Public sector Indian Overseas Bank has revised interest rates on fixed deposits across various tenures by 10-80 basis points with immediate effect. “Indian Overseas Bank has hiked rates for tenures ranging from one week to five years and above, upto Rs one crore will now earn between 4.5 per cent and 6.8 per cent,” the city-headquartered bank said in a statement today. Senior citizens continue to have additional rate of 0.50 per cent, the statement said.
Interest rates for tax saver deposits stands at 6.8 per cent and there has been no revision on the interest rates for the NRE deposits. The bank has 3,342 branches and 3,278 ATM networks. The bank’s total business was at Rs 3,68,128 crore with deposits of Rs 2,16,592 crore and advances of Rs 1,51,536 crore as of December 2017, it added.