IOB hikes term deposit interest rates

Public sector Indian Overseas Bank on Monday announced a hike in the interest rates on rupees retail term deposits, up to 45 basis points, from Tuesday onwards. According to the bank, domestic/NRO/NRE depositors will get interest rate upto 7.75 per cent on term deposit for a period of 444 days. Interest Rate on Foreign currency deposits has also been increased upto 100 bps effective from January 10. FCNR(B)/RFC depositors will get an interest rate up to 5 per cent on their term deposits.