Indian Bank revises foreign currency rates

Public sector Indian Bank today said it has revised upwards interest rates for the Foreign Currency Non-Resident (FCNR) and Non-Resident (External) accounts with immediate effect.

For the FCNR (B) deposits, the revised interest rate has been increased to 1.80% from 1.76% for deposits of one year and above but less than two years, the Chennai-headquartered bank said in a statement.

Interest rates for deposits of two years and above but less than three years has been fixed at 1.51% against 1.64% previously.

For deposits of three years and above but less than four years, the interest rates has been revised to 1.67% from 1.94%.

For deposits of four years and above but less than five years, the revised rate will 1.95% from 2.32%.

Interest rates for deposits of up to five years has been revised to 2.28% from 2.72%, the statement said.

For Non-Resident (External) deposits, the interest rate has been revised to 2.55% from 2.51% for deposits of one year and above but less than two years.

For deposits of two years and above but less than three years it has been revised to 2.26% from 2.39%.

For deposits of three years and Upton five years the interest rate has been revised to 2.42% from 2.69%, the statement added.

Source: Business Standard