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Chennai-based public sector lender Indian Overseas Bank has decided to increase the rates offered on the longer term deposits by 25 basis points. Now, the rates offered under term deposits above 3 years will be 5.45 per cent as against 5.20 per cent offered earlier, according to a statement.
Further, the bank also reduced its Base rate to 8.10 per cent as against earlier rate of 9.10 per cent. Borrowers who had taken loans under base rate will have to pay lower interest now, it added.
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