Indian Overseas Bank (IOB) has revised the interest rates on short-term deposits by 35 basis points and on medium-term deposits by 10 to 20 bps with effect from Monday.

The interest rates offered under term deposits opened for 7 days to 45 days will garner 3.6% against 3.25%. The interest rate for 444 days is 5.85% (5.65%) and for one year to less than three years is 5.7% (5.6%), the public sector lender said in a statement.

IOB has also increased the interest rate on NRE term deposits by 10 to 20 bps across all tenors ranging from 5.75% to 5.85%.

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By Dipak

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