State-owned Indian Overseas Bank (IOB) has increased the marginal cost of funds-based lending rate across tenors by 0.10 per cent.”Our bank has revised the MCLR with effect from July 10, 2022, until further review,” IOB said in a regulatory filing.The new rates, which will come to effect on July 10, will range from 6.95-7.55 per cent.The one-year MCLR, the benchmark for most consumer loans such as auto, personal and home, will be raised to 7.55 per cent from the existing 7.45 per cent. Alongside, the two and three-year MCLR are also increased by the same quantum to 7.55 per cent each.The overnight to six-month MCLR is hiked in the range of 6.95-7.50 per cent, up by 0.10 per cent from…
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Category: Indian Overseas Bank
Indian Overseas Bank Embarks on a Digital Transformation Journey with the Launch of Innovative Products
Indian Overseas Bank Embarks on a Digital Transformation Journey with the Launch of Innovative Products
Chennai, 03.08.2023: Indian Overseas Bank (IOB) takes a significant leap towards enhancing customer experience and convenience by unveiling two pioneering products, further reinforcing its commitment to innovation, collaboration, and sustainability.
IOB’s ongoing digital transformation journey is rooted in its steadfast dedication to providing unparalleled customer satisfaction through seamless digital and physical experiences. The bank is proud to announce the introduction of the following products:
1. IOB RERA Current Account Scheme: IOB…
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Indian Overseas Bank Hikes Interest Rates, Launches New Products, Expands Network
Indian Overseas Bank Hikes Interest Rates Public sector Indian Overseas Bank (IOB), a public sector bank, celebrated its 88th annual Foundation Day on February 10, 2023, by unveiling plans for expansion and launching a range of financial products. IOB announced the opening of 88 new branches across the country and a 20 bps increase in interest rates on retail term deposits for the 444-day bucket, effective from February 10, 2024. Now retail term depositors will get an interest rate of 7.30 per cent, Senior Citizens will get 7.80 per cent, and Super Senior Citizens to get 8.05 per cent for the fresh term deposit opened for 444 days. The offer is valid till March 3, 2024.Further, IOB…
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Stocks To Watch: Reliance Industries, Adani Group, Patel Engineering, Indian Overseas Bank, PSP Projects, Hero MotoCorp, Tata Consumers – Market News
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 73.50 or 0.33% at 22.458 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 189.40 points or 0.86% to settle at 22,336.50 while the BSE soared 560.29 points or 0.77% to 73,648.62.
“The Indian market extended last Friday’s relief rally as Middle East tension saw some respite, though the situation remains fluid. The recovery was broad-based across sectors, with renewed interest in mid-…
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MCLR Hike: This bank has increased MCLR for all tenures, loans may become expensive
MCLR Hike: IOB has increased the MCLR of all tenures. The bank will increase the rate by 0.05 to 0.1% from Monday.MCLR Hike: This is a big shock for the customers of the government bank Indian Overseas Bank. Indian Overseas Bank has announced an increase in Margin Cost of Funds Based Lending Rate (MCLR). According to exchange filing, the government bank will increase MCLR by 0.05 to 0.10 percent. The bank said that MCLR rates will increase from Monday. Let us tell you that MCLR is the minimum rate below which the bank is not allowed to give loan. That means this is the minimum rate of loan given by the bank.What is IOB’s MCLR Rate?According to IOB, overnight MCLR is 8.05 percent, which…
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PSU bank stocks rise, IOB up 8%, Union Bank surges 2%; here’s why
PSU Bank stocks surged on April 1, driving the Nifty PSU index up by more than one percent. According to analysts noted that the favorable credit environment at present has bolstered the asset quality of…
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Indian Overseas Bank board approves capital raising plan for FY25
Indian Overseas Bank (IOB) is planning to raise paid-up equity capital for FY25 to a maximum extent of ₹5,000 crore.The board approved the proposal which would be done by way of follow-on public offer, rights issue, qualified institutional placement, ESPS, preferential issue or any other mode, in one or more tranches within a period of 12 months from the date of approval, after obtaining the necessary approval, the public sector lender said in a regulatory filing.IOB said it also plans to raise Tier II capital by issue of BASEL III compliant Tier II bonds up to a maximum extent of ₹1,000 crore depending upon the requirement, with or without green shoe option, in one or more tranches…
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ACC appoints non-executive chairmen in Bank of India, IOB & UCO Bank – Elets BFSI – Elets
ACC appoints non-executive chairmen in Bank of India, IOB & UCO Bank – Elets BFSI Elets
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Processing Fee, Documents Required, Eligibility, How to Apply
In the early days, people used to purchase gold as a tradition in our country but in recent times, gold is also used as security. For this purpose, demand for gold loans has increased drastically over the period. If you are facing any financial issues, you can easily opt for a gold loan with Indian Overseas Bank (IOB) to resolve your immediate financial crisis. Indian Overseas Bank provides you with several gold loan schemes at affordable rates of interest to individuals, women, farmers and people existing in the MSME sector. Continue reading this article to gain detailed insights about Indian overseas bank gold loan interest rates. Indian Overseas Bank (IOB) Gold Loan Interest Rate…
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Source: https://cleartax.in/s/indian-overseas-bank-gold-loan-interest-rate
RIL, Tata Consumer, Patel Engineering, Indian Overseas Bank
Reliance Industries Ltd. will be in focus on Tuesday after it reported an 8.2% rise in net profit and a 5.6% jump in revenue. The stocks of Tejas Network Ltd. and Rallis Ltd. will also be in focus. In addition, Tata Consumer Products Ltd. will be in the spotlight as it announces its quarterly earnings.Construction company Patel Engineering Ltd. launched its qualified institutional placement on Monday to raise up to Rs 400 crore. The indicative price has been set at Rs 56.53 apiece, representing a discount of 10.06% to the last closing price. The floor price is Rs 59.5.Indian Overseas Bank has approved a fundraise of up to Rs 6,000 crore via debt and equity instruments. The bank will…
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