Public sector Indian Bank has revised its foreign currency non-resident banking term deposit interest rates with immediate effect.
In US Dollar terms, for FCNR (B) deposits, the interest rates have been fixed at 1.70 per cent from the existing 1.88 per cent for deposits of one year and above but less than two years.
Interest rates have been decreased to 1.86 per cent for deposits of two years and above but less than three years from existing 2.16 per cent, the city-based bank said in a statement.
For deposits of three years and above but less than four years, the interest rates were revised to 2.50 per cent from 2.93 per cent.
Interest rates were fixed to 2.65 per cent for deposits of four years and above but less than five years from the existing 3.12 per cent.
For deposits of upto five years, interest rates have been fixed at 2.79 per cent from 3.25 per cent, the statement said.
Meanwhile, shares of the Bank closed trading at Rs 90 apiece, down 1.85 per cent from the previous close on BSE.