Calculate your maturity amount and interest for Indian Overseas Bank FDs
Years
Months
Days
Total Maturity Amount₹ 1,07,447
Invested Amount:₹ 1,00,000
Total Interest Earned:₹ 7,447
Understanding IOB Fixed Deposits
Indian Overseas Bank (IOB) offers various Fixed Deposit schemes designed to help investors grow their savings with security and guaranteed returns. Whether you are planning for short-term goals or long-term wealth creation, IOB provides competitive interest rates across various tenures.
How IOB FD Interest is Calculated
For most domestic term deposits, IOB calculates interest on a quarterly compounding basis for tenures of 6 months and above. For deposits less than 6 months, simple interest is generally applicable. The formula used for quarterly compounding is:
A = P × (1 + r/n)^(n × t)
A: Maturity Amount
P: Principal Deposit Amount
r: Annual Rate of Interest (in decimal)
n: Compounding Frequency (4 for quarterly)
t: Tenure in Years
Current IOB FD Interest Rates (General)
While rates fluctuate based on RBI policy, IOB typically offers the following tiers:
Tenure
Interest Rate (approx.)
7 to 45 Days
4.50%
1 Year to < 2 Years
7.10% – 7.25%
444 Days (Special)
7.30%
3 Years and Above
6.50%
Benefits for Senior Citizens
IOB provides an additional interest rate benefit to senior citizens (aged 60 and above). Usually, they receive an extra 0.50% over the regular rates. Super Senior Citizens (aged 80 and above) may be eligible for an additional 0.75% on specific tenures.
Practical Example
If you deposit ₹2,00,000 in an IOB FD for 2 years at an interest rate of 7.00% per annum with quarterly compounding:
Principal: ₹2,00,000
Interest Rate: 7% (Compounded Quarterly)
Maturity Value: Approx. ₹2,29,776
Interest Earned: ₹29,776
function calculateIOBFD() {
var principal = parseFloat(document.getElementById("iob_principal").value);
var annualRate = parseFloat(document.getElementById("iob_rate").value);
var years = parseFloat(document.getElementById("iob_years").value) || 0;
var months = parseFloat(document.getElementById("iob_months").value) || 0;
var days = parseFloat(document.getElementById("iob_days").value) || 0;
if (isNaN(principal) || isNaN(annualRate) || (years === 0 && months === 0 && days === 0)) {
alert("Please enter valid positive numbers for amount, rate, and tenure.");
return;
}
// Convert total tenure to years
var totalYears = years + (months / 12) + (days / 365);
var maturityAmount = 0;
var totalInterest = 0;
// Standard IOB rule: Simple interest for = 6 months
var totalMonths = (years * 12) + months + (days / 30);
if (totalMonths < 6) {
// Simple Interest
totalInterest = (principal * annualRate * totalYears) / 100;
maturityAmount = principal + totalInterest;
} else {
// Quarterly Compounding: A = P(1 + r/n)^(nt) where n=4
var n = 4;
var r = annualRate / 100;
maturityAmount = principal * Math.pow((1 + r / n), (n * totalYears));
totalInterest = maturityAmount – principal;
}
// Format results to Indian Currency Format
document.getElementById("res_maturity").innerText = "₹ " + formatIndianCurrency(Math.round(maturityAmount));
document.getElementById("res_invested").innerText = "₹ " + formatIndianCurrency(Math.round(principal));
document.getElementById("res_interest").innerText = "₹ " + formatIndianCurrency(Math.round(totalInterest));
}
function formatIndianCurrency(num) {
var x = num.toString();
var lastThree = x.substring(x.length – 3);
var otherNumbers = x.substring(0, x.length – 3);
if (otherNumbers != '') lastThree = ',' + lastThree;
var res = otherNumbers.replace(/\B(?=(\d{2})+(?!\d))/g, ",") + lastThree;
return res;
}
// Initial calculation on load
window.onload = function() {
calculateIOBFD();
};