Indian Bank revises interest rates on FCNR deposits

Indian Bank today announced a revision in its interest rates for the Foreign Currency Non-Resident (FCNR) and Non-Resident (External) deposits with immediate effect.

For the FCNR (B) deposits, the state-run bank said, the revised interest rate would now be 1.80 per cent against 1.76 per cent for deposits of one year and above but less than two years.

Interest rates for deposits of two years and above but less than three years will, however, be lower at 1.51 per cent against 1.64 per cent previously, the Chennai-based bank said in a statement.

For deposits of three years and above but less than four years, the new rate has been fixed lower at 1.67 per cent against 1.94 per cent earlier.

For deposits of four years and above but less than five years, the revised rate is 1.95 per cent against 2.32 per cent earlier.

For deposits of up to five years, the interest rate has been revised to 2.28 per cent from 2.72 per cent, the bank said in its statement.