The interest rate on fixed deposits below ₹2 Cr has been hiked at Indian Overseas Bank (IOB). According to the bank’s official website, the new rates will take effect on October 10, 2022. The bank has raised its interest rates up to 35 bps across a variety of tenors in response to the change. IOB is now offering fixed deposit interest rates between 3.60% and 5.85% for maturities ranging from 7 days to 10 years. While the highest interest rate on fixed deposits with 1000-day maturities is currently 6.00%.
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