CHENNAI: The city-based public sector Indian Overseas Bank decided to increase the rates offered on term deposits up to 25 basis points. Now the interest rate offered under term deposits has increased by 25 bps to 3.75% for 46 to 90 days, 5.40% for 1 year to less than 2 years (except 444 days) and 5.45% for 444 Days and 2 Years to less than 3 years. For term deposit above three years, interest rate has been increased by 15 bps to 5.60%. Interest rate for IOB Tax Saver Deposit shall be 5.60%. For senior citizens additional interest rate of 0.50% and for super senior citizens (aged 80 years and above) additional interest rate of 0.75% will be applicable over and above the card rate, as per a release.