Chennai: T M Bhasin has been appointed the chairman and managing director of Indian Bank. He replaces M S Sundara Rajan, who retired on March 31. Prior to this assignment, Bhasin was executive director at United Bank of India.
Meanwhile, Indian Bank has hiked interest rates on FCNR (B) and and NRE deposits with effect from 01.04.10. For FCNR (B) deposits, in dollar, the rate now stands at 1.92% for deposits of one year and above but less than two years (1.84%).
For deposits of five years, it stands at 3.75% (3.62%). For NRE term deposits, the new rate has been fixed at 2.67% for one year and above but less than two years (2.59%) and at 3.59% for deposits of 3 years and above and up to 5 years (3.44%).
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