Indian Bank revises deposit rates

Public sector lender Indian Bank has revised interest rates in the foreign currency non-resident (banking) deposits, with effect from June 1.

Chennai: Public sector lender Indian Bank has revised interest rates in the foreign currency non-resident (banking) deposits, with effect from June 1.

"Accordingly, the new revised interest rate for deposits of one year and above but less than two years is fixed at 1.50 percent, from the existing 1.46 percent," the Chennai-based bank said in a statement.

For deposits of 2 years and above but less than 3 years, interest rate has been revised to 1.87 percent from the existing 1.83 percent, it said.

For those of 3 years and above but less than 4 years, it has gone up to 2.95 percent, from the existing 2.88 percent.

For deposits of 4 years and above but less than five years, it has been raised to 3.19 percent from the existing 3.13 percent.

The bank has set the rate at 3.40 percent against the existing 3.33 percent for deposits of up to 5 years, the statement said.

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