Indian Overseas Bank to revise interest rates from April 10

Public sector lender Indian Overseas Bank would revise the interest rates on term deposits by up to 40 basis points from April 10, the bank said on Sunday.

Depositors would receive interest rates of 7.25 per cent by opening term deposit for a period of 444 days, the city-headquartered bank said in a statement.

This announcement by the bank is in line with the decision by the Reserve Bank of India to keep the repo rate unchanged at 6.5 per cent.

FD interest rate

The FDs maturing between 7 to 29 days would get an interest of 4 per cent, up by 50 bps, while those maturing in 30 to 45 days will get 4.25 per cent. The bank has reduced the interest rates of deposits maturing between 46 to 90 days from 4.75 per cent to 4.25 per cent. However the interest rates on FDs maturing in 91 to 179 days have been increased by 30 bps to 4.50 in comparison to the earlier 4.2 per cent.

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FDs between 180 days and 269 days will get an interest rate of 4.95 per cent up by 10 bps and the deposits that mature between 270 and year will earn an interest of 5.35 per cent.