Indian Bank hikes FCNR deposit rates

Public sector lender Indian Bank has revised its Foreign Currency Non-Resident (Banking) and Non-Resident (External) term deposit rates with immediate effect.

In a statement, the Chennai-based bank said it revised the FCNR (B) deposits in dollar terms to 2.32 per cent for deposits of one year and above, but less than two years from the existing 2.19 per cent.

For two-years and above but less than three years, the interest rates have been revised to 2.01 per cent from the existing 1.86 per cent. For deposits of three years and above but less than four years, it has been hiked to 2.14 per cent from the present 2.02 per cent.

For deposits of four years and above but less than five years, it is revised to 2.35 per cent from the existing 2.30 per cent. For deposits of up to five years, it has been increased to 2.62 per cent from the existing 2.59 per cent, it said.

On Non-Resident (External) deposits, the revised interest rates for one year and above but less than two years has been fixed at 3.82 per cent from 3.69 per cent, for those deposits of up to two years and above but less than three years it is revised to 3.51 per cent from the existing 3.36 per cent.

For deposits of three years and up to five years it has been revised to 3.64 per cent from the existing 3.52 per cent, the statement added.