CHENNAI: Indian Bank has reduced the interest rates on FCNR (B) and NRE deposits with effect from February 1. According to a release, for FCNR (B) deposits in dollar terms, interest rate has been reduced to 1.85 per cent for deposits of one year. The rates for other maturities also have been reduced. For NRE term deposits, the revised interest rate has been fixed at 2.60 per cent for one year and above but less than two years against 2.73 per cent. The rates for other maturities have also been reduced.

— Corporate Reporter