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Indian Bank revises deposit rates

Indian Bank

Chennai: Public sector lender Indian Bank has revised interest rates in the foreign currency non-resident (banking) deposits, with effect from June 1.

“Accordingly, the new revised interest rate for deposits of one year and above but less than two years is fixed at 1.50 per cent, from the existing 1.46 per cent,” the Chennai-based bank said in a statement.

For deposits of 2 years and above but less than 3 years, interest rate has been revised to 1.87 per cent from the existing 1.83 per cent, it said.

For those of 3 years and above but less than 4 years, it has gone up to 2.95 per cent, from the existing 2.88 per cent.

For deposits of 4 years and above but less than five years, it has been raised to 3.19 per cent from the existing 3.13 per cent.

The bank has set the rate at 3.40 per cent against the existing 3.33 per cent for deposits of up to 5 years, the statement said.

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