Indian Overseas Bank launches new scheme for senior citizens

Visakhapatnam: To commemorate the Senior Citizens Day on October 1, Indian Overseas Bank has launched a new scheme ‘IOB EightyPlus’ in honour of senior citizens who are 80 and above.

Under the scheme, a customer who opens a new term deposit will be offered an additional interest of 0.75 per annum which is 0.25 per cent more than the current rate applicable for senior citizens.

The customers can open new savings bank account under the scheme with no minimum balance specification and the customers will be offered a personalized cheque book free of cost, a press note said.