New Delhi, Apr 6 (KNN) In a latest development, Indian Overseas Bank (IOB) cut down interest rates in the range of 15 basis points to 90 basis points for different sectors of the Micro, Small and Medium Enterprise (MSME) lending base.

For loans of size 25 lakh to 2 crore, the revised rate is reduced by over 50 basis points and for loans above 2 crore, the rate is revised by a decrease of 15 basis points to 90 basis points.

This is to be in relation with the rating of the micro, small and medium enterprises unit.

The bank said that the new revised structure would be effective from April 1.

Also the bank has reduced the commission charges on opening of Letters of Credit and bank guarantee, a news portal reported.

Indian Overseas Bank (IOB) is a major public sector bank based in Chennai (Madras), operating from over3400 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 31 October 2017. (With inputs from a media report) (KNN/DA)