Monthly Installments). In this article, we’ll help you discover which bank is offering the cheapest home loan option.
Rising interest rates and expensive loans can make home ownership a daunting task. However, several government banks, including Bank of Maharashtra, Central Bank of India, and Punjab National Bank, are offering home loans at attractive interest rates, starting from 8.10% to 10.65%. This can significantly reduce your EMI and make owning a home a more achievable goal.
Here’s a breakdown of the best home loan rates offered by various banks, with rates starting from 8.10%:
* Bank of Maharashtra: 8.10% to 10.65%
* Central Bank of India: 8.10% to 9.95%
* Punjab National Bank: 8.15% to 9.85%
* Indian Overseas Bank: 8.15% to 9.85%
* State Bank of India: 8.50% to 9.75%
* UCO Bank: 8.35% to 10.55%
* IDBI Bank: 8.40% to 12.25%
* Nainital Bank: 8.40% to 11.20%
When choosing a loan, consider factors beyond the interest rate, such as processing fees, loan transfer charges, and bank terms. Some banks, like Canara Bank and Punjab & Sind Bank, are waiving processing fees, which can further reduce your loan costs.
Don’t miss out on this opportunity to own your dream home. Review the list above to find the best home loan option for your needs and budget. Remember to also consider the bank’s terms and conditions before finalizing your decision. Happy home buying!
FD interest rate hits 9%! Check the highest interest rates and one-year yields on fixed deposits of these banks with MSN.
Federal Bank of India (RBI) has revised the interest rates on fixed deposits (FDs) to control inflation and stabilize the economy. Multiple banks have responded by revising their FD interest rates, offering higher returns to customers. Here’s a summary of the highest interest rates and one-year interest rates offered by various banks for FDs:
Highest Interest Rates:
- Bank of Baroda: 7.50% (Above 1 year to 2 years)
- Canara Bank: 7.45% (Above 1 year to 2 years)
- Corporation Bank: 7.40% (Above 1 year to 2 years)
- Indian Overseas Bank: 7.35% (Above 1 year to 2 years)
- United Bank of India: 7.30% (Above 1 year to 2 years)
One-Year Interest Rates:
- ICICI Bank: 6.50% (1 year FD)
- HDFC Bank: 6.40% (1 year FD)
- Axis Bank: 6.25% (1 year FD)
- State Bank of India (SBI): 6.20% (1 year FD)
- Federal Bank: 6.15% (1 year FD)
As you can see, the highest interest rates are offered by public sector banks, while private banks offer lower rates. The one-year interest rates range from 6.15% to 6.50% for most banks. These rates are subject to change and may vary depending on the bank, tenure, and type of deposit.
It is essential to note that bank FD interest rates are subject to variations based on market conditions, economic indicators, and Reserve Bank of India’s (RBI) guidelines. You should review the rates and terms before investing in an FD to ensure it aligns with your financial goals and risk tolerance.
Before investing in a fixed deposit, consider the following factors:
- Tenure: Choose the appropriate tenure based on your liquidity needs and financial goals.
- Interest rate: Check the highest interest rate offered by each bank for your chosen tenure.
- FD type: Understand the type of FD you’re investing in (e.g., cumulative, non-cumulative).
- Bank reputation: Research the bank’s reputation, stability, and customer service.
- Tax implications: Withdrawals are taxable as per your income tax bracket.
Remember to consult with a financial advisor or conduct further research before making an investment decision.
The Confederation of Indian Industry (CII), IGBC, and India Overseas Bank signed a Memorandum of Understanding (MoU) on Green Building Financing.
The Confederation of Indian Industry (CII) Indian Green Building Council (IGBC) and Indian Overseas Bank (IOB) have signed a Memorandum of Understanding (MoU) to promote sustainable development in the real estate sector by providing financial support for IGBC-certified green buildings. The partnership aims to mainstream sustainability in India’s construction sector by offering financial incentives to developers and homebuyers adopting eco-friendly housing solutions.
The MoU has three main objectives: to provide preferential financing options to developers constructing IGBC-rated green buildings, to offer tailored financial assistance to homebuyers purchasing homes in IGBC-certified projects, and to explore new financing models for affordable green housing. IOB will extend financial support to both developers and homebuyers to accelerate the adoption of green buildings.
The partnership is expected to have a significant impact on the real estate sector by encouraging energy-efficient and eco-friendly construction practices, promoting the use of renewable energy sources and water conservation, and reducing the carbon footprint of buildings. The MoU will also lead to improved quality of life for residents through healthier and more resource-efficient buildings.
To ensure widespread adoption of green building initiatives, CII IGBC and IOB will launch a public awareness campaign, including informative brochures, digital content, and online webinars. The partners will also collaborate with real estate stakeholders to promote sustainable building practices.
Overall, this MoU is a significant step towards integrating sustainability in real estate development and promoting environmentally friendly construction practices in India.
Stock Market Updates of Indian Overseas Bank
Recent Updates
Apply Now: Indian Overseas Bank has announced 750 vacancies for Apprentice positions – Get direct link to register at iob.in
Indian Overseas Bank (IOB) has launched a recruitment drive to fill 750 apprentice posts. The registration process will begin on March 1, 2025, and will end on March 9, 2025. The online exam is scheduled for March 16, 2025. To be eligible, candidates must have a degree in any discipline from a recognized Indian university or equivalent qualifications recognized by the Central Government. The age limit is 20-28 years as of March 1, 2025, for general category and EWS candidates.
The selection process will consist of an online examination, a test of local language (if applicable), and personal interaction (if needed). The online written test will have 100 questions and a maximum score of 100, with a 90-minute time limit. The exam will cover general/financial awareness, general English, quantitative and reasoning aptitude, and computer or subject knowledge.
The application fee varies based on category, with PWBD candidates paying ₹472, female/SC/ST candidates paying ₹708, and GEN/OBC/EWS candidates paying ₹944. The fee must be paid online.
To apply, candidates can visit the IOB website at iob.in, click on the current openings link, and following the registration process. After submitting the form, they must make the payment of the application fee and download the application form. Keeping a hard copy of the application is recommended. The selection process is a great opportunity for young professionals to kick-start their careers in the banking sector.
Indian Overseas Bank Partners with CII Indian Green Building Council to Advance Sustainability Initiatives
Indian Overseas Bank (IOB) has partnered with the Confederation of Indian Industry (CII) – Indian Green Building Council (IGBC) to provide financing solutions for developers and homebuyers of green buildings in India. The partnership aims to make green buildings not only environmentally viable but also financially accessible to a wider audience.
Under the agreement, IOB will offer preferential financing options to developers constructing IGBC-rated green buildings, as well as tailor-made financial support to homebuyers purchasing residential units in IGBC-certified projects. The bank’s General Manager and Chief Risk Officer, Koustuv Majumder, and CII IGBC Executive Director, K S Venkatagiri, signed the memorandum of understanding at an event.
IOB’s MD and CEO, Ajay Kumar Srivastava, described the partnership as a significant step towards making green buildings a viable and affordable reality, while CII IGBC’s K S Venkatagiri emphasized that the collaboration will make green buildings not only environmentally viable but also financially accessible to a larger section of the population.
The partnership is seen as a major step forward in promoting sustainable construction practices and combatting environmental degradation and rising energy consumption. Green buildings are an important solution to address these issues, and IOB’s financing support will help create a positive impact by encouraging widespread adoption of energy-efficient and resource-conserving construction practices. The partnership is expected to benefit not only the environment but also the community, as green buildings are designed to be healthier and more comfortable for occupants.
Introducing Elite Club – A Premium Savings Programme for our most discerning High Net Individuals, offering exclusive privileges and benefits.
IOB (Indian Overseas Bank) has introduced an elite savings scheme, the “Ultra HNI Savings Scheme”, exclusively designed for High Net Worth Individuals (HNIs). This scheme provides premium privileges to these esteemed customers, offering unique benefits that cater to their exclusive needs. The scheme is aimed at catering to the demands of high-net-worth individuals who require a special kind of financial service.
Key Features of the Ultra HNI Savings Scheme:
* Exclusivity: The scheme is open to High Net Worth Individuals with an account balance of Rs. 1 crore or more.
* Premium Services: HNIs will have access to personalized banking services, including priority attention from relationship managers, dedicated account management, and 24/7 access to international foreign exchange.
* Customized Investment Products: The scheme offers a range of investment products tailored to meet the specific needs of HNIs, including fixed deposits, bonds, and other investment instruments.
* Higher Interest Rates: HNIs can earn higher interest rates on their savings account, depending on their account balance.
* Convenience: The scheme provides access to a wide range of banking services, including 24/7 ATMs, online banking, and mobile banking.
* Priority Services: HNIs will get priority services at select branches and ATMs, ensuring speed and efficiency in their banking transactions.
* Lifestyle Rewards: The scheme offers a range of lifestyle rewards, including exclusive access to premier lifestyle benefits, travel privileges, and entertainment options.
Benefits of the Ultra HNI Savings Scheme:
* Flexibility: The scheme provides the flexibility to manage multiple financial goals, including savings, investments, and foreign travel.
* Convenience: The scheme simplifies banking tasks, providing easy access to account information, transactions, and other services.
* Exclusive Privileges: HNIs can enjoy a range of exclusive benefits, including lifestyle rewards, priority services, and high-yielding investment options.
* Risk Management: The scheme offers a range of risk management tools, enabling HNIs to manage their investments effectively and minimize risk.
In conclusion, the IOB Ultra HNI Savings Scheme is a premium offering designed to cater to the unique needs of high-net-worth individuals. The scheme provides a range of benefits, including premium services, customized investment products, higher interest rates, and exclusive lifestyle rewards, making it an attractive option for those who want to manage their wealth effectively and enjoy a hassle-free banking experience.
Get instant account opening with just one OTP – Indian Overseas Bank’s revolutionary new service lets you start banking in minutes!
Indian Overseas Bank has launched a revolutionary new service that allows customers to open a new bank account in just a few minutes with a single one-time password (OTP). This convenient and seamless process makes opening a bank account a breeze, eliminating the need for cumbersome paperwork and lengthy processes.
The new service is designed to provide customers with a quick and hassle-free way to open a new account, making it ideal for those who are just starting out with their first bank account or need to open a new account for any reason. With this service, customers can now open an account at their convenience, anytime, anywhere.
To open an account, customers simply need to provide basic identifying information, such as name, contact details, and proof of address. Once the information is submitted, the bank generates an OTP, which is sent to the customer’s registered mobile number. The customer can then use this OTP to complete the account opening process in just a few minutes.
This innovative service is a significant step forward for the banking industry, as it streamlines the account opening process, reduces paperwork, and increases customer satisfaction. It also enables customers to access a range of banking services, including online banking, mobile banking, and credit cards, making it easier to manage their finances.
The introduction of this service is part of Indian Overseas Bank’s efforts to provide customers with a more convenient and personalized banking experience. By simplifying the account opening process and offering a range of digital banking services, the bank is making it easier for customers to manage their finances and achieve their financial goals.
In conclusion, Indian Overseas Bank’s new account opening service is a revolutionary step towards making banking more convenient, accessible, and customer-friendly. With this service, customers can now open a new account quickly and easily, without the need for lengthy processes and paperwork. This is a significant step forward for the banking industry, and India Overseas Bank is leading the way in making banking more convenient for its customers.
Maximize your returns on 444-day fixed deposits: See how much you can earn with investments of Rs 2 lakh, Rs 4 lakh, and Rs 6 lakh with SBI, Indian Overseas Bank, and Federal Bank
The article discusses the 444-day special fixed deposit (FD) schemes offered by three leading banks in India: State Bank of India (SBI), Indian Overseas Bank (IOB), and Federal Bank. These FDs offer higher interest rates than regular term deposits, making them an attractive option for investors seeking fixed-income security. The article provides a detailed analysis of the returns an investor can expect by investing different amounts (Rs 2 lakh, Rs 4 lakh, and Rs 6 lakh) in each bank’s 444-day FD scheme.
The 444-day FD schemes offered by SBI, IOB, and Federal Bank are as follows:
* SBI Amrit Kalash FD: 7.25% interest rate for general citizens, with estimated returns ranging from Rs 18,267 to Rs 54,801 for investments of Rs 2 lakh to Rs 6 lakh, respectively.
* IOB 444-day FD: 7.30% interest rate for general citizens, with estimated returns ranging from Rs 18,397 to Rs 55,192 for investments of Rs 2 lakh to Rs 6 lakh, respectively.
* Federal Bank 444-day FD: 7.50% interest rate for general citizens, with estimated returns ranging from Rs 18,919 to Rs 56,759 for investments of Rs 2 lakh to Rs 6 lakh, respectively.
The article concludes that Federal Bank’s 444-day FD scheme offers the highest returns, with an interest rate of 7.50%. IOB follows closely with 7.30%, while SBI offers 7.25%. The article advises investors to do their due diligence and consult an expert for financial planning before investing in these schemes.
Indian Overseas Bank slashes Repo Linked Lending Rate by 25 basis points
India’s Chennai-based Indian Overseas Bank (IOB) has made a decision to reduce its Repo Linked Lending Rate (RLLR) by 25 basis points (bps). The reduction brings the RLLR down from 9.35% to 9.10%. This move is a follow-up to the Reserve Bank of India’s (RBI) recent Monetary Policy Committee (MPC) meeting, where the Repo rate was also reduced by 25 bps from February 5th to 7th, 2025.
The revised RLLR will be effective from February 11th, 2025. This development is likely to have a positive impact on borrowers, particularly in the housing and personal loan segments, as they will benefit from lower interest rates and reduced EMIs. For savers, this may not be as significant, as the yields on fixed deposits and other deposit schemes may not change proportionally.
The RBI’s decision to cut the Repo rate and IOB’s subsequent reduction in RLLR are part of the country’s efforts to stimulate economic growth. The reduction in interest rates is expected to boost consumption and investment, stimulate economic activity, and create jobs.
However, it is essential to note that the reduction in interest rates is not uniform across the board. Borrowers with longer loan tenures or those with lower credit profiles may not benefit from the reduction in RLLR. Additionally, the reduction in interest rates may lead to a decline in the value of savings and fixed deposits. Banking experts believe that borrowers should carefully review their loan options and consider refinancing to take advantage of the lower interest rates.