Government-owned Central Bank of India has revised interest rates on fixed deposits under Rs 2 crore and has launched special fixed deposit plans for retail investors. It has increased FD rates by up to 75 basis points. The bank has also revised its savings account interest rates. Central Bank of India has introduced special 555- and 999-day FD schemes under which it is now providing a maximum interest rate of 6.75 percent for non-callable deposits and 6.50 percent for callable deposits.
FD rates
Fixed deposits maturing in 7–14 days are offering 25 basis points (bps) more interest than earlier. So the new rate is 3 percent, and Central Bank of India increased interest rates on deposits maturing in 15–30 days by 35 bps, from 2.90 percent to 3.25 percent.
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Fixed Deposits (FDs) maturing in 31 to 45 days will get now 3.25 return, and on FDs maturing in 46 to 90 days, the rate is increased by 75 bps, moving from 3.50 percent to 4.25 percent. On FDs maturing in 91 -179 days, the bank has hiked the interest rate by 50 bps from 4 percent to 4.50 percent and on those maturing in 180 -270 days, the lender has hiked the interest rate by 60 bps from 4.65 percent to 5.25 percent.
Central Bank of India has hiked interest rate by 50 bps from 4.75 percent to 5.25 percent on FDs maturing in 271-364 days and the bank has hiked interest rate by 60 bps from 5.55 percent to 6.15 percent on those maturing in 1 year to less than 2 years.
The bank increased interest rates on FDs maturing in 2 years to less than 3 years by 40 basis points (bps) to 6 percent and on those maturing in 3 years to less than 5 years by 25 bps to 5.75 percent. Deposits maturing in five years or more and up to ten years will now earn an interest rate of 5.60 percent, up 15 basis points from the previous rate of 5.75 percent.
Special FD schemes
Central Bank of India has introduced special FD plans. This special FD plan has 2 different tenures, 555 days and 999 days. The bank will now provide an interest rate of 6.50 percent for callable options and 6.75 percent for non-callable options on special FDs maturing in 555 days. It currently promises an interest rate of 6.25 percent on callable options and 6.50 percent on non-callable options on special FD schemes maturing in 999 days.
Savings account interest rates
Central Bank of India has revised its interest rates on savings accounts and the new rates will be effective from November 15. On a savings account balance at the end of the day of up to Rs 10 crore, the bank is offering an interest rate of 2.90 p.a and on a savings account balance at the end of the day of above Rs 10 crore, it will now promise an interest rate of 3.00 p.a.
