Indian bank, Public Sector financial services company, on Saturday, altered the interest rates against foreign currency non-resident banking term deposits (FCNR), effective immediately.
Chennai-based bank in a statement said that the new interest rates for FCNR (B) deposit equivalent to one year or more, but less than 2 years is 3.78 % (in USD terms).
Further, the interest rate for deposits which are more than two years but less than three years is fixed at 3.98%. The deposits with a minimum limit of 3 years but not more than 4 years will have an interest rate of 4.06%. Whereas, the deposits of 4 years or more but less than 5 years will have a 4.07% interest rate.
The release further revealed that deposits of 5 year or more to have an interest rate of 4.1%.