Bank Client Alert: As the Reserve Bank of India (RBI) decided earlier this week to keep the repo and reverse repo rates unchanged, two banks such as the Central Bank of India and UCO bank have revised their rates interest on fixed deposits.Also Read – Home Loan, EMI, Fixed Deposit: How Will RBI’s Monetary Policy Impact The Ordinary Man | Explain
The Central Bank of India and UCO Bank on Friday revised fixed deposit (FD) interest rates for amounts below Rs 2 crore. In issuing statements, the banks said the new rates are effective from February 10, 2022. Also Read – Central Bank of India Recruitment 2022: Apply for 19 Positions at centralbankofindia.co.in | Check eligibility here
The Central Bank of India on its official website has stated that the new rates will apply to FD accounts having an amount less than Rs 2 crore. Under the new rate, DFs will now earn interest at rates of 2.75% to 5.15% over different terms. Read also – Good news for bank customers: HDFC Bank revises the interest rate on savings accounts
Central Bank of India revised FD rates
The Central Bank of India said that the FD with a 7-14 day tenure would get an interest rate of 2.75%, while the FD with a 13-45 day tenure would get 2.90%. Additionally, DFs with tenures between 45 and 90 days will reach 3.25%. Deposits maturing in 91 to 179 days will earn 3.80% interest.
UCO Bank revised FD rates
In a statement, UCO bank said term deposits of less than Rs 2 crore maturing between 1 and 3 years will earn a maximum interest rate of 5.10%. The bank also added that senior citizens will receive 5.60% for the same duration and amount.