INDIAN BANK HIKES INTEREST RATES

Indian Bank has hiked interest rates on Foreign Currency Non-Resident (FCNR) (Banking) and NRE (Non-Resident External account).

For FCNR (B) deposits in US dollars, the revised interest rate has been fixed at 1.79 per cent for deposits of one-year tenor and above but less than two years. The earlier rate was 1.78 per cent.

For deposits of two years' tenor, but less than three years, it has been increased to 1.91 per cent from the present 1.78 per cent.

The Bank has also hiked the interest rate on deposits of 3-4 years' tenor from 2.24 per cent to 2.44 per cent.

SOURCE: http://articles.economictimes.indiatimes.com/2011-03-01/news/28645782_1_nre-term-deposits-deposits-with-immediate-effect-cent