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IOB celebrates 88th Foundation Day; Launches new Rupay Credit Card & CASA variants

Published on February 15, 2024
Current Context: The Indian Overseas Bank (IOB) celebrated its 88th Foundation Day on February 10, 2024.
IOB celebrates 88th Foundation Day; Launches new Rupay Credit Card & CASA variants
  • On this occasion, IOB announced several new initiatives:
    • New Branches: IOB plans to open 88 new branches across India during the year.
    • Interest Rates: The bank has increased interest rates on Rupees Retail Term Deposits for the 444 Days bucket by 20 bps effective from February 10, 2024.
    • New Rupay Credit Card Variants: IOB introduced three new credit card variants - IOB RuPay Classic, IOB RuPay Platinum, and IOB RuPay Select. Each variant offers enticing reward points and features a range of benefits, including merchant offers, fuel surcharge waivers, lounge access, and EMI facilities for cardholders.
    • CASA Variants: While the specific details about the new CASA (Current Account Savings Account) variants are not mentioned in the sources, it’s clear that IOB has launched new variants as part of its Foundation Day celebrations.

Question:

Q.1 How many new branches does IOB plan to open across India during the year?
a. 44
b. 66
c. 88
d. 100
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