Indian Overseas Bank increases interest rates on deposits

New Delhi: Chennai-based public sector bank, Indian Overseas Bank introduced a special maturity period bucket of 1000 days for Domestic/NRO Retail Term deposit w.e.f. 13.09.2022 of 6.50% ( For Senior Citizens).

The minimum amount of deposit is Rs 1 lakh, the bank said in a statement. 

For others, the Bank will offer 6% for a Special Maturity period bucket of 1000 days for Domestic/NRO Retail Term deposit.

The bank has also increased the offered rate from 10 to 35 basis points Maximum for term deposits. For Senior citizens, an Additional Rate of 0.50%, and for Super Senior Citizens (aged 80 years and above) Additional rate of 0.75% continues.