Ranastalam (Srikakulam district)

Theopening of Indian Overseas Bank’s (IOB) new branch at Ranastalam will strengthen banking services in the region and provide greater financial support to local people, farmers and entrepreneurs, said Etcherla MLA Nadukuditi Eswara Rao (NER).

The MLA made the remarks after inaugurating the bank’s new fully air-conditioned branch at Ranastalam in Srikakulam district on Wednesday. IOB Visakhapatnam Region Senior Regional Manager Ravi Kumar Gupta was present on the occasion.

Eswara Rao said the establishment of the public sector bank would improve access to banking and financial services for people in Ranastalam and surrounding areas and support local economic activity.

Ravi Kumar Gupta said Ranastalam was the seventh IOB branch in Srikakulam district and the 80th branch under the Visakhapatnam Region, reflecting the bank’s continued expansion.

He highlighted IOB’s special 444-day term deposit scheme, offering interest rates of 6.60 per cent for the general public, 7.10 per cent for senior citizens and 7.35 per cent for super senior citizens.

He said IOB was committed to supporting Andhra Pradesh’s economic development and contributing to the vision of “Swarna Andhra 2047 – One Entrepreneur in Each Family.”

The programme was attended by Kalisetti Prabhavathi, Kalisetti Suryanarayana, Branch Manager P. Manikantha Manohar, Regional Office officials, branch managers from Srikakulam, Balagathopu and Palasa, AIOBEU AGS D. Umamaheswara Rao, bank employees, customers and retired IOB employees.