Indian Overseas Bank raises interest rates on term deposits

Interest rate on foreign currency deposits also has also been increased by up to 100 bps

January 09, 2023 07:25 pm | Updated 07:25 pm IST - CHENNAI

Domestic/NRO/NRE depositors will get an interest rate of up to 7.75% by opening term deposit for a period of 444 days, the lender said in a statement. | Photo Credit: RAGU R

Public sector lender Indian Overseas Bank (IOB) has raised the interest rates on rupee-denominated retail term deposits by up to 45 basis points (bps) with effect from Tuesday .

Domestic/NRO/NRE depositors will get an interest rate of up to 7.75% by opening term deposit for a period of 444 days, the lender said in a statement.

Interest rate on foreign currency deposits also has also been increased by up to 100 bps effective Tuesday . FCNR(B)/RFC depositors will get an interest rate of up to 5% by opening term deposits.

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