Indian Bank revises interest rates for FCNR (B) deposits

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Chennai | Published: February 1, 2017 2:04:51 PM

Public sector Indian Bank has revised its rates for foreign currency interest rates (banking) on term deposits with immediate effect.

Public sector Indian Bank has revised its rates for foreign currency interest rates (banking) on term deposits with immediate effect. (Reuters)Public sector Indian Bank has revised its rates for foreign currency interest rates (banking) on term deposits with immediate effect. (Reuters)

Public sector Indian Bank has revised its rates for foreign currency interest rates (banking) on term deposits with immediate effect. As per the revised interest rate for FCNR (B) deposits, in USD terms, the revised interest rate has been fixed at 2.26 per cent for deposits of one year and above but less than two years from the existing 2.20 per cent. For deposits of two years and above but less than three years, the interest rates were revised to 2.52 per cent from 2.48 per cent, the city-based bank said in a statement.

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Interest rates have been revised to 2.78 per cent for deposits of three years and above but less than four years from existing 3.19 per cent. For deposits of four years and above but less than five years, the interest rates were revised to 2.92 per cent from existing 3.37 per cent. For deposits of upto five years, the interest rates were revised to 3.05 per cent from existing 3.48 per cent.

Shares of the bank were trading at Rs 273.90 a piece up by 1.22 per cent over previous close in afternoon BSE.

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