Indian Overseas Bank has prepared an expansion plan to open 88 new branches to celebrate its 88th Foundation Day this year. The Chennai-based bank has introduced current account versions of RuPay, IOB Freedom Savings and credit cards. Additionally, retail rupee fixed deposit rates have been increased by 20 basis points for a tenure of 444 days with immediate effect.
PTI, Chennai. Public sector Indian Overseas Bank plans to expand by opening 88 new branches this year to mark its 88th foundation day celebrations, a senior official said on Saturday.
On the occasion, the Chennai-based bank unveiled the implementation of digital documents for RuPay credit card variants, IOB Freedom checking and savings account variants and online treasury arrangement.
Established in 1937.
After paying tribute to late MCT M Chidambaram Chettiar, who founded the bank on this day in 1937, the bank’s managing director Ajay Kumar Srivastava said it planned to open 88 new branches during the year.
He said this bold expansion initiative reflects the Bank’s strong commitment to providing comprehensive financial services, thereby enhancing economic vitality and inclusion in communities across the country.
Increase interest rates on deposits.
Indian Overseas Bank said it has raised interest rates on 444-day rupee retail deposits by 20 basis points with immediate effect. Additionally, individual fixed depositors will get an interest rate of 7.30 percent on 444-day fixed deposits, senior citizens will get an interest rate of 7.80 percent, and senior citizens will get an interest rate of 8.05 percent.
On the occasion, the bank’s CEO Srivastava handed over 11 tricycles and nine wheelchairs to disabled persons through Ramakrishna Math here.