Public sector Indian Bank revises interest rates

Chennai: Public sector Indian Bank has revised the interest rates on foreign currency non-resident banking deposits with immediate effect.

For FCNR (B) deposits, in USD terms, the interest rate has been fixed at 2.44 per cent for deposits of one year and above but less than two years from the existing 2.45 per cent.

"For deposits of two years and above but less than three years, interest rates have been fixed at 2.56 per cent from existing 2.60 per cent," the city-based bank said in a release.

Interest rates for deposits of three years and above but less than four years, have been revised to 2.67 per cent from existing 2.75 per cent.

For deposits of four years and above but less than five years, the interest rates have been revised to 2.75 per cent from current 2.86 per cent.

For deposits of upto five years, the interest rates have been fixed at 2.84 per cent from existing 2.96 per cent, the release added.