Indian Bank revises interest rates in FCNR (B) deposits

Chennai: Public sector Indian Bank has revised its interest rates in the foreign currency non-resident (banking) term deposits with immediate effect.

"For FCNR (B) deposits, in USD, the revised interest rates are fixed at 2.11 per cent for deposits of one year and above but less than two years, from the current 2.02 per cent, for deposits in USD," the city-based bank said in a statement.

Interest rates were revised to 2.32 per cent for deposits of two years and above, but less than three years from existing 2.12 per cent. For deposits of three years and above, but less than four years, the interest rates increased to 3.01 per cent from the existing 2.70 per cent.

Interest rates were revised to 3.16 per cent for deposits of four years and above, but less than five years from existing 2.77 per cent. For deposits of upto five years, the interest rates were fixed at 3.29 per cent from existing 2.86 per cent, it added.