The Indian Overseas Bank has introduced a tax saving deposit scheme for the benefit of its customers, particularly senior citizens. It enables the depositors to avail benefits under section 80 C of the Income Tax Act.

Under the scheme deposits for a period of five years and above would be accepted for a minimum of Rs.10,000 and Rs One Lakh.

An interest rate of 8.15% is offered under the scheme. For senior citizens, the rate of interest 9.1%

Besides, the customers enjoy the benefit of free personal accident insurance cover for Rs one Lakh.

You can get 9.00% p.a with IOB Tax Saver Deposit Scheme. Details for 7 days to 10 Years are shown in Table.

Time Period Interest Rates
For Deposits Below 1 Crore For Deposits 1-10 Crores

7 – 14 Days 7.25 7.00
15 – 30 Days 7.25 7.25
31 – 45 Days 7.25 7.25
46 – 60 Days 7.25 7.25
61 – 90 Days 7.00 7.00
91 Days – 180 Days 7.25-7.50 7.25-7.50
181 Days – 270 days 8.25 7.50
271 Days – 1 year 8.50 8.00
1 Year – 2 Years 8.75 8.50
2 Years – 3 Years 8.75 8.25
3 Years – 5 Years 8.75 8.30
5 Years – 10 Years 8.75 8.30

Tax Saver Scheme