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Indian Bank hikes FCNR (B) and NRE rates

CHENNAI: Indian Bank has hiked the interest rates on Non-Resident External (NRE) and Foreign Currency (Non-Resident) Accounts (Banks) deposits. For NRE term deposits, the rise ranges between nine and 17 basis points for different maturities. For FCNR (B) deposits, the rise is to the maximum of 19 basis points for U.S. dollar, 19 points for British Pound and 24 basis points for Euro. For FCNR (B) deposits, the revised interest rate has been fixed at 5.33 per cent for deposits of one year and above but less than two years, 5.16 per cent for two years and above but less than three years, 5.08 per cent for three years and above but less than four years, 5.07 per cent for four years and above but less than five years and 5.09 per cent for five year deposits, a release said.

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