NRI's can happily deposit their money with Indian banks as Public sector lender Indian Bank has revised upwards its interest rates. Those who are in abroad and those who wish to deposit foreign currency in Indian banks, the Interest rate has been made higher.
The interest rate for Foreign Currency Non-Resident (Banking) deposits in dollar terms has been fixed at 1.88%. Earlier this was just 1.70% for deposits of one year and above. But at the same time it has to be less than two years.
When it comes to deposit of two years and above, but less than three years, the interest rate has been revised to 2.16%. Earlier it was just 2%. The news was officially said in a statement. For deposits of three years and above, the interest rates have been revised to 2.93%. Earlier this was just 2.76%.
Similarly, deposits of four years and above and less than five years, interest rates was increased to 3.12% from 2.95%. For deposits more than five years the interest rates have been hiked to 3.25% from the existing 3.09%.
