Indian Bank hikes foreign currency deposit rates

Public sector Indian Bank today hiked interest rates on foreign currency non-resident bank deposits and non-resident external rupee term deposits with effect from April 1.

The interest rates on FCNR(B) deposits in US dollar, with maturity period of one year to less than two years, has been fixed at 1.92 per cent from 1.84 per cent earlier, a release issued by the bank here said.

On deposits for two years to less than three years the rate has been set at 2.24 per cent, compared with 2.08 per cent, while deposits for over 3-4 years will attract an interest rate of 2.84 per cent, against 2.69 per cent, at present, it added.

The rate of interest for deposits of four years to less than five-year tenure has been fixed at 3.75 per cent compared to 3.20 per cent, it said.

For NRE term deposits, interest rate is 2.67 per cent for one year to less than two-year tenure from earlier 2.59 per cent.

On deposits for 2-3 years, the interest rate has been set at 2.99 per cent, against 2.83 per cent.

For 3-5 years, the interest rate has been raised to 3.59 per cent against 3.44 per cent, the release added.