New Delhi: Indian Overseas Bank (IOB) has announced the introduction of a new 444-day non-callable retail term deposit scheme, offering an interest rate of 6.65 percent for the general public, effective February 16.
The decision was taken following deliberations at the bank’s Asset Liability Management Committee (ALCO) meeting held on February 11, as part of efforts to strengthen its retail deposit offerings.
Under the new scheme, the bank has also announced enhanced returns for senior citizens. Customers aged 60 years and above will receive an interest rate of 7.15 percent, while super senior citizens aged 80 years and above will be offered 7.40 percent.
The bank said the introduction of the non-callable variant is aimed at addressing evolving customer financial needs and enhancing the value proposition for retail depositors.
Chennai-headquartered Indian Overseas Bank added that the initiative forms part of its broader strategy to strengthen its retail deposit portfolio while providing competitive returns across customer segments.
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