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

"For FCNR (B) deposits, in $ 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.

For deposits of 2 years and above but less than 3 years, the interest rates have been revised to 2.41 per cent from the existing 2.39 per cent, it said.

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, it 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.