Published - March 08, 2022 10:43 pm IST - Chennai
Public sector lender Indian Overseas Bank (IOB) has decided to increase the interest rates on the longer term deposits by 25 basis points with effect from Thursday.
Accordingly, the rates offered under term deposits above 3 years will be 5.45% against 5.20% offered earlier, the bank said in a statement.
Further, IOB also announced a reduction in its base rate to 8.10% from 9.10%. Borrowers, who had taken loans under base rate, will have to pay lower interest now, it said in a statement.
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