Indian Bank revises interest rate with immediate effect

Public sector Indian Bank has revised its Foreign Currency Non-Resident (Banking) term deposit interest rates with immediate effect.

For FCNR (B) deposits, in US Dollar, the revised interest rate has been fixed at 2.67% for deposits of one year and above but less than two years, against the existing 2.69%.

Interest rates have been revised at 2.48% for deposits of two years and above but less than 3 years from the existing 2.50%, Chennai-headquartered bank said in a release.

For deposits of three years and above but less than four years, the interest rate is remained unchanged at 3.78%.

For deposits of four years and above but less than five years,the  interest rates is revised to 4.17% from the existing 4.18%, it said.

For deposits of five years, interest rates have been fixed at 4.56% against 4.51%, it added.