Public sector lender Indian Bank has revised downwards foreign currency non-resident (FCNR) term deposit interest rates with immediate effect.
The revised interest rates have been fixed at 2.75 per cent (from the existing 2.78 per cent) for deposits in dollar of one year and above, but less than two years by the Chennai-based bank for FCNR (B) deposits.
For deposits of two years and above, but less than three years, the interest rates have been revised to 2.40 per cent from the existing 2.43 per cent, Indian Bank said in a statement.
Interest rates have been revised to 3.51 per cent for deposits of three years and above, but less than four years from the existing 3.56 per cent.
For deposits of four years and above, but less than five years, the interest rates have been revised to 3.69 per cent from 3.77 per cent, it said.
Interest rates have been fixed to four per cent for deposits of upto five years against the existing 3.92 per cent, the release added.