Indian Overseas Bank (IOB) has increased the interest rates on rupees retail term deposits up to 80 bps effective from January 15, 2024.

Now, among all public sector banks, IOB is offering the highest interest rates on rupee retail term deposit for 1 year to less than two years’ period, said a statement.

Depositors will get an interest rate of up to 7.65 per cent for the fresh term deposit opened for 1 year to less than 2 years’ period with IOB.