Business

Indian Bank raises FCNR, NRE rates

CHENNAI: Indian Bank has revised the interest rates on FCNR (B) and NRE deposits with effect from May 1, 2008. For FCNR (B) deposits, in U.S. dollar the revised rates are: 2.33 per cent (1.74 per cent existing) for deposits of one year and above but less than two years; 2.43 per cent (1.75 per cent) for two years and above but less than three years; 2.70 per cent (2.06 per cent) for three years and above but less than four years; 2.93 per cent (2.36 per cent) for four year and above but less than five years and 3.11 per cent (2.65 per cent) for five years.

For NRE term deposits, the revised interest has been fixed at 3.08 per cent (2.49 per cent existing) for one year and above but less than two years; 3.18 per cent (2.50 per cent) for two years and above but less than three years and 3.45 per cent (2.81 per cent) for three years and above and upto five years.

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