Chennai, 09 March 2022: Chennai-based public sector bank, Indian Overseas Bank, decided to increase the rates offered on the longer-term deposits by 25 basis points. Now the rates offered under term deposits above 3 years will be 5.45% as against 5.20% offered earlier.
Further, the bank also reduced its Base rate to 8.10% as against the earlier rate of 9.10%. Borrowers who had taken loans under base rate will have to pay lower interest now.
