Public sector lender Indian Overseas Bank has increased the interest rate on medium-term deposits by 5 bps (basis points) with effect from Tuesday.
Now, the interest rates offered under term deposits above one year to less than two years will be 5.45%, and for 444 days it will be 5.5%, the bank said in a statement.
Further, IOB has increased the interest rate on NRE term deposits by 10 bps across all tenors. The revised interest rates are in the range of 5.5-5.7%, IOB added.
