Indian Overseas Bank increases interest rates on Deposits

Chennai based public sector bank, Indian Overseas Bank, decided to increase the rates offered on the longer term deposits by 25 basis points. Now the rates offered under term deposits above 3 years will be 5.45% as against 5.20% offered earlier.

Further, the bank also reduced its Base rate to 8.10% as against earlier rate of 9.10%. Borrowers who had taken loans under base rate will have to pay lower interest now.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 17.85 as compared to the previous close of Rs. 17.45. The total number of shares traded during the day was 420363 in over 1343 trades.

The stock hit an intraday high of Rs. 18.00 and intraday low of 17.50. The net turnover during the day was Rs. 7461517.00.

Source : Equity Bulls

Keywords

IndianOverseasBank INE565A01014 IOB TermDeposits InterestRate