Indian Bank revises interest rates on FCNR(B) deposits

Chennai: Public sector Indian Bank on Saturday said it has revised the foreign currency non-resident banking term deposits with immediate effect.

For FCNR(B) desposits, in USD terms, the revised interest rates for deposits of one year and above, but less than two years has been fixed at Rs 3.78 per cent, the city headquartered bank said in a statement.

For deposits of two years and above, but less than three years, interest rates have been revised at 3.98 per cent.

Interest rates for deposits of three years and above, but less than four years have been fixed at 4.06 per cent and for deposits of four years and above, but less than five years interest rates have been fixed at 4.07 per cent.

For deposits of upto five years, the interest rates have been fixed at 4.10 per cent, the release added.