Chennai, Mar 9: The public sector Indian Overseas Bank (IOB) today 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 per cent as against 5.20 per cent offered earlier, a bank release said.
Further, the bank also reduced its Base rate to 8.10 per cent as against earlier rate of 9.10 per cent.
Borrowers who had taken loans under base rate will have to pay lower interest now. (UNI)
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