Indian Bank opens Hubli zonal office

Indian Bank opened its Hubli zonal office to cater to its customers in northern and coastal Karnataka. This will be the bank's second zonal office in Karnataka. Hubli zone has 33 branches across 19 districts in Karnataka and six branches in Goa.

“The formation of Hubli Zone will enable Indian Bank to increase its participation in the developmental and economic activities of this part of Karnataka and also in the Government-sponsored schemes of Central and State Governments in a big way,” said Mr T.M. Bhasin, Chairman and Managing Director, Indian Bank, in a press release. The total business of Indian Bank in Karnataka as on October 31 stood at Rs 8,033.40 crore, which includes Rs 1,288.11 crore from Hubli zone.

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Indian Bank revises foreign currency rates

Public sector Indian Bank today said it has revised upwards interest rates for the Foreign Currency Non-Resident (FCNR) and Non-Resident (External) accounts with immediate effect.

For the FCNR (B) deposits, the revised interest rate has been increased to 1.80% from 1.76% for deposits of one year and above but less than two years, the Chennai-headquartered bank said in a statement.

Interest rates for deposits of two years and above but less than three years has been fixed at 1.51% against 1.64% previously.

For deposits of three years and above but less than four years, the interest rates has been revised to 1.67% from 1.94%.

For deposits of four years and above but less than five years, the revised rate will 1.95% from 2.32%.

Interest rates for deposits of up to five years has been revised to 2.28% from 2.72%, the statement said.

For Non-Resident (External) deposits, the interest rate has been revised to 2.55% from 2.51% for deposits of one year and above but less than two years.

For deposits of two years and above but less than three years it has been revised to 2.26% from 2.39%.

For deposits of three years and Upton five years the interest rate has been revised to 2.42% from 2.69%, the statement added.

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