NRI's FCNR and NRE deposit rates cut by Indian Bank

 

New Delhi, Oct.08, 2007
Dr. Surinder Mehta

Indian Bank has revised downwards interest rates on foreign currency and NRI deposits:

• FCNR (B) deposits maturing in one year to less than two years has been cut to 4.15 per cent from 4.53 per cent.
• Two years and less than three years would now fetch 3.84 per cent against the current 4.15 per cent
• Three years and less than four years would carry 3.89 per cent against 4.16 per cent at present.
• Four year and less than five year deposits, interest rates are now fixed at 3.99 per cent against 4.20 per cent
• Five years and above 4.08 per cent against 4.26 per cent.

The NRE term deposits:

• One year and less than two years would carry 4.90 per cent interest rates against the existing 5.28 per cent
• Two years and less than three years 4.59 per cent against 4.90 per cent.
• Three years and up to five years would carry interest rates of 4.64 per cent against 4.91 per cent