Indian Bank revises FCNR rates

Indian Bank revises FCNR rates Chennai: Public sector lender Indian Bank has revised its interest rates on foreign currency non-resident (banking) deposits with immediate effect.

"For FCNR (B) deposits, in USD terms, the revised interest rates have been fixed at 2.84 percent for deposits of 1 year and above but less than 2 years compared to the existing 2.86 percent," the city-based bank said in a statement.

For deposits of 2 years and above but less than 3 years, the interest rates have been revised to 2.41 percent from the existing 2.39 percent, it said.

The interest rates have been revised to 3.49 percent for deposits of 3 years and above but less than 4 years compared to existing 3.46 percent.

For deposits of 4 years and above but less than 5 years, the interest rates have been hiked to 3.64 percent from the existing 3.59 percent, it said.

For deposits of up to 5 years, the interest rates have been increased to 3.83 percent from the current 3.77 percent, the statement added.

PTI