The Indian Overseas Bank (IOB) has expanded its presence in Vizianagaram by opening a new branch in the Ring Road area. The branch was inaugurated by Ravi Kumar Gupta, Senior Regional Manager (SRM) of Visakhapatnam Region, on Wednesday. Speaking at the event, Gupta highlighted the competitive interest rates offered by IOB, including 7.35% for housing loans and 7.85% for vehicle loans, without any processing fees.
IOB is also providing various types of loans, such as MSME, education, retail, agriculture, and jewel loans, at attractive interest rates. Additionally, the bank is offering a 7.10% per annum interest rate on retail term deposits for 444 days to individuals below 60 years of age. Gupta emphasized that IOB is committed to providing excellent services to its customers and is continuously expanding its network to reach more people.
The Visakhapatnam Region of IOB currently has 72 branches and one RBI Currency Chest at Visakhapatnam. Gupta announced that new branches will be opening soon in Palasa, ALASA, Narasannapeta in Srikakulam district, and S Kota in Vizianagaram district, all of which are expected to be operational before July 31, 2025. The event was attended by several dignitaries, including Chief Manager D Srinivasa Rao, Ring Road Branch Manager Suresh Kondrothu, Vizianagaram Branch Manager Saurav Vishal, and AIOBEU Assistant General Secretary D Uma Maheswara Rao.
The opening of the new branch in Vizianagaram is a significant development for the region, as it will provide access to IOB’s range of financial services and products to the local community. With its competitive interest rates and wide range of loan options, IOB is well-positioned to meet the financial needs of individuals and businesses in the area. The expansion of IOB’s network in the region is expected to have a positive impact on the local economy, promoting growth and development in the area.