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IOB hikes fixed deposit rates
11 Jun
Summary
- Indian Overseas Bank increased rates on select fixed deposits.
- Rates for one-year non-callable deposits now stand at 6.70%.
- A 444-day deposit now yields 6.75%, up from 6.65%.
Indian Overseas Bank (IOB) has announced an increase in interest rates for select domestic non-callable fixed deposits, with the changes effective from June 11. This decision stems from a recent Asset-Liability Committee (ALCO) meeting. The new rates apply to specific tenors, including a hike for the 444-day fixed deposit.
Specifically, the interest rate on one-year non-callable fixed deposits has been raised to 6.70% from 6.60%. Deposits with tenures between one and two years, excluding the 444-day option, will now earn 6.60%, an increase from the previous 6.50%. The 444-day non-callable fixed deposit will offer 6.75%, up from 6.65%.
These updated rates are exclusively for domestic non-callable fixed deposits. Interest rates on regular fixed deposits, NRO, and NRE term deposits remain unaffected by this revision. This move occurs while the Reserve Bank of India has maintained its policy repo rate.
Meanwhile, Unity Small Finance Bank has also increased its interest rate on 501-day fixed deposits. Senior citizens can earn 8.30% per annum, and general depositors receive 7.80% per annum for this tenor.
