Indian Bank revises FCNR (B) interest rates

Public sector Indian Bank has revised its foreign currency non resident (banking) deposit interest rates with immediate effect.

For FCNR (B) deposits, in US Dollar, the revised interest rate has been fixed at 2.53% for deposits of one year and above but less than two years, compared to the existing 2.55%.

For deposits of two years and above but less than three years, the interest rates have been revised to 2.52% from the existing 2.56%, Chennai-based Indian Bank said in a statement today.

Interest rates have been changed to 3.91% for deposits of upto three years and above but less than four years compared to the existing 4.02%, it said.

For deposits of four years and above but less than five years, the interest rates has been revised to 4.29% from existing 4.45%, it said.

Interest rates for deposits of up to five years have been fixed at 4.62% from the existing 4.81%, the statement added.