IOB to launch new deposit schemes

Chennai, Mar 21 (UNI) Leading banking service provider Indian Overseas Bank (IOB) would launch new deposit scheme for senior citizens with interet rates upto 10.25 per cent.

Apart from this, IOB also chalked out new plans for mutual funds, insurance (life and non-life), mediclaim (lower premimum for IOB customers), IOB tool schemes for ex-servicemen and small, IOB general manager K Chandrasekhar told newspersons here today.

Apart from providing various personal and commercial banking services, IOB also offers services for transferring currencies across countries to facilitate cross-border transactions, he said adding the collection of foreign currency clean instruments such as cheques, drafts were undertaken by all branches of IOB.

With the Indian economy opening up to investment from foreign sources and the realisation of the potential of the agricultural and agri-related sectors, IOB had also introduced various new consultancy services, he said adding the objective of this division of IOB was to foster and encourage the growth of all agriculture related businesses.

IOB has 1546 branches across the country with 115 branches in Chennai alone, he said.

UNI