Indian Overseas Bank cuts the NRE term deposit rates from 4.52% to 3.75% from one year to less than 2 years, NRE deposits 3.19% for a year to less than 3 years and 3.47% for 3 years to less than 5 years. The bank now offers interest rates ranging from 2.44%  to 3.08% for FCNR dollar deposits.