Chennai: Public sector lender Indian Bank has revised downwards foreign currency non-resident (Banking) term deposit interest rates with immediate effect.
The revised interest rates have been fixed at 2.75 percent (from the existing 2.78 percent) for deposits (in USD) of one year and above but less than two years by the Chennai-based bank for FCNR (B) deposits.
For deposits of two years and above but less than three years, the interest rates have been revised to 2.40 percent from the existing 2.43 percent, Indian Bank said in a statement.
Interest rates have been revised to 3.51 percent for deposits of three years and above but less than four years from the existing 3.56 percent.
For deposits of four years and above but less than five years, the interest rates have been revised to 3.69 percent from 3.77 percent, it said.
Interest rates have been fixed to four percent for deposits of upto five years against the existing 3.92 percent, the release added.
First Published: Friday, March 1, 2013, 20:55