Indian Bank revises interest rates on FCNR(B) deposits

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

The revised interest rates for deposits of one year and above but less than two years in US dollar terms, have been fixed at 3.68 per cent as against 3.59 per cent, the city-headquartered bank said in a statement.

For deposits of two years and above, but less than three years, the interest rates have been revised to 3.88 per cent from 3.77 per cent.

Interest rates on deposits of three years and above but less than four years, it has been increased to 3.97 per cent from existing 3.89 per cent.

For deposits of four years and above but less than five years, the bank said the interest rates have been revised to 3.99 per cent as against 3.92 per cent.

For deposits of up to five years, interest rates are 4 per cent as compared to 3.93 per cent.

The bank's shares were trading at Rs 356.40 apiece, up by 0.79 per cent over the previous close in BSE.