New Delhi, Nov. 15 -- Public sector lender, the Indian Overseas Bank (IOB) has increased interest rates on 444-day term deposits up by 15 basis points (bps), with effect from 10 November, the bank said in a statement.

Further, non-callable deposits will now earn 6.85%; while rates for callable and NRE (non-resident external) deposits revised to 6.75% each, the release added.

IOB this week raised interest rates on its 444-day term deposits by up to 15 bps, following a review by the bank's Asset-Liability Committee (ALCO).

Founded in February 1937, IOB was one of the 14 major banks nationalised by the Indian Government in 1969. It currently has a strong domestic presence with 3,542 branches and around 3,729 ATMs. The bank also provides s...