Indian Bank Increases FCNR (B) rates

With effect from January 1, 2018, Indian Bank has revised interest rates on FCNr or on foreign currency non-resident (banking) term deposits upwards.

Such deposits in dollar terms with maturity of one year or more but less than 2 years shall now fetch 2.77% while deposits of over 2 years and less then 3 years will offer a return of 3.08% as against 2.92% earlier.

This has come even after rates on several small savings schemes have been lowered by 20 basis points.

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