State-owned Indian Bank has decided to cut its Foreign Currency Non-Resident (Banking) deposit rates from tomorrow.
In case of FCNR (B) deposits, in US dollars, for three years and above but less than four years, the rates have been revised to 2.51 per cent from existing 2.76 per cent, the Chennai-based bank said in a statement.
Interest rates for deposits of four years and above but less than five years have been revised to 2.73 per cent from the existing 2.98 per cent.
For deposits of up to five years, interest rates have been fixed at 2.92 per cent from existing 3.17 per cent, it said.
However, the interest rates have been kept unchanged for duration of one year and above, but less than two years (at 1.50 per cent) and two years and above but less than three years (at 1.77 per cent).
