Indian Overseas Bank increases interests rates on deposits

Chennai: Chennai-based public sector bank, under the ownership of the Ministry of Finance, GoI, Indian Overseas Bank decided to increase the rates offered on the longer-term deposits by 25 basis points. Now the rates offered under term deposits above 3 years will be 5.45% as against 5.20% offered earlier.

Further, the bank also reduced its Base rate to 8.10% as against the earlier rate of 9.10%. Borrowers who had taken loans under base rate will have to pay lower interest now.

As on 31 March 2021, IOB's total business stands at Rs. 379,885 crore (US$50 billion).