Indian Overseas Bank raises interest rates on term deposits
The Hindu
Interest rate on foreign currency deposits also has also been increased by up to 100 bps
Public sector lender Indian Overseas Bank (IOB) has raised the interest rates on rupee-denominated retail term deposits by up to 45 basis points (bps) with effect from Tuesday .
Domestic/NRO/NRE depositors will get an interest rate of up to 7.75% by opening term deposit for a period of 444 days, the lender said in a statement.
Interest rate on foreign currency deposits also has also been increased by up to 100 bps effective Tuesday . FCNR(B)/RFC depositors will get an interest rate of up to 5% by opening term deposits.
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