Indian Bank raises FCNR rates

indian-bankOn Friday, Chennai-based Indian Bank raised its interest rates for Foreign Currency and Non Resident (B) and NRE (Non Resident External) deposits, applicable from April 1.

As per the bank, the deposit rates for FCNR (B) deposits, in US dollar terms, have been fixed at 1.92 per cent for a period of one year. But it should be less than two years. For a period of two years but less than three years, it is going to be 2.24 per cent as against the present rate of 2.08 per cent.

For all deposits which are for three years but less than four years, the rate is going to be 2.84 per cent. Presently, it is at 2.69 per cent. And for all those which are above five years and above, the rate is 3.75 per cent against 3.20 per cent.

The bank has fixed a rate of 2.67 per cent for all NRE term-deposits which are one year but less than two years. For two years the rates are 2.99 per cent and for three years but less than five years, it is going to be 3.59 per cent.