In a latest development, the public sector lender Central Bank of India has hiked its interest rates on fixed deposits of less than Rs 2 Cr.
Hike In Fixed Deposit Rate
As part of this development the general public will get interest rates ranging from 4.00% to 6.25% on domestic term deposits maturing in 7 days to 10 years.
At the same time, senior citizens can receive interest rates ranging from 4.50% to 6.75% for the same period of time.
In the case of deposits which are maturing in 1 year to less than 2 years, it will now fetch a maximum interest rate of 6.75% for the general public and 7.25% for senior citizens.
Central Bank of India Revised FD Rates
For the fixed deposits maturing in 7 – 14 days, the bank will be offering an interest rate of 4.00%.
Those maturing in 15 to 45 days, Central Bank of India will now offer an interest rate of 4.25%.
In case of a deposit tenor of 46 to 90 days, Central Bank of India is promising an interest rate of 4.50% and on a tenor of 91 -179 days, Central Bank of India is promising an interest rate of 5.00%.
For the deposits which are maturing in 180 to 364 days, it will fetch an interest rate of 5.50%.
Similarly, the deposits which are maturing in 1 year to less than 2 years will now fetch an interest rate of 6.75%.
When it comes to the fixed deposits which will be maturing in 2 years to less than 3 years time, the bank will offer an interest rate of 6.50%.
For those maturing in 3 years to 10 years, the Central Bank of India will promise an interest rate of 6.25%.
Besides this, deposits made by Senior Citizens who are over 60 years old will get an additional interest rate of 0.50% p.a. over and above the regular rate of interest for any of the time deposit schemes as well as for the Tax Saver Depositors Scheme of Central Bank of India as an incentive.
Paper from these options, the Central Bank of India also allows special fixed deposit tenors of 444, 555 and 999 days with callable and non-callable options.
So, in case of the callable fixed deposit scheme of Central Bank of India, the general public will get an interest rate of 7.35% on a deposit tenor of 44 days, 7.00% on a deposit tenor of 555 days and 6.50% on a deposit tenor of 999 days.
In the same way, the senior citizens will get an interest rate of 7.85%, 7.50% and 7.00%.
Coming to the non-callable option, Central Bank of India is promising an interest rate of 7.60% for the general public and 8.10% for senior citizen on a deposit period of 444 days, regular rates of 7.25% and senior citizens will get 7.75% on a deposit tenor of 555 days whereas.
On a special tenor of 999 days, Central Bank of India is now offering an interest rate of 6.75% and 7.25% for senior citizens.
It is noteworthy here that the deposits under non-callable schemes will attract an additional rate of interest as given below.
- Senior Citizen – 0.50%
- Super Senior Citizen-1%
- Staff- 1%
- Senior Citizen Staff- 1.50% and ex staff super senior citizen – 2.00%
Notably, the revised interest rates of Central Bank of India shall be applicable to fresh deposits as well as on renewal of deposits from 10.02.2023.
