State-owned lender Indian Overseas Bank (IOB) decided to hike interest rates on longer-term deposits by 25 basis points, effective Thursday.
Accordingly, the interest rate offered for term deposits over 3 years will be 5.45% versus 5.20% previously offered, the bank said in a statement.
In addition, the IOB announced a reduction in its base rate from 9.10% to 8.10%. Borrowers who had taken out loans at the prime rate would now have to pay lower interest rates, it said in a statement.
