Indian Bank revises interest rates on FCNR (B) deposits

State-run Indian Bank has revised the interest rates on foreign currency non-resident (banking) deposits with immediate effect.

The Chennai-based bank has revised the interest rates on FCNR (B) deposits for one year and above but less than two years to 2.55 per cent as compared to the existing 2.53 per cent.

For deposits of two years and above but less than three years, the interest rates have been revised to 2.58 per cent from the existing 2.52 per cent, the bank said in a statement.

For deposits of three years and above but less than four years, the interest rates have been revised to 3.51 per cent from 3.91 per cent at present, it said.

Also, for deposits of four years and above but less than five years, the interest rates have been fixed at 3.89 per cent from the existing 4.29 per cent.

For deposits of up to five years, the interest rates have been revised to 4.18 per cent from the existing 4.62 per cent, it added.

PTI