Indian Bank revises interest rates in FCNR(B) deposits

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

"Revised interest rates have been fixed at 2.43 per cent for deposits of one year and above, but less than two years from the existing 2.36 per cent," the city-headquartered bank said in a statement.

Interest rates were revised to 2.59 per cent for deposits of two years and above but less than three years from the existing 2.50 per cent. For deposits of three years and above, but less than four years, interest rates were revised to 2.76 per cent from existing 2.70 per cent.

For deposits of four years and above, but less than five years, the interest rates were revised to 2.86 per cent from current 2.82 per cent. Interest rates were fixed at 2.96 per cent for deposits of upto five years only from existing 2.89 per cent, it added.

Meanwhile, in another statement, the bank said, it has been authorised by the Central Board of Excise and Customs to collect the Goods and Services Tax through all its branches.

"Indian Bank is one among the 25 banks authorised by GST Council for collection of GST.. The Bank is integrated with GSTN for Tax collections through net banking and over the counter transactions," it said.