Indian Overseas Bank to open 88 new branches this year: MD & CEO

Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday.

The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant and Digital Documents Execution for online locker agreements.

After paying rich tributes to the late M Ct M Chidambaram Chettiyar, who founded the bank on this day in 1937, the bank's Managing Director Ajay Kumar Srivastava said they plan to open 88 new branches during the year.

"This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation," he said.

Meanwhile, Indian Overseas Bank said it has increased the interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points with immediate effect.

Retail term depositors would receive an interest rate of 7.30 per cent, senior citizens 7.80 per cent, and Super Senior Citizens 8.05 per cent on term deposits with 444 days.

Srivastava, also the bank's Chief Executive Officer, handed over 11 tricycles, and nine wheelchairs to differently-abled individuals through the Ramakrishna Math in Chennai on the occasion.