Indian Bank has revised its interest rates on foreign currency non-resident (banking) term deposits effective from April 1. For FCNR (B) deposits in US dollar terms, the revised interest rate has been fixed at 2.40 per cent for deposits of one year and above but less than two years, from the existing 2.33 per cent, according to a statement. For deposits of two years and above but less than three years, the rate has been revised to 2.62 per cent (2.57 per cent). For deposits of three years and above but less than four years, the revised rate is 2.88 per cent (2.78 per cent). For deposits of four years and above but less than five years, the revised rate is 3.01 per cent (2.92 per cent). The interest rate for deposits of up to five years is 3.11 per cent, up from 3.05 per cent.
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