IOB hikes rates on retail term deposits, launches new Rupay and CASA variants

PSU lender Indian Overseas Bank has announced an increase in interest rates on rupees retail term deposits. The rate has been increased by 20 bps for the 444 Days bucket effective from February 10, 2024.

Now retail term depositors will get an interest rate of 7.30 per cent, while senior citizens and super senior citizens will get 7.80 per cent and 8.05 per cent respectively for the fresh term deposit opened for 444 Days period with IOB valid up to March 31, 2024, according to a statement.

IOB is offering one of the highest interest rates on rupee retail term deposit for 444 Days bucket, it added.

The Chennai headquartered bank has launched new products on the occasion of the Bank’s 88th Foundation Day, celebrated on February 10.

• Also read: IOB hikes rates on rupee retail term deposits

IOB has introduced three new credit card variants -- RuPay Classic, RuPay Platinum, and RuPay Select -- designed to cater to a spectrum of preferences. Apart from offering enticing reward points and features a range of benefits, the premium variant provides personal accident coverage of up to ₹10 lakhs.

The bank has launched Freedom Savings and Current Account variants – what the bank describes as “Freedom” from all types of charges, coupled with the liberation from the obligation to maintain a minimum balance, all in exchange for a modest annual fee. ITR also offers personal accident insurance coverage of ₹10 lakh savings and current accounts.

IOB has also announced the introduction of Digital Document Execution (DDE), facilitating seamless online locker agreements. The DDE facility enables online execution of agreements through the Digital Document Execution platform by the National E-Governance Services Ltd (NeSL).

• Also read: IOB introduces savings account portability online scheme

IOB has introduced Green Deposit Scheme under Retail Term Deposits (less than ₹2 crore) to promote Green Finance Eco System I India. The tenor of the deposit shall be 999 days with an interest rate of 6.85 per cent, 5 bps higher than the regular term deposit. w.e.f February 10, 2024. Senior citizens (aged 60 years and above) will get an additional interest rate of 0.50 per cent and super senior citizens (aged 80 years and above) will get additional interest rate of 0.75 per cent above the card rates.

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