Indian Overseas Bank increases interest rates on deposits

Chennai, July 12, 2022: Chennai based public sector bank, Indian Overseas Bank, decided to increase the interest rates offered on the medium term deposits by 05 basis points. Now the interest rates offered under term deposits above 1 Year to less than 2 Year will be 5.45% and for 444 days will be 5.50%.
 
Further, the bank has increased the interest rate on NRE Term Deposits by 10 bps across all tenors. The revised interest rates are in the range of 5.50% to 5.70%.
 
The revised rates are effective from 12.07.2022.