Chennai-headquartered Indian Overseas Bank plans to open 88 branches during the year commemorating the lender’s 88th Foundation Day celebrations as part of its expansion drive.

Marking the occasion, the state-run bank unveiled RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant and Digital Documents Execution for online locker agreements.

After paying rich tributes to the late M Ct M Chidambaram Chettiyar, who founded the bank on this day in 1937, the bank's managing director and CEO Ajay Kumar Srivastava said they plan to open 88 new branches during the year.

"This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation," he said.

Meanwhile, Indian Overseas Bank said it has increased the interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points with immediate effect.

Retail term depositors would receive an interest rate of 7.30%, senior citizens 7.80% and Super Senior Citizens 8.05% on term deposits with 444 days.

Srivastava handed over 11 tricycles and nine wheelchairs to differently-abled individuals through the Ramakrishna Math on the occasion.