Indian Bank stated that the interest rates for FCNR (B) deposits would be revised with immediate effect. FCNR (B) deposits stand for Foreign currency Non resident (Banking) deposits In a statement from Indian Bank it was revealed that the new rate for deposits of FCNR (B), in terms of greenback has been decided to be 2.63% in case of deposits that are of in between one to two years. The previous figure for the same was 2.67%.
The rate for deposits exceeding two years but not more than three years has been decided to be 2.48% compared to the previous rate of 2.57%. For deposits of more than three years but less than four years the rate is fixed at 4.77%, pulling it down from the previous rate of 4.95%. The rate of interest on FCNR (B) on deposits of in between four to five years is now 5.16% compared to the previous rate of 5.38%. 5.53% is the new rate on FCNR (B) deposits of more than five years in place of its existing rate 5.77%.