The Hindu Business Line : Indian Bank hikes FCNR (B), NRE rates

Indian Bank has hiked interest rates offered on non-resident Indian (NRI) deposits with effect from June 1. For foreign currency non-resident (B) deposits in US dollar, the revised interest rate has been pegged at 4.64 per cent against 4.55 per cent for deposits of one year and above but less than two years, 4.57 per cent against 4.31 per cent for 2 to less than 3 years, 4.55 per cent against 4.26 per cent for 3 to 5 years and 4.57 per cent against 4.29 per cent for five-year deposits. For NRE term deposits, the revised interest rate has been fixed at 5.39 per cent against 5.3 per cent for one to 2 years, 5.32 per cent against 5.06 per cent for two years and above but less than three years and 5.3 per cent against 5.01 per cent for three years and above and up to five years.

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