(Image source from: Indian Banks hike interest rates for foreign currency non-resident Indian deposits.})

Indian Bank, Public sector lender, has revised its interest rates upwards for NRIs with an immediate effect. The move from the public sector lender means to hike interest rates for foreign currency non-resident Indian deposits.

The interest rate has been fixed at 1.88% for Foreign Currency Non-Resident (Banking) deposits in dollar terms, compared to existing 1.70% for one year deposits and above but less than two years. The revised interest rate is 2.16% from existing 2% for deposits of two years and above but less than three years, according to a Chennai-based bank.

For deposits of three years and above but less than four years, the interest rate has been revised to 2.93% from the current 2.76%. The hike in interest rates was 3.12% from the current 2.95% for deposits of four years and above but less than five years.

The interest rates have been fixed at 3.25% for of up to five years, compared to existing 3.09%.

-Sumana