Indian Overseas Bank raises 444-day deposit rate to 6.85%
In short
Indian Overseas Bank has raised the rate on its 444-day non-callable term deposit for deposits above ₹1 crore to 6.85% a year. That is 10 basis points higher than the earlier 6.75%.
This matters for depositors with large balances because they can now earn a slightly better return on this product.
What the reporting says
Indian Overseas Bank increased the interest rate on its 444-day non-callable term deposit for deposits above ₹1 crore to 6.85% per annum. The new rate is up 10 basis points from 6.75%. The change affects a specific high-value deposit product offered by the lender.
Why it matters
Indian Overseas Bank raised the rate on its 444-day non-callable term deposit for deposits above ₹1 crore to 6.85% per annum, up from 6.75%. The move changes returns on a specific bank deposit product and may make it more attractive to large depositors.