Indian Bank revises interest rates

By: |
Chennai | March 02, 2017 4:37 PM

Public sector Indian Bank has revised its interest rates in foreign currency non-resident (banking) term deposits with immediate effect.

Indian Bank, Public Sector, Mahesh Kumar Jain, Direct Tax Payment, DigiLockFor FCNR(B) deposits, in USD terms, the revised interest rate was fixed at 2.33 per cent for deposits of one year and above, but less than two years, from the existing 2.26 per cent, a bank statement said.(Reuters)

Public sector Indian Bank has revised its interest rates in foreign currency non-resident (banking) term deposits with immediate effect. For FCNR(B) deposits, in USD terms, the revised interest rate was fixed at 2.33 per cent for deposits of one year and above, but less than two years, from the existing 2.26 per cent, a bank statement said.

For deposits of two years and above but less than three years, interest rates were revised to 2.57 per cent from existing 2.52 per cent.

Interest rates remain unchanged at 2.78 per cent for deposits of three years and above but less than four years. Interest rates also unchanged for deposits of four years and above but less than five years at 2.92 per cent, it added.

You may also like to watch: 

In another statement, the bank said it launched two technology products — Direct tax payment by debit card authentication and ‘digilock’ a mobile application for the customers.

Indian Bank, Managing Director and CEO, Mahesh Kumar Jain and senior officials launched the two new products yesterday.

The Direct Tax Payment by Debit Card authentication facility would help customers to pay the “direct tax” by using the debit cards. “As the payment is directly integrated without using any Payment Gateway Service Providers customers will not incur any charges”, it said.

Using the DigiLock customer application, the bank’s customers can store and lock their credit, debit, net banking and mobile banking services through the facility.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Fintechs pick up MDR tab, enjoy merchant’s float
2Economy likely to rebound by Q4 of FY22, Bandhan Bank bullish on meeting targets: Chandra Shekhar Ghosh
3National Asset Reconstruction Company to be operational next month: IBA CEO