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| Friday, 4 February 2005 |
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Indian Overseas Bank introduces "Recurring Deposit" With the aim to further mobilise deposits, in the retail segment, the Indian Overseas Bank has launched a new saving product, "Recurring Deposit" (RD) The scheme was formally opened at a function held at New Kathiresan Temple Extension Countre on January 19. Shri Subramaniam Chettiar, Managing Trustee of the New Kathiresan Temple Management was the Chief Guest at the inaugural function. Shri A. Ramaswamy, Country Head, in his inaugural address had assured the customers that the bank is committed to expand business and confident of getting good response from the people for the new product RD as the scheme offers and attractive rate of interest at zero risk. The Chennai based Indian Overseas Bank opened an extension counter at New Kathiresan Temple complex, Bambalapitiya on August 29, 2003 to widen their customer base. The extension counter's deposit base had already crossed Rs. 100 million within a short period of fifteen months. |
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