Indian Overseas Bank (IOB) has increased interest rate on Foreign Currency Deposit Interest Rates

Chennai based Indian Overseas Bank (IOB) has increased interest rate on Foreign Currency deposits.

For USD denominated deposits, under FCNR and RFC schemes, IOB is offering 5.65% for tenor of 1 year. For USD deposits of more than one year to less than two years tenor the bank’s interest rate is 5.50 %

Similarly for Euro and GBP denominated deposits of one year to less than two years period, the bank has increased the interest rate to 2.50 % and 5.00 % respectively.

This revision is effective from 15th October 2023.