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.