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Nationalized bank hikes interest rates on fixed deposits

Mumbai: Indian Overseas Bank (IOB), a public sector lender, hiked interest rates on fixed deposits under Rs 2 crore.  The lender increased interest rates on a special tenor of 444 days by up to 45 bps. The bank has not modified the interest rates for the remaining tenors. Indian Overseas Bank (IOB) is now giving a maximum interest rate of 7% on a tenor of 444 days.

The bank will continue to give an interest rate of 4.50% on deposits maturing in the next 7–45 days, deposits maturing in 46–90 days will get an interest rate of 4.75%  and deposits with a tenor of 91 to 179 days  will get an interest rates of 4.20%. Deposits with a tenor of 180 to 269 days will attract an interest rates of  4.85% .

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The interest rate on deposits that mature in 270 days to a year will remain at 5.25%, and the interest rate on deposits that mature in a year to a two-year period (except for 444 days) will remain at 6.40%. On a special deposit tenor of 444 days, the bank has hiked the interest rate by 45 bps from 6.55% to 7.00% and on those maturing in 2 years to 3 years, IOB will continue to offer an interest rate of 6.40%. The interest rate on deposits with maturities of three years or longer will remain at 6.50%.



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