What is the interest rate for FD in 444 days?

The Indian Overseas Bank regular FD rates can be up to 7.30% for a period of 444 days. However, one can start with a tenure as short as 7 days, for which the bank will provide a 4.00% interest rate.

Yes, the Indian Overseas Bank (IOB) is a reputed scheduled bank under the Reserve Bank of India. Therefore, depositors who invest through this bank can be assured that up to ₹5 lakh of their investment is covered in case of a bank default.

Indian Overseas Bank Vardhan Deposit Scheme for Senior Citizens

The Indian Overseas Bank Vardhan Deposit has been designed as a term deposit scheme tailored to the needs of senior citizens. Many customers have already enrolled under this scheme being assured of the greater safety of their investment.

Already, the IOB has opened 3,260+ branches across India and has secured a strong trust and presence among Indians. Therefore, people willingly look forward to investing with different types of IOB fixed deposits. One such option is the Vardhan Deposit Scheme curated for those above 60 years of age.

You can also check other high-interest fixed deposit schemes on Stable Money to get returns of up to 8.30% per annum.

Quick Summary:

IOB Vardhan Deposit Scheme is open to senior citizens.
Investors can earn between 4% and 7.10% p.a. interest on FD for tenure ranging from 15 days to 10 years.
Investments are accepted from depositors above the age of 60+ years.
To verify age, documents such as Pension Payment Order, School Leaving Certificate, Birth Certificate, Passport, Driving License can be asked for.

Features of Indian Overseas Bank Vardhan Deposit

IOB’s Vardhan plan is a fixed deposit scheme for senior citizens that provides preferential interest rates. Moreover, those who live in India and opt for this scheme, get an extra 0.50% interest annually.

Here are some other key features of the IOB Vardhan deposit:

The tenure of this FD account is highly flexible, with durations ranging between 15 days and 120 months. One can start with an investment amount as low as ₹5,000.
Beneficiaries can opt for a premature withdrawal of their deposit and may even apply for a loan against the fixed deposit.
The Indian Overseas Bank Vardhan Deposit scheme allows for both single and joint accounts. In the case of joint accounts, the primary beneficiary must be a senior citizen.
One can renew the Vardhan deposit account without submitting any age proof. Also, the investor is eligible to use an international debit card for free.

Additional Benefits of Vardhan Deposit by Indian Overseas Bank

The depositors of the Vardhan scheme get free international debit cards. Also, they are granted the collection facility for outstanding instruments of up to ₹10,000 every month. However, only a maximum of two instruments can be drawn in the name of a person who is above 60 years of age. After this recommended limit, collection charges will apply. Nonetheless, the actual postage is recovered for Vardhan account holders.

Those who wish to open an RD under the Vardhan scheme can start with an amount as low as ₹100 per month. However, if prematurely withdrawn, the applicable interest rates won't be paid by the bank.

Interest Rates for Vardhan Deposit

In addition to the card rate, Vardhan deposit holders receive a surplus of 0.50% interest throughout their tenure of investment. If the aggregate deposit exceeds ₹25 lakh, the bank, however, pays only the card rate, regardless of your branch location(s). A declaration needs to be submitted by the concerned senior citizen for this rule to apply.

Tenure	Interest Rates (in %)
15-29 Days	4.00
30-45 Days	4.00
46-60 Days	4.50
61-90 Days	3.50
91-120 Days	4.00
121-179 Days	3.40
180-269 Days	5.25
270 Days to < 1 Year	6.00
1 Year	7.00
>1 Year to < 2 years (Except 444 Days)	6.90
444 Days	7.10
2 Years to < 3 Years	6.90
3 Years and above	6.60

In the event of premature account closure, no additional interest is paid on the deposited amount. However, this rule is applicable when the deposited sum crosses the threshold of ₹5 lakh.

For people who want to earn consistent and safe passive income via fixed deposits, Stable Money has brought alternative impressive opportunities. You can earn return of up to 8.30% in a year by booking FD via Stable Money.

Documents Required for Vardhan Deposit Scheme

The Indian Overseas Bank verifies an applicant's age before approving their request to participate in the Vardhan deposit scheme. Here are documents that can be used for the age verification process:

Pension payment order
Voter ID card
School leaving certificate
Passport
LIC policy specifying the age of the beneficiary
Birth certificate of the depositor issued by a competent authority
Driving licence

These documents are only needed at the time of opening a new Vardhan account. At the time of renewal, the bank won’t ask you to produce these documents again.

How to Apply for IOB Vardhan Deposit Scheme for Senior Citizens?

Senior citizens can apply for the IOB Vardhan Deposit Scheme through online banking, mobile apps, or branch visits.

Apply Online (Internet Banking): Log in to IOB NetBanking, go to the Deposit section, select Open Deposit, enter amount, tenure, and nominee details, then confirm.
Apply via Mobile App: Access the IOB mobile banking app, navigate to Save → Deposit → Open Fixed Deposit, provide required details, and submit.
Apply Offline (Branch Visit): Visit the nearest IOB branch, fill out the fixed deposit application form, and submit KYC and age-proof documents.
Required Documents: Aadhaar or PAN, address proof, and valid age proof such as Aadhaar, passport, voter ID, or pension-related documents.
Minimum Investment and Tenure: Fixed deposits start from ₹5,000 with tenures ranging from 15 days to 10 years.

Book Digital FD without any paperwork to earn up to 8.30% interest p.a.

Frequently Asked Questions