IOB unveils 444-day term deposit scheme with higher interest rates

Indian Overseas Bank (IOB) of the public sector has announced the introduction of a new 444-day Non-Callable Retail Term Deposit scheme offering higher interest rates for general public and senior citizens.

As deliberated in the Asset Liability Management Committee (ALCO) meeting held on February 11, 2026, the bank has decided to upgrade its retail deposit offerings with an attractive interest rate of 6.65% for the general public, effective from February 16, 2026.

To provide superior value to senior citizens, the bank has also announced enhanced rates under this new scheme. Senior Citizens (aged 60 years and above) will receive a total interest rate of 7.15%, while Super Senior Citizens (aged 80 years and above) will benefit from an interest rate of 7.40%, the bank said.

“This strategic move to introduce the non-callable variant reflects Indian Overseas Bank’s focus on catering to the evolving financial needs of its diverse customer base and strengthening its retail deposit portfolio,” it added.