Indian Bank revises FCNR (Banking) term deposit rates

Public-sector Indian Bank today revised the interest rates on Foreign Currency Non-Resident (banking) term deposits with immediate effect. The city-based bank, in a statement said the interest rates, (in USD) for FCNR (banking) deposits has been revised to 3.59 percent for deposits of one year and above, but less than two years, from the existing 3.51 percent.

For deposits of two years and above but less than three years, the rates have been fixed at 3.77 percent as against the earlier 3.70 percent. Interest rates on deposits for three years and above, but less than four years, has been revised to 3.89 percent as against 3.82 percent.

For deposits of four years and above but less than five years, the rates will now be 3.92 percent compared to 3.84 percent earlier.

For deposits of upto only five years, the interest rates has been revised to 3.93 percent as against 3.86 percent, it added. The bank shares were trading at Rs 337.65 apiece, up by 0.43 percent over the previous close in the BSE.