As of January 10, 2023, Indian Overseas Bank, a major player in the Public Sector Banking industry, will raise the interest rates on retail term deposits denominated in rupees by up to 45 basis points.
Indian Overseas Bank is offering interest rates of up to 7.75% for domestic, NRO, and NRE depositors who open term deposits for a period of 444 days.
Indian Overseas Bank is also increasing the interest rates on foreign currency deposits by up to 100 basis points as of January 10, 2023. Depositors who open FCNR(B) or RFC term deposits with the bank can now earn interest rates of up to 5.00%.
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