Chennai sources made a statement that Public sector Indian Bank on Saturday said it has revised the foreign currency non-resident banking term deposits with immediate effect. Accordingly the city headquartered bank said in a statement for FCNR (B) deposits, in USD terms, the revised interest rates for deposits of one year and above, but less than two years has been fixed at Rs 3.78%.
Moreover for deposits of two years and above, but less than three years, interest rates have been revised at 3.98%. It was stated that Interest rates for deposits of three years and above, but less than four years have been fixed at 4.06% and for deposits of four years and above, but less than five years interest rates have been fixed at 4.07%.
Furthermore as per report it was stated that for
deposits of up to five years, the interest rates have been fixed at 4.10 per
cent, the release added.