Home >Industry >Indian Bank revises interest rates for FCNR (B) deposits

Chennai: Public sector lender Indian Bank has revised interest rates on foreign currency non-resident (banking) deposits, with immediate effect.

For FCNR (B) deposits, in US dollars, the revised interest rate has been fixed at 2.77% for deposits of one year and above but less than two years from the current 2.63%. For deposits of two years and above but less than three years, the interest rate has been fixed at 2.92% from the existing 2.80%, the bank said in a release.

Interest rates has been revised to 3.08% for deposits of three years and above, but less than four years from existing 2.96%. For deposits of four years and above but less than five years, the interest rate has been revised to 3.15% from existing 3.05%.

Interest rates were fixed at 3.20% for deposits of up to five years from the current 3.14%, the release added.

On Thursday, Indian Bank shares rose 1.04% to Rs383.70 apiece on the BSE while the benchmark Sensex surged 1.08% to end the day at 32,949.21 points.

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