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Wednesday 14 September 2022

INDIAN OVERSEAS BANK INCREASES INTEREST RATES ON DEPOSITS

 INDIAN OVERSEAS BANK INCREASES INTEREST RATES ON DEPOSITS

 

Part A

 

Chennai based public sector bank, Indian Overseas Bank introduced a special maturity period bucket of 1000 days for Domestic/NRO Retail Term deposit w.e.f. 13.09.2022 of 6.50%*

(* For Senior Citizens)

 

For othersBank offers 6.00% for Special Maturity period bucket of 1000 days forDomestic/NRO Retail Term deposit.

 

                                                                        Part B

 

Chennai based public sector bank, Indian Overseas Bank hasincreased the offered rate from 10 to 35 basis points Maximumfor term deposit for all buckets as follows

 

The revised rates are effective from 13.09.2022 as under

 

Domestic/NRO Retail Term Deposits

Period of Deposit

Revised Rates

For deposits below Rs.2 Crore

W.E.F.13.09.2022(in %)

7- 14 days*

3.25

15-29 days

3.25

30-45 days

3.35

46-60 days

3.75

61-90 days

3.75

91-120 days

4.10

121-179 days

4.10

180-269 days

4.65

270 days to < 1 year

4.65

1 year to <2 years

(except 444 days)

5.60

444 days

5.65

2 yrs to < 3 yrs

(except 1000 days)

5.60

1000 days

6.00

3 yrs and above

5.85

·         Minimum amount Rs.1.00 Lakh

 

Ø  For Senior Citizen Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional rate of 0.75% continues.

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