CHENNAI: Indian Overseas Bank has increased the interest rates on retail term deposits. The public sector bank has revised the interest rate for short term deposits and medium term deposits by 35 basis points and 10 to 20 bps, respectively. The revision came into effect on Monday.
A statement said the interest rates offered under term deposits opened for seven to 45 days would garner 3.6% as against 3.25%. The bank is offering an interest rate of 5.85% for 444 days as against 5.65% earlier. For one year to less than three years, the rate has been revised to 5.7% against 5.6%.
The bank has also revised 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%.
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