The Hindu : IOB revises deposit rates

Online edition of India's National Newspaper
Friday, Aug 02, 2002

Business

Business

IOB revises deposit rates

By Our Corporate Reporter

CHENNAI AUG. 1 . Indian Overseas Bank (IOB) has revised the interest rates for second time in a fortnight with effect from August 1. The rate for deposits less than Rs. 1 crore for the maturities 30 to 90 days has been reduced to 5.25 per cent from 5.50 per cent, two years to less than three years to 7.25 per cent from 7.50 per cent and three years and above to 7.5 per cent from 8 per cent, says a release.

The rates for other maturities are: 15 days to 29 days 4.5 per cent, 91 to 179 days 6 per cent, 180 days to less than one year 6.25 per cent, one year to less than two years 7 per cent. The rate for 7 days to 14 days for deposits of Rs. 15 lakhs and above is 4.5 per cent.

For deposits of Rs. 1 crore and above additional interest of 0.25 per cent is paid on maturities of 30 days to less than one year over the rate for less than Rs. 1 crore, the release adds.

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