Public sector lender, Indian Bank has revised its interest rates on foreign currency non-resident (FCNR) banking deposits with immediate effect.

"For FCNR (B) deposits, in US dollar terms, the revised interest rates have been fixed at 2.84 per cent for deposits of 1 year and above but less than 2 years compared to the existing 2.86 per cent," the city-based bank said in a statement.

The interest rates have been revised to 2.41 per cent from the existing 2.39 per cent, for deposits of 2 years and above but less than 3 years, as mentioned in the statement.

The interest rates have been revised to 3.49 per cent for deposits of 3 years and above but less than 4 years compared to existing 3.46 per cent.

For deposits of 4 years and above but less than 5 years, the interest rates have been hiked to 3.64 per cent from the existing 3.59 percent, the statement said.

For deposits of up to 5 years, the interest rates have been increased to 3.83 per cent from the current 3.77 per cent, the statement added.