Chennai-headquartered PSU lender Indian Overseas Bank (IOB) has increased interest rates on retail term deposits. As a result, interest rates on short-term deposits and medium-term deposits have gone up by 35 basis points (bps) and 10-20 bps, respectively.
Now, the interest rates offered under term deposits opened for 7 days to 45 days will garner 3.60 per cent against 3.25 per cent offered earlier, according to a statement.
The bank is offering an interest rate of 5.85 per cent for 444 days against 5.65 per cent earlier and for one year to less than 3 years, the rate has been revised to 5.70 per cent against 5.60 per cent.
Further, the bank has also increased the interest rate on NRE term deposits by 10 to 20 bps across all tenors. The revised interest rates are in the range of 5.75 per cent to 5.85 per cent.
The revised rates are effective from October 10, 2022.