Indian Bank Hikes Interest Rates On FCNR (B) Deposits

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    The Central Bank of India - RBI, kept the repo rates fixed at 6.50% and this led to the plunge in the markets as well as the domestic rupee value against the strong dollar during yesterday's trade session. Most of the analysts were hoping for the rise in interest rates but things went the other way round after yesterday's announcement.

    Indian Bank Hikes Interest Rates On FCNR (B) Deposits
     

    The mighty dollar owing to strong U.S. economy added with the surging crude prices has led to the downfall of Indian rupee rising concerns over widening current account deficit for current fiscal.

    In an announcement, the public sector based Indian Bank stated its decision that it has modified the Foreign Currency Non-Resident (FCNR) banking term deposits with immediate effect,starting from today.

    The Chennai based bank announced that for all the FCNR (B) deposits, in USD terms, the altered interest rate for deposits with a tenure of one year and above but less than two years has been fixed at 3.78 percent.

    In case of deposits whose tenure is two years and more but less than three years, the modified interest rates stand at 3.98 percent.

    For deposits whose tenure is three years and more but less than four years, the interest rates are fixed at 4.06 percent and for deposits with a maturity period of four years and above but less than five years, interest rates stand at 4.07 percent.

    For FCNR deposits whose tenure is up to five years, the interest rates are fixed at 4.10 percent.

    Tenure Interest Rates
    1 year and more - < 2 years 3.78%
    2 years and more - < 3 years 3.98%
    3 years and more - < 4 years 4.06%
    4 years and more - < 5 years 4.07%
    Upto 5 years 4.10%

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