Public sector lender Central Bank of India. increased interest rates on fixed deposits of less than The official website of 2 crore bank states that the new rates will be effective from October 10, 2022. The bank has increased its interest rates over several periods in response to the change. The bank is now offering fixed deposits with maturities ranging from 7 days to 10 years with interest rates between 2.75% and 5.60%. Fixed deposits maturing in 999 days will now get a maximum interest rate of 6.25%.
Central Bank Of India FD Rates
The bank will continue to offer an interest rate of 2.75% on fixed deposits maturing in 7 to 14 days, while the Central Bank of India will continue to offer an interest rate of 2.90% on fixed deposits maturing in 15 to 30 days. Fixed deposits maturing between 31 to 45 days will continue to pay interest at the rate of 3.00%, while deposits maturing between 46 and 59 days will now pay interest at the rate of 3.50% (over 3.35% earlier). Will be done. Base point increase. Central Bank of India will continue to offer an interest rate of 3.50% on deposits maturing in 60 to 90 days, while the bank has maintained its interest rate of 4% on deposits maturing in 91 to 179 days.
On fixed deposits maturing in 180 – 270 days, the bank will continue to offer an interest rate of 4.655 and on deposits maturing in 271-364 days, the bank will continue to offer an interest rate of 4.75%. Deposits maturing in 1 year to less than 2 years will now be offered an interest rate of 5.55% from 5.45% earlier, an increase of 10 bps and fixed deposits maturing in less than 3 years from 2 years will now be 5.60 % interest rate which was earlier 5.50% an increase of 10 bps. 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 above 10 years. The bank raised the interest rate on the special 555-day period by 20 basis points from 5.55% to 5.75%, while the Central Bank of India introduced a new 999-day period with a maximum interest rate of 6.25%.
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The Central Bank of India’s higher interest rates are in line with the RBI’s hike in the repo rate to 5.90%. In response to the same, a handful of banks have already announced an increase in their retail fixed deposits. like bank 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 Announcement of hike in fixed deposit rates. Rest of the banks may increase interest rates in the coming days.
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