Indian Overseas Bank has raised interest rates on its term deposits by 50 basis points for maturities of one year and above.
The deposit rates have been increased to 7 per cent for one year to less than two years; 7.25 per cent for 2-3 years; and 7.50 per cent for more than three years.
For senior citizens, the rate is 0.75 per cent higher. As at end-June, IOB had total deposits of Rs 1,09,461 crore, 67 per cent of which are term deposits.
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