Indian Overseas Bank increases interest rates on deposits

The bank has also increased the offered rate from 10 to 35 basis points Maximum for term deposits.

Indian Overseas Bank increases interest rates on deposits
Indian Overseas Bank CP Branch

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.