IOB revises deposit rates upwards

Public sector Indian Overseas Bank has revised its deposit rates upwards with immediate effect.

For the deposits ranging from seven to 29 days, it has been increased from 3.50% to 4.50%, a statement from the Chennai-based bank said.

For deposits that range between 30-90 days, the rates has been revised from 4% to 6.25% and for those between one and five years it has been raised from 8.75% to 9.25%, it said.

However, for senior citizens the additional interest rates has been fixed at 0.75%, it added.