Indian Overseas Bank increases Interest rates on deposits

Following the meeting of the RBI’s Monetary Policy Committee, Indian Overseas Bank, a public sector bank, increased the interest rates paid on retail term deposits. The interest rate on short-term deposits has increased by 35 basis points, and the interest rate on medium-term deposits has increased by 10 to 20 bps.

The interest rates on term deposits with terms ranging from 7 to 45 days will now be 3.60% instead of 3.25%. For 444 days, the bank is offering an interest rate of 5.85% as opposed to 5.65% previously, and for one year to three years or less, the rate has been raised to 5.70% as opposed to 5.60%.

Additionally, the bank raised the interest rate on NRE Term Deposits by 10 to 20 basis points worldwide.

The post Indian Overseas Bank hikes Interest rates on deposits: From today appeared first on IndiaFrontline.