Indian Overseas Bank revises interest rates

CHENNAI: Public sector Indian Overseas Bank has revised the interest rates for its domestic and NRO (Non-Resident Ordinary) term deposits with immediate effect.

According to a bank statement, rates for deposits for period 91 to 120 days has been revised from 7.25 per cent to 7.75 per cent while for those 121 to 179 days it has been revised from seven per cent to 7.75 per cent.

The rates for the deposits 180 to 269 days has been hiked from 7.25 per cent to eight per cent while for those deposits ranging between 270 to 332 days it has been increased to eight per cent from the present 7.50 per cent.

The interest rates for deposits with a period of 334 days but less than one year has been revised to eight per cent from 7.50 per cent, it added.

Source: EconomicTimes