The Hindu Business Line : Indian Bank cuts BPLR by 50 bps

Chennai, July 1 Indian Bank has informed the stock exchanges that it has reduced its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 12 per cent from 12.50 per cent with effect from Wednesday.

Meanwhile, the bank has hiked interest rates on FCNR (B) and NRE deposits with effect from Wednesday.

FCNR, NRE rates hiked

For FCNR (B) deposits, in US dollar, the revised interest rate is 2.61 per cent for one year and above but less than two years against 2.60 per cent earlier.

For deposits of two years and above but less than three years, the interest rate is 2.53 per cent (2.38 per cent); for three years and above but less than four years 3.12 per cent (2.99 per cent); For four years and above but less than five years, 3.57 per cent (3.52 per cent) and for five years, 3.93 per cent (3.92 per cent).

For NRE term deposits, the revised interest rate is 3.36 per cent for one year and above but less than two years (3.35 per cent). For two years and above but less than three years, 3.28 per cent (3.13 per cent) and for three years and above and up to five years 3.87 per cent (3.74 per cent).

More Stories on : Interest Rates | Fixed Deposits | Public Sector Banks

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