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The Central Bank of India, one of the leading public sector lenders, has increased interest rates on fixed deposits under ₹2 crore and has introduced special fixed deposit plans for retail investors. Following the adjustment, the bank increased FD rates by up to 75 basis points. The bank has also revised its savings account interest rates. The 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% for non-callable deposits and 6.50% for callable deposits.
Central Bank of India Savings Account Interest Rates
Central Bank of India has revised its interest rates on savings accounts and the new rates will be in effect from 15.11.2022. On a savings account balance at end of the day of upto ₹10 Crores the bank is offering an interest rate of 2.90 p.a and on a savings account balance at end of the day of above ₹10 Crores the bank will now promise an interest rate of 3.00 p.a.
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Central Bank of India FD Rates
The bank increased interest rates on fixed deposits maturing in 7–14 days by 25 basis points (bps), from 2.75% to 3.00%, and the Central Bank of India increased interest rates on deposits maturing in 15–30 days by 35 bps, from 2.90% to 3.25%. The interest rate on Fixed Deposits (FDs) maturing in 31 to 45 days has increased by 25 basis points (bps), moving from 3.00% to 3.25%, and on FDs maturing in 46 to 90 days has increased by 75 bps, moving from 3.50% to 4.25%. On FDs maturing in 91 -179 days, the bank has hiked the interest rate by 50 bps from 4.00% to 4.50% and on those maturing in 180 -270 days, Central Bank of India has hiked the interest rate by 60 bps from 4.65% to 5.25%.
Central Bank of India has hiked interest rate by 50 bps from 4.75% to 5.25% on FDs maturing in 271-364 days and the bank has hiked interest rate by 60 bps from 5.55% to 6.15% 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), from 5.60% to 6%, and on those maturing in 3 years to less than 5 years by 25 bps, from 5.50% to 5.75%. Deposits maturing in five years or more and up to ten years will now earn an interest rate of 5.60%, up 15 basis points from the previous rate of 5.75%.
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Central Bank of India Special FD Schemes
As of 10.11.2022, the 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% for callable options and 6.75% for non-callable options on special FDs maturing in 555 days. The Central Bank of India currently promises an interest rate of 6.25% on callable options and 6.50% on non-callable options on special FD schemes maturing in 999 days.
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