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INDIAN BANK HIKES FCNR RATES, APPOINTS NEW GM
June, 03rd 2010

Public sector Indian Bank said it had hiked foreign currency non-resident (FCNR) account and non-resident external rupee account deposits from Tuesday.

The revised interest rate in dollar has been fixed at 2.20% for deposits of one year above but less than two years compared to the present 2.02%.

For deposits of two years and above but less than 3 years the bank has fixed the rate at 2.25% (2.20 % existing), at 2.72% for deposits of three years and above but less than 4 years (2.76 % existing), at 3.08 % for deposits of four years and above but less than 5 years (3.25 % existing) and at 3.43 % for deposits of five years only (3.66 % existing).

Meanwhile, it has announced appointment of R Ravi as general manager with effect from June 1. He replaces V Ganesan a bank release stated. In addition to his new post, Ravi would also act as Compliance officer for the purpose of stock exchange requirements.

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