Indian Overseas Bank hikes interest rates on term deposits; check latest rates here
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The Indian Overseas Bank (IOB) has revised its interest rates on retail term deposits. The public sector lender has increased the interest rates on short-term deposits by 35 basis points (bps) and on medium term deposits by 10 to 20 bps. According to the website of Indian Overseas Bank, the interest rate on term deposits below Rs 2 crore with a tenure of 7 to 45 days will be 3.60 percent, a sharp increase from the 3.25 percent earlier. The new rates came into effect from 10 October. For the 7-14 days period, the minimum amount of the term deposit must be Rs 1 lakh for investors to avail the interest rate.
The Indian Overseas Bank has also modified the interest rate being offered on term deposits ranging from 1 year to less than 2 years from 5.60 percent to 5.70 percent. For deposits with a tenure of 444 days, the interest rate has been hiked to 5.85 percent from 5.65 percent. For term deposits ranging from 2 years to less than 3 years (except 1000 days), the new rate is 5.70 percent.
“For Senior Citizens additional rate of 0.50% and for Super Senior Citizens (aged 80 Years and above) additional rate of 0.75% continues,” as per a statement on the lender’s website.
Interest rate on NREs:
The IOB has also revised its interest rate on NRE term deposits. For deposits below Rs 2 crore ranging from one year to less than 2 years (except 444 days) the rate has been raised to 5.75 percent. For deposits with a term of 444 days, the interest rate is now 5.90 percent, while for deposits open for 2 to less than 3 years, the rate is 5.80 percent. For NRE deposits with a tenure of 3 years and above, the interest rate remains unchanged at 5.85 percent.
For more details about the revised interest rates, account holders can contact their nearest Indian Overseas Bank branch or visit the lender’s website.
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