Indian Bank revises interest rates

Public sector Indian Bank has revised its interest rates on foreign currency non-resident (Banking) term deposits with immediate effect.

 

Accordingly, for FCNR (B) deposits, in US Dollar, the revised interest rate for one year and above but less than two years remains unchanged, at 2.67%.

 

For deposits of two years and above but less than three years, it has been increased to 2.57% from the existing 2.48%, Chennai-headquartered Indian Bank said in a statement.

 

Interest rates have been revised to 4.95%, for deposits of three years and above, but less than four years from the existing 4.78%, it said.

 

For deposits of four years and above but less than five years, interest rates have been hiked to 5.38% from the existing 5.17%.

 

For deposits of five years only, interest rates have been increased to 5.77% from the existing 5.56%, the release added.