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Indian Overseas Bank increases interest rates

Chennai, Oct 10: Indian Overseas Bank (IOB) has increased the interest rates offered on the retail term deposits post Monetary Policy Committee meeting of RBI. The bank has increased interest rate for short term deposits by 35 basis points and for medium term deposits by 10 to 20 bps.

Now, the interest rates offered under term deposits opened for 7 days to 45 days will garner 3.60% as against 3.25%. The bank is offering interest rate of 5.85% for 444 days as against 5.65% earlier and for 1 Year to less than 3 Year the rate has been revised to 5.70% as against 5.60%, informed a press release from IOB on Monday.

Further, the bank has also increased the interest rate on NRE Term Deposits by 10 to 20 bps across all tenors. The revised interest rates are in the range of 5.75% to 5.85%. the revised rates are effective from Oct 10. 

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