Chennai based Public Sector Bank, Indian Overseas Bank decided to increase the rates offered on term deposits up to 25 basis points.
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Now the interest rate offered under term deposits has increased by 25 bps to 3.75% for 46 to 90 days, 5.40% for 1 year to less than 2 years (except 444 days) and 5.45% for 444 Days and 2 Years to less than 3 years. For term deposit above 3 years, interest rate has been increased by 15 bps to 5.60%.
Interest rate for IOB Tax Saver Deposit shall be 5.60%.
For Senior Citizens Additional Interest Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Interest Rate of 0.75% will be applicable over and above the card rate.
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