The public sector bank, Indian Bank, has revised interest rates on Foreign Currency Non Resident fixed deposits having various maturities. The new interest rates will be brought into effect immediately.
The bank issued a statement containing the new rates for FCNR term deposits (in US Dollars), which are as follows:
- For deposits of more than 1 year but less than two years, the interest rates have been brought down to 3.03 percent from 3.05 percent.
- For term deposits having maturity of more than two years but less than three years, the rates are same as earlier at 2.42 percent.
- For deposit with maturity of more than three years but less than four years, the interest rates hve been increased to 3.5 percent from 3.48 percent.
- For deposits of more than four years but less than five years, the interest rate have been fixed at 3.66 percent from 3.63 percent.
- Lastly, for term deposits of five years, the new interest rates are 3.87 percent.