Indian Overseas Bank has increased interest rates on Foreign Currency deposits

Indian Overseas Bank has increased interest rates on Foreign Currency deposits

New Delhi: Chennai-based Indian Overseas Bank (IOB) has increased interest rates 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.

Rahul Mehra
Rahul Mehra

Rahul has been an integral part of the Hello Entrepreneurs magazine journey since its inception. As a key contributor, he has played a pivotal role in shaping HE into a premier business magazine known for its diverse and compelling content. Rahul's dedication and expertise have been instrumental in curating a wide range of subjects, ensuring that HE remains a go-to resource for entrepreneurs seeking valuable insights and inspiration. His unwavering commitment to excellence has helped establish HE as a trusted platform for thought-provoking articles, interviews, and features, significantly impacting the entrepreneurial community.

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