The interest rate on term deposits is increased by Indian Overseas Bank

With effect from Saturday, Indian Overseas Bank (IOB) increased the interest rates on domestic, NRO, NRE, and FCNR(B) term deposits. 

For periods of 444 days and longer, interest rates of up to 7.3% and up to 7.25%, respectively, would be applicable. According to a statement from the public sector lender, it was previously 6.4% for both groups. 

According to the lender, interest rates on FCNR(B)/resident foreign currency term deposits with the bank may reach 4.25%.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.