Indian Overseas Bank plans to open 88 new branches this year

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In celebration of its 88th Foundation Day, Indian Overseas Bank, a public sector bank, has unveiled plans to open 88 new branches. The bank, headquartered in Chennai, aims to commemorate this milestone by expanding its reach and providing comprehensive financial services to communities across the nation.

Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,220 domestic branches, 2 DBUs ( Digital Banking Unit) about 4 foreign branches and representative office.

Expansion Plans

Indian Overseas Bank’s Managing Director, Ajay Kumar Srivastava, announced the bank’s ambitious expansion plans during the Foundation Day celebrations. The bank intends to open 88 new branches throughout the year, demonstrating its commitment to offering accessible financial services and fostering economic vibrancy and inclusivity in communities nationwide.

New Offerings

As part of the Foundation Day celebrations, Indian Overseas Bank introduced a range of new offerings. These include RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant, and Digital Documents Execution for online locker agreements. By introducing these innovative products and services, the bank aims to enhance customer experience and cater to the evolving needs of its clientele.

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Increased Interest Rates

Indian Overseas Bank also announced an increase in interest rates on Rupees Retail Term Deposits for a period of 444 days. With immediate effect, retail term depositors can now enjoy an interest rate of 7.30%, while senior citizens will receive 7.80% and Super Senior Citizens will receive 8.05% on their term deposits with a duration of 444 days.

Commitment to Social Responsibility

In addition to its expansion plans, Indian Overseas Bank demonstrated its commitment to social responsibility during the Foundation Day celebrations. Ajay Kumar Srivastava, the bank’s Chief Executive Officer, handed over 11 tricycles and nine wheelchairs to differently-abled individuals through the Ramakrishna Math. This gesture reflects the bank’s dedication to making a positive impact on society and supporting individuals with special needs.

Conclusion

Indian Overseas Bank’s plans to open 88 new branches and launch new offerings during its 88th Foundation Day celebrations showcase its commitment to growth, innovation, and social responsibility. With an expanded branch network, enhanced product offerings, and increased interest rates, the bank aims to serve its customers better and contribute to the economic development of the nation.

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