The Indian banks time and again have wooed the Diaspora with higher returns and have also raised the NRI deposit rates. Recently, the Chennai-based Indian public sector bank, the Indian Bank has announced its New Year gift for its NRI customers. The bank has revised upwards its interest rates for the foreign currency NRI deposits with an immediate effect.
The interest rate for Foreign Currency Non-Resident (Banking) deposits in the dollar terms has now been fixed at 1.88% from the existing 1.70%, for deposits of one year and above but less than two years. The deposits of two years and above but less than three years, the interest rate has been revised to 2.16% from the existing 2%.
Similarly, the interest rates for deposits of four years and above but less than five years have been revised to 3.12% from the existing 2.95%. The Interest rates have been fixed at 3.25% for deposits of up to five years from existing 3.09%.