IOB revises interest rates

Public sector lender Indian Overseas Bank (IOB) has revised interest rates on its Non-Resident External (NRE) deposits upward to 9.25 per cent with effect from January 2.

Interest rates for NRE deposits have been revised to 9.25 per cent from the existing 3.82 per cent on deposits of one year to less than two years’ tenure, Chennai-based Indian Overseas Bank said in a statement.

For deposits with a maturity period of two years and above, but less than three years, the interest rate has also been hiked to 9.25 per cent from the existing 3.51 per cent.

For deposits of three years and above, but less than five years, the interest rate has been increased to 9.25 per cent from 3.64 per cent, the statement added.