Indian Overseas Bank, a Public sector bank has increased the interest rates offered on retail term deposits post-Monetary Policy Committee meeting of RBI. The bank has increased the interest rates for short-term deposits by35 basis points and for medium-term deposits by 10 to 20 bps.
Now, the interest rates offered under term deposits opened for 7 days to 45 days will garner 3.60% as against 3.25%. The bank is offering an interest rate of 5.85% for 444 days as against 5.65% earlier and for 1 Year to less than 3 Yearthe rate has been revised to 5.70% as against 5.60%.
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% to 5.85%.
The revised rates are effective from 10.10.2022.
