The Indian Overseas Bank, a public sector institution, has outlined its expansion strategy to establish 88 new branches this year in honor of its 88th Foundation Day celebrations, according to a senior official’s statement on Saturday. Additionally, as part of the commemoration, the Chennai-based bank introduced various RuPay Credit Card variants, the IOB Freedom Savings and Current Account Variant, and Digital Documents Execution for online locker agreements.
Following heartfelt tributes to the late M Ct M Chidambaram Chettiyar, the founder of the bank on this significant day in 1937, the Managing Director Ajay Kumar Srivastava announced plans to inaugurate 88 new branches during the year. He emphasized, “This ambitious expansion initiative reflects the bank’s steadfast commitment to providing extensive financial services, thereby promoting economic vitality and inclusivity across the nation’s diverse communities.”
Indian Overseas Bank has announced a rise in interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points, effective immediately. Under this adjustment, retail term depositors will now receive an interest rate of 7.30 percent, senior citizens 7.80 percent, and Super Senior Citizens 8.05 percent on term deposits spanning 444 days.
Srivastava, who serves as both the bank’s Chief Executive Officer and Managing Director, presented 11 tricycles and nine wheelchairs to differently-abled individuals through the Ramakrishna Math on the occasion.
IOB commenced its operations concurrently in Karaikudi, Chennai, and Rangoon in Burma (now Myanmar), subsequently opening a branch in Penang, Malaysia. By the dawn of Independence, IOB had established 38 branches in India and 7 branches abroad. At that time, deposits amounted to Rs.6.64 Crores, while advances stood at Rs.3.23 Crores.
IOB was among the 14 major banks that underwent nationalization in 1969. At the time of nationalization, IOB boasted 195 branches across India, with total deposits amounting to Rs.67.70 Cr. and advances reaching Rs.44.90 Cr. Presently, the bank maintains its overseas presence in four countries: Singapore, Hong Kong, Thailand, and Sri Lanka.
