Interest rates

Central Bank of India raises Interest Rates on Fixed Deposits (FD): Details here

Public sector lender Central Bank of India raises interest rates on term deposits of less than 2 cr. The bank’s official website says the new rates will come into effect on October 10, 2022. The bank has raised interest rates across a range of terms in response to the change. The bank now offers fixed deposits with maturities ranging from 7 days to 10 years with interest rates between 2.75% and 5.60%. Term deposits maturing in 999 days will now offer a maximum interest rate of 6.25%.

Central Bank of India FD rate

The bank will continue to offer an interest rate of 2.75% on term deposits maturing in 7-14 days, while the Central Bank of India will continue to offer an interest rate of 2 .90% on term deposits maturing in 15 to 30 days. Term deposits with a maturity between 31 and 45 days will continue to bear interest at the rate of 3.00%, while deposits with a maturity between 46 and 59 days will now pay interest at the rate of 3.00% .50% (from 3.35% previously), a 15 basis point increase. On deposits maturing in 60 to 90 days, the Central Bank of India will continue to grant an interest rate of 3.50%, while on deposits maturing in 91 to 179 days, the bank maintained its interest rate of 4%.

On term deposits with a maturity of 180 to 270 days, the bank will continue to offer an interest rate of 4.655 and on deposits with a maturity of 271 to 364 days, the bank will continue to offer an interest rate of 4.75%. Deposits with a maturity of 1 year to less than 2 years will now offer an interest rate of 5.55% which was previously 5.45%, a 10 bp increase and term deposits with a maturity of 2 years less than 3 years will now offer an interest rate of 5.60% which was previously 5.50%, an increase of 10 bps. The Central Bank of India will continue to offer an interest rate of 5.50% on deposits maturing in 3 years to less than 5 years and 5.60% on deposits maturing in 5 years and more up to 10 years. The bank raised the interest rate on a special term of 555 days by 20 basis points to 5.75% from 5.55%, while the Central Bank of India introduced a new term of 999 days with a maximum interest rate of 6.25%.

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Central Bank of India FD rate (centralbankofindia.co.in)

The Central Bank of India’s higher interest rates are in line with the RBI’s repo rate hike to 5.90%. In reaction to the same, a handful of banks have already announced an increase in their retail term deposits. Banks such as Indian Overseas Bank (IOB), Canara Bank, CSB Bank, Kotak Mahindra Bank, ICICI Bank, DCB Bank, Axis Bank, RBL Bank, Bank of India (BOI) and Karnataka Bank have announced rate hikes fixed deposits. The remaining banks are expected to raise their interest rates further in the coming days.

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