Chennai-headquartered public sector lender Indian Overseas Bank has announced 5-basis point increase in interest rates offered on medium-term deposits.
Now the interest rates offered under term deposits above one year to less than two years will be 5.45 per cent and for 444 days will be 5.50 per cent, according to a statement.
NRE term deposits
Further, the bank has increased the interest rate on NRE term deposits by 10 bps across all tenors. The revised interest rates are in the range of 5.50-5.70 per cent.
The revised rates are effective July 12.