Indian Bank revises interest rates

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

For FCNR (B) deposits, in US Dollar terms, the revised interest rate has been fixed at 1.48 percent for deposits of one year and above but less than two years from the existing 1.51 per cent, Chennai-based Indian Bank said in a statement.

Interest rates for deposits for two years and above but less than three years have been revised to 1.82 percent from the existing 1.91 percent.

For deposits of three years and above but less than four years, interest rates have been revised to 2.88 percent from the existing 3.01 percent.

Interest rates were cut to 3.13 percent for deposits of four years and above but less than five years from the existing 3.26 percent, it said.

For deposits of up to five years only, the interest rates have been revised to 3.31 percent from existing 3.45 percent, the release said.