RAMAKANTH
09-10-2007, 01:25 AM
New Delhi: In line with cut in deposit rates by other banks, Indian Bank has revised downwards interest rates on foreign currency and rupee-denominated NRI deposits from this month. Interest rates on FCNR (B) deposits (dollar denominated) maturing in one year to less than two years has been cut to 4.15 per cent from 4.53 per cent.
Deposits for two years and less than three years would now fetch 3.84 per cent against the current 4.15 per cent, while those for three years and less than four years would carry 3.89 per cent against 4.16 per cent at present. For four-year and less than five-year deposits, interest rates are now fixed at 3.99 per cent against 4.20 per cent and five years and above 4.08 per cent against 4.26 per cent.
The NRE term deposits of one year and less than two years would carry 4.90 per cent interest rates against the existing 5.28 per cent and those of two years and less than three years 4.59 per cent against 4.90 per cent. These deposits of three years and up to five years would carry interest rates of 4.64 per cent against 4.91 per cent.
Deposits for two years and less than three years would now fetch 3.84 per cent against the current 4.15 per cent, while those for three years and less than four years would carry 3.89 per cent against 4.16 per cent at present. For four-year and less than five-year deposits, interest rates are now fixed at 3.99 per cent against 4.20 per cent and five years and above 4.08 per cent against 4.26 per cent.
The NRE term deposits of one year and less than two years would carry 4.90 per cent interest rates against the existing 5.28 per cent and those of two years and less than three years 4.59 per cent against 4.90 per cent. These deposits of three years and up to five years would carry interest rates of 4.64 per cent against 4.91 per cent.