Indian Overseas Bank Revises Interest Rates

Public sector Indian Overseas Bank has revised interest rates on rupee retail term deposits up to 45 basis points with immediate effect, the city-headquartered bank said on Tuesday.
        
Accordingly, depositors of domestic, NRO (non-resident ordinary) and NRE (non-resident external) would receive interest rate up to 7.75 per cent by opening term deposits for a period of 444 days, Indian Overseas Bank said in a statement, here.
        
Indian Overseas Bank said the interest rate on foreign currency deposits have also increased by up to 100 basis points with effect from Tuesday.
         
Foreign currency non-resident banking depositors would receive interest rate up to 5 per cent by opening term deposits, the bank said.