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IOB hikes interest rates on term deposits

CHENNAI: Indian Overseas Bank (IOB) has, with effect from June 1, made upward revision in interest rates on domestic and NRO term deposits with maturity period of 91 days and above. The rates are: 3.5 per cent for 7 days to 14 days (for deposits of Rs. 1 lakh and above); 4 per cent (15 to 29 days); 4.25 per cent (30 to 45 days); 4.5 per cent (46 to 60 days); 4.75 per cent (61 to 90 days); 5.75 per cent (91 to 180 days); 6 per cent (181 days to less than one year); 7 per cent (1 year to 3 years) and 7.25 per cent for over 3 years.

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