Indian Bank revises FCNRE, NRE rates

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

In a statement, the Chennai-based bank said it revised the FCNR (B) deposits in USD terms to 2.32% for deposits of one year and above, but less than two years from the existing 2.19%.

For two-years and above but less than three years, the interest rates have been revised to 2.01% from the existing 1.86%. For deposits of three years and above but less than four years, it has been hiked to 2.14% from the present 2.02%.

For deposits of four years and above but less than five years, it is revised to 2.35% from the existing 2.30%. For deposits of up to five years, it has been increased to 2.62% from the existing 2.59%, it said.

 

On Non-Resident (External) deposits,the revised interest rates for one year and above but less than two years has been fixed at 3.82% from 3.69%, for those deposits of up to two years and above but less than three years it is revised to 3.51% from the existing 3.36%.

For deposits of three years and up to five years it has been revised to 3.64% from the existing 3.52%, the statement added.