Indian Bank hikes interest rates

Public sector lender Indian Bank has hiked interest rates on Foreign Currency Non-Resident (FCNR) (Banking) and NRE (Non-Resident External account) deposits with immediate effect.

For FCNR (B) deposits in US dollars, the revised interest rate has been fixed at 1.79% for deposits of one-year tenor and above but less than two years. The earlier rate was 1.78%, the Chennai-based bank said in a statement.

For deposits of two years' tenor, but less than three years, it has been increased to 1.91% from the present 1.78%.

The bank has also hiked the interest rate on deposits of 3-4 years' tenor from 2.24% to 2.44%.

For deposits of 4-5 years' tenor, it has been hiked  to 2.94% from the existing 2.71%, it said.

For deposits of tenor greater than five years, the rates were hiked from 3.15% to 3.36%, it said.

The bank has also hiked the interest rates on NRE term deposits of 1-2 years' tenor marginally from 2.53% to 2.54%.

Interest on NRE term deposits of 2-3 years' tenor has also been hiked from 2.53% to 2.66%.

For NRE deposits of 3-5 years' tenor, the interest rate has been fixed at 3.19%, as against 2.99% at present, the statement added.