Chennai: Public sector Indian Bank has hiked its interest rates on Non-Resident External term deposits with immediate effect.

The Chennai-headquartered bank has revised its interest rate at 9.50 per cent for one year and above and upto three years for deposits of amounts less than Rs 15 lakh.

For amounts above Rs 15 lakh and upto Rs five crore it has been fixed at 9.25 per cent for deposits of one year and above and upto three years, a bank statement here said.

For deposits of three years and above and upto five years, the revised interest rate is nine per cent for amounts upto Rs five crore. For amounts in excess of Rs five crore the rate would be quoted separately on demand, the statement added.