Indian Overseas Bank Raises Deposit Interest Rates

Indian Overseas Bank (IOB) has implemented a rate hike of up to 80 basis points on retail term deposits in rupees, effective from 15 January 2024.

As of now, IOB offers the highest interest rates among all public sector banks on rupee retail term deposits for the 1-year to less than two years' period, according to an official statement.

Depositors opting for fresh term deposits in the 1-year to less than 2 years' category with IOB will now enjoy an interest rate of up to 7.65 per cent.