Chennai: Public sector Indian Overseas Bank (IOB) has revised interest rates on rupee retail term deposits up to 45 basis points with immediate effect, said the bank on Tuesday. Accordingly, depositors of domestic, NRO (non-resident ordinary) and NRE (non-resident external) would receive interest rate up to 7.75 percent by opening term deposits for a period of 444 days, said IOB in a statement.
IOB said the interest rate on foreign currency deposits have also increased by up to 100 basis points with effect from Tuesday. Foreign currency non-resident banking depositors would receive interest rate up to five percent by opening term deposits, said the bank.
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