Indian Bank revises FCNR (B) and NRE interest rates

Chennai: The city-based public sector Indian Bank has revised interest rates on FCNR (B) and NRE deposits with effect from 1 November 2007.

For FCNR (B) deposits, in US dollars, the revised interest rate has been fixed at 3.89 per cent for deposits of one year and above but less than two years (4.15 per cent existing); 3.71 per cent for two years and above but less than three years; (3.84 per cent existing), 3.78 per cent for three years and above but less than four years, (3.89 per cent existing) 3.88 per cent for four years and above but less than five years (3.99 per cent existing) and 3.97 per cent for five year deposits (4.08 per cent existing).

For NRE term deposits, the revised interest rate has been fixed at 4.64 per cent for one year and above but less than two years (4.90 per cent existing); 4.46 per cent for two years and above but less than three years (4.59 per cent existing) and 4.53 per cent for three years and above and up to five years (4.64 per cent existing).