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IOB hikes FCNR, NRE term deposit rates

CHENNAI: Indian Overseas Bank (IOB) has increased its interest rates on FCNR deposits with effect from November 1, 2006. For U.S. dollar deposits, the rates are: 5.34 per cent for one year to less than two years, 5.17 per cent for two years to less than three years, 5.11 per cent for three years to less than five years, and 5.12 per cent for five years only. The interest rates for other currencies have also been increased in line with the market trend. The bank also raised the interest rates for NRE deposits, says a release.

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