Indian Overseas Bank (IOB) has increased interest rate on Foreign Currency Deposit Interest Rates

Indian Overseas Bank (IOB) has increased interest rate on Foreign Currency Deposit Interest Rates

Chennai-based Indian Overseas Bank (IOB) has increased interest rate on Foreign Currency deposits.

For USD-denominated deposits, under FCNR and RFC schemes, IOB is offering 5.65% for a tenor of 1 year. For USD deposits of more than one year to less than two years tenor the bank’s interest rate is 5.50 %

Similarly, for Euro and GBP-denominated deposits of one year to less than two years period, the bank has increased the interest rate to 2.50 % and 5.00 % respectively.

This revision is effective from 15th October 2023.

Rabindra

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