Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches this year to mark its 88th Foundation Day celebrations, a top official said on Saturday.
The Chennai-based Bank unveiled digital document execution for RuPay credit card variants, IOB Freedom Savings and Current Account variants, and online locker agreements.
Was Established In 1937
After paying tribute to the late M. Ct. M. Chidambaram Chettyar, who founded the Bank in 1937, its Managing Director Ajay Kumar Srivastava said they planned to open 88 new branches during the year.
He said this bold expansion initiative reflects the Bank’s unwavering dedication to offering comprehensive financial services and promoting economic vibrancy and inclusivity in communities nationwide.
Increase In Interest Rates On Deposits
Indian Overseas Bank said it has increased interest rates on Rupee Retail Term Deposits for 444 days by 20 basis points with immediate effect. Retail term depositors will get a 7.30 per cent interest rate on term deposits of 444 days, senior citizens will get a 7.80 per cent interest rate, and super senior citizens will get an 8.05 per cent interest rate.
On this occasion, the Bank’s Chief Executive Officer, Srivastava, handed over 11 tricycles and nine wheelchairs to disabled persons through Ramakrishna Math.
