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The public sector lender Central Bank of India hikes interest rates on fixed deposits of less than ₹2 Cr. The bank’s official website states that the new rates will take effect on October 10, 2022. The bank has increased its interest rates across a range of tenors in response to the change. The bank is now providing 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 offer a maximum interest rate of 6.25%.
Central Bank of India FD Rates
The bank will continue to give an interest rate of 2.75% on fixed deposits maturing in 7 to 14 days, while 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 with maturities between 31 and 45 days will continue to pay interest at a rate of 3.00%, while deposits with maturities between 46 and 59 days will now pay interest at a rate of 3.50% (up from 3.35% before), a 15 basis point increase. On deposits maturing in 60 to 90 days, the Central Bank of India will continue to give an interest rate of 3.50%, while on deposits maturing in 91 to 179 days, the bank has maintained its 4% interest rate.
On fixed deposits that mature 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 offer an interest rate of 5.55% which was earlier 5.45% a hike of 10 bps and term deposits maturing in 2 years to less than 3 years will now offer an interest rate of 5.60% which was earlier 5.50% a hike 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 that mature in 5 years & above upto 10 years. The bank increased the interest rate on a special 555-day term by 20 basis points to 5.75% from 5.55%, 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 higher interest rates of Central Bank of India are in line with the repo rate hike of RBI to 5.90%. In reaction to the same, a handful of banks have already announced a rise 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 hikes in fixed deposit rates. The remaining banks are likely to raise interest rates yet in the coming days.
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