IOB hikes interest rates on retail term deposits

CHENNAI: Effective from Monday, Indian Overseas Bank (IOB) increased the interest rates offered on the retail term deposits post Monetary Policy Committee meeting of RBI. The bank has increased interest rate for short term deposits by 35 basis points and for medium term deposits by 10 to 20 bps. Term deposits opened for 7 days to 45 days will garner 3.60% as against 3.25%. The bank is offering interest rate of 5.85% for 444 days as against 5.65% earlier and for one year to less than 3 years the rate has been revised to 5.70% as against 5.60%. It has also increased the interest rate on NRE Term Deposits by 10 to 20 bps across all tenors. The revised interest rates are in the range of 5.75% to 5.85%, a release said.