INDIAN OVERSEAS BANK REDUCES INTEREST RATE ON LOANS

INDIAN OVERSEAS BANK REDUCES INTEREST RATE ON LOANS

Chennai based public sector bank, Indian Overseas Bank, consequent to change in Repo rate by RBI, has reduced the repo linked lending rate (RLLR) by 75 bps. IOB’s Repo linked lending rate will come down from the existing level of 8.00% to 7.25 % per annum wef 01.04.2020.


Retail loans (Housing, Education, Vehicle etc.), loans to Micro and Small enterprises and Medium enterprises, which are linked to RLLR, will now be available at cheaper rates. Bank has also, inter alia, reduced the 1 year MCLR from existing 8.45% to 8.25% wef 10.04.2020.


About Indian Overseas Bank:

Indian Overseas Bank (NSE: IOB) is one of the leading Public Sector Bank established in the year 1937 headquartered in Chennai with a strong domestic presence of 3280 Branches & 3450 ATMs as of Mar 31, 2019. 57% of Branches catering to the needs of Rural and Semi Urban centres enhancing deeper Financial Inclusion. IOB is a strong brand that enjoys the trust of over 36 million active customers. As of March 31, 2019, the Bank had a total business of Rs. 3,74,530 crores with Deposits of Rs. 2,22,534 crores and Advances of Rs. 1,51,996 crores. The CASA portfolio of the Bank stood at Rs. 85,227 crores with a CASA% of 38.3%. The Credit to Deposit Ratio of the Bank stood at 68.3%. The RAM (Retail/Agri/MSME) portfolio contributes to around 67% of domestic advances synchronising with the Banks efforts towards rebalancing its Balance sheet
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