The Hindu Business Line : IOB hikes deposit rates

Indian Overseas Bank has announced an upward revision of interest rates on term deposits. The bank is offering 8.50 per cent for deposits placed between 12 months and 18 months, 7.25 per cent for deposits for 271 days to less than 12 months, for a limited period up to March 31, 2007, according to a press release from the bank. The tax saver deposit scheme will now fetch an interest rate of 8.6 for a minimum of five years, it says. Meanwhile, the bank has said that its total business crossed the Rs 1 lakh crore-mark for the first time in its history, in December. It has said that it would upgrade 60 extension counters into full-fledged branches shortly. The bank has 1,069 branches — 10 more are to be added to the network.

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