Diabytes
Indian Overseas Bank News
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The rate cuts by the banks will be beneficial to new and existing home and vehicle borrowers.
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Indian Overseas Bank has launched a new service enabling customers to access their loan account statements directly through the Digilocker application or website under its move to expand the service.
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IOB said that Interest rate for Senior Citizen aged 60 and above, will fetch an additional Interest rate of 0.50 percent.
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PNB, IOB Saving Account Debit Cards Charges: A debit card is popularly known as an ATM card and can be used for withdrawing cash from ATM machines, shopping and making online payments.
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Indian Overseas Bank said that Interest Rate of Loans for Overnight Tenor MCLR and One Month MCLR Shall be Sanctioned Only by the Top Management at Central Office. It also further clarified that Discretion to Sanction Overnight and One Month MCLR is not Available with Any Other Functionaries.
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The IOB now offers an FD rate of up to 7.3 per cent to the depositors for a tenure of 444 days and up to 7.25 per cent for a period of three years and above.
Foreign currency depositors shall be paid an interest rate of up to 4.25 per cent by opening FCNR (B) term deposits with the bank.
The bank said that the interest rate for IOB Tax Saver Deposit shall be at 6.5%.
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Indian Overseas Bank has recorded a 33.2 per cent jump in its net profit at Rs 501 crore
The bank registered net profit at Rs 376 crore during the corresponding period last year.
For the half year ending September 30, 2022 the net profit surged to Rs 893 crore from Rs 703 crore last year.
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RBI hiking the repo rate in tranches.
IOB has increased the interest rate on FDs.
The new rule will come into effect from September 13.
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Bank of Baroda and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent.
Benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent.
Bank of Baroda's one-year MCLR will be priced at 7.80 per cent.
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IOB's decision has come at a time when most banks are increasing interest rates offered on term deposits.
Investors will now earn interest at a 3 per cent rate on FDs maturing between 7 to 45 days.
FD investments with a maturity period of 46 to 90 days will now fetch returns at 3.50 per cent.
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The government, vide notification dated February 25, has appointed Vivek Aggarwal, as an RBI nominee director in Indian Overseas Bank.
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The Institute of Banking Personnel Selection (IBPS) has released notification for the recruitment of clerks at nationalized banks such as Central Bank of India, Indian Bank, Indian Overseas Bank, etc.
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The panel also examined issues pertaining to the protection of interests of workers of banks which are likely to be privatised.
Central Bank of India and Indian Overseas Bank are reported to be probable candidates for privatisation.
The government last year consolidated 10 public sector banks into four.
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Finance Minister Nirmala Sitharaman while unveiling Budget 2021-22 on February 1 had announced that the government proposed to take up the privatisation of two public sector banks (PSBs) and one general insurance company.
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The shortlist has not previously been reported.
Govt considering mid-sized to small banks.
First round of privatisation to test waters.
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Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, while presenting the Union Budget FY 2021-22 in Parliament announced that government has approved a policy of strategic disinvestment of public sector enterprises that will provide a clear roadmap for disinvestment in all non-strategic and strategic sectors.
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The shortlist has not previously been reported.
Govt considering mid-sized to small banks.
First round of privatisation to test waters.
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Leading banks like Indian Overseas Bank, Indian Bank, UCO Bank, Canara Bank, Punjab & Sind Bank, Syndicate Bank and the IDBI Bank took to Twitter to inform their customers that have provided a three-month moratorium on payment of EMIs, interest on loans. terms loans etc.
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The public sector lender reported a loss of Rs 3,606.73 crore during January-March, 2017-18.
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Indian Overseas Bank recorded a net loss of Rs 346 crore for the quarter ending December 31, 2018. It was down 64 percent from Rs 971 crore in the year ago period.
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