Indian Bank, an Indian state-owned financial services company headquartered in Chennai, has revised downwards foreign currency non-resident (FCNR) term deposit interest rates to 2.75 per cent from 2.78 per cent with immediate effect.
The downward revision is for deposits (in USD) of one year and above but less than two years by the Chennai-based bank for FCNR (B) deposits.
In a statement, Indian Bank said that for deposits of two years and above but less than three years, the interest rates have been revised to 2.40 per cent from the existing 2.43 per cent.
For deposits of three years and above but less than four years interest rates have been revised to 3.51 per cent from existing 3.56 per cent.
For deposits of four years and above but less than five years, the interest rates have been revised to 3.69 per cent from 3.77 per cent, it said.
Interest rates have been fixed to four per cent for deposits of upto five years against the existing 3.92 per cent, the release added.
