Indian Bank revises interest rates

Public sector Indian Bank has revised its interest rates on foreign currency non-resident (Banking) term deposits with immediate effect.

Accordingly, for FCNR (B) deposits, in US Dollar, the revised interest rate for one year and above but less than two years remains unchanged, at 2.67 per cent.

For deposits of two years and above but less than three years, it has been increased to 2.57 per cent from the existing 2.48 per cent, Chennai-headquartered Indian Bank said in a statement.

Interest rates have been revised to 4.95 per cent, for deposits of three years and above, but less than four years from the existing 4.78 per cent, it said.

For deposits of four years and above but less than five years, interest rates have been hiked to 5.38 per cent from the existing 5.17 per cent.

For deposits of five years only, interest rates have been increased to 5.77 per cent from the existing 5.56 per cent, the release added.