Indian bank increased interest rates on FCNR (B) deposits
Yesterday Indian bank announced its revised rates on the FCNR (B) deposits. The rates are effective from 1st April, 14. For the tenure of 1 to 2 years bank has increased the rate by 0.1%, the new rate is now 2.56%.
Further the rate for the tenure of 2 year and lesser than 3 year the interest rate has been increased to 2.59% from 2.47%. For period of 3 years and less than four years the rates has been increased by 0.23%. Earlier rate was 3.82 now the rates are 4.05%. For deposits up to five years, the interest rates has been increased to 4.85 per cent from the existing 4.62 per cent.