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.