Indian Bank revises FCNR (B) interest rates

Public sector Indian Bank has revised its interest rates on Foreign Currency Non-Resident (Banks) term deposits with immediate effect.

The Chennai-based bank in a statement here said that for FCNR (B) deposits, in USD, the revised interest rate has been revised to 2.35 per cent for deposits of one year and above but less than two years from the existing 2.38 per cent.

For two years and above but less than three years, it has been decreased to 1.78 per cent from the existing two per cent. For deposits of three years and above but less than four years, the interest rates have been revised to 1.87 per cent from the existing 2.11 per cent.

For four years and above but less than five years, the interest rates has been revised to 2.06 per cent from the existing 2.30 per cent.

For deposits of five years and above, it has been fixed at 2.30 per cent from the existing 2.51 per cent, it said.