The Hindu : Business / Briefly : IOB hikes interest rates

Online edition of India's National Newspaper
Friday, Feb 16, 2007
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Business

Business - Briefly

IOB hikes interest rates

CHENNAI : Indian Overseas Bank has made an upward revision of interest rates on term deposits with effect from February 15. The bank is offering 8.50 per cent for deposits placed for one year but less than three years and 9 per cent for deposits for three years and above for amounts up to Rs. 25 lakh for a limited period up to March 31. The Tax Saver Deposit scheme (under section 80C of the I. T act) will fetch an interest rate of 8.60 per cent for a minimum period of five years. Senior citizens will get an additional one per cent over the above rates for deposits up to Rs. 25 lakh, says a release.

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