Chennai-based public sector bank Indian Overseas Bank (IOB) has increased interest rate on Non-Resident (External) Rupee Deposits (NRE) to 4.92 per cent from 4.17 per cen for 1 year to less than 2 years, similarly interest rate increased to 4.41 per cent from 3.56 per cent for 2 years to less than 3 years and to 4.89 per cent from 4.14 per cent for 3 years to less than five years.
FCNR rates for 1year and less than 2years increased to 4.17 per cent; for 2 years and less than 3 years revised rates would be 3.66 per cent, for 3 years and less than 4yrs - 4.14 per cent, 4 years and less than 5 years 4.49 per cent and for 5years it will be 4.76 per cent, according to bank's release.
