IOB News

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.

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.

The government, vide notification dated February 25, has appointed Vivek Aggarwal, as an RBI nominee director in Indian Overseas Bank.

All potential investors will have to create their accounts on the bank’s website. You have to verify your details with your mobile number and email-id. Bidders will have also to comply with the KYC norms of the bank.

Axis Bank attracted fine for flouting NPA norms and state-run Indian Overseas Bank for KYC breach.

BBPS is an integrated bill payment system that offers inter-operable online bill payments to customers.

The Indian Overseas Bank (IOB) will sell the 'Indian Gold Coin' at its branches in the city tomorrow on the occasion of 'Gudi Padwa'.

State-owned Indian Overseas Bank (IOB) has become the first lender to start distribution of recently launched Indian Gold Coins (IGC)

Public sector lender Indian Overseas Bank on Saturday reported a net loss of Rs 550.83 crore for the second quarter ending September 30, 2015.

Indian Overseas Bank sufferd net loss for the financial year to end-March at Rs 454.33 cr.

Rating agency Moody's Tuesday downgraded state-run lenders Central Bank of India and Indian Overseas Bank's local and foreign currency deposit ratings, anticipating low level of support from the government to these banks.

Apollo Munich will offer customized products with sum insured ranging from Rs 3 lakh to Rs 10 lakh to IOB's customers, it said.

Public sector Indian Overseas Bank plans to raise Rs 1,000 crore to augment the additional Tier-I capital and also to strengthen its overall capital.

The CBI has filed a charge sheet against a Gujarat-based branch manager of Indian Overseas Bank (IOB) and three others for allegedly cheating the bank to the tune of Rs 2.5 crore.

The Chennai-headquartered bank reported a sharp increase in gross non performing assets at 7.35 percent for September quarter as against 5.84 percent in the year-ago period.

The bank has already received approval to raise up to USD 1 billion from its board.

Public sector Indian Overseas Bank has reported over two-fold jump in net profit for the first quarter ended June 30, 2014 at Rs 271.72 crore.

The bank has also requested Ministry of Finance for the dilution of their shareholding in the bank.