IOB cuts term deposit rates by 25 bps

With effect from today, Indian Overseas Bank has reduced interest rate by 25 basis points on term deposits of up to 2.5 mln rupees and having tenure of more than three years but less than five years.

The bank has introduced a new term deposit slab of above 2.5 mln rupees but below 10 mln rupees, which replaces the two earlier slabs of 2.5 mln rupees to 5.0 mln rupees, and 5.0 mln rupees to 10.0 mln rupees.

Though central bank in its Sep 17th 2012  meet di not reduced lending rate (Repo rate) PSU banks are reducing deposit rates keeping in mind general slowdown and global weakness.