Indian Overseas Bank to revise interest rates from November 1

CHENNAI: Public sector Indian Overseas Bank would reduce the interest rates in retail and micro small and medium enterprises by 25 basis points with effect from November 1, the city-based lender said on Thursday.

Indian Overseas Bank would reduce the interest rate applicable for retail segment – housing, vehicle, education, micro small and medium enterprises by 25 basis points and the revised repo linked lending rate would be eight per cent from existing 8.25 per cent with effect from November 1, it said in a statement.

The decision to revise the lending rates follows the Reserve Bank of India reducing the Repo rate by 25 basis points.

Indian Overseas Bank said it had linked the Repo Linked Lending Rate to its loans to be sanctioned under retail segment and micro, small and medium enterprises with immediate effect.

The Apex bank had recently announced its decision to cut the interest rates by 25 bps for a record fifth straight time as it moved aggressively to revive economic growth.