By Consultants Review Team
The public sector lending bank – Central Bank of India has hiked its interest rates on fixed deposits for less than INR 2 crore. The general public is getting interest rates ranged from 4.00 percent to 6.25 percent on domestic term deposits maturing in seven days to 10 years. Senior citizens are receiving interest rates ranging from 4.50 percent to 6.75 percent. There will be deposits maturing in one year to less than two years which will be fetched with a maximum interest rate of 6.75 percent for the general public and 7.25 percent for senior citizens.
On fixed deposits maturing in 7 - l4 days, the bank will offer an interest rate of 4.00% and on those maturing in 15 to 45 days, Central Bank of India will now offer an interest rate of 4.25%. On a deposit tenor of 46 to 90 days, Central Bank of India is promising an interest rate of 4.50% and on a tenor of 91 -179 days, Central Bank of India is promising an interest rate of 5.00%. Deposits maturing in 180 to 364 days will fetch an interest rate of 5.50% and those maturing in 1 year to less than 2 years will now fetch an interest rate of 6.75%. On fixed deposits maturing in 2 years to less than 3 years, the bank will offer an interest rate of 6.50% and on those maturing in 3 years to 10 years, Central Bank of India will promise an interest rate of 6.25%.
As an incentive, deposits made by Senior Citizens who are over 60 years old will get an additional interest rate of 0.50% p.a. over and above the regular rate of interest for any of the time deposit schemes as well as for the Tax Saver Depositors Scheme of Central Bank of India.
Central Bank of India also allows special fixed deposit tenors of 444, 555 and 999 days will callable and non-callable options. Under the callable fixed deposit scheme of Central Bank of India, the general public will get an interest rate of 7.35% on a deposit tenor of 44 days. 7.00% on a deposit tenor of 555 days and 6.50% on a deposit tenor of 999 days, whereas senior citizens will get an interest rate of 7.85%, 7.50% and 7.00%.
Under the non-callable option, Central Bank of India is promising an interest rate of 7.60% for the general public and 8.10% for senior citizen on a deposit period of 444 days, regular rates of 7.25% and senior citizens will get 7.75% on a deposit tenor of 555 days whereas, on a special tenor of 999 days, Central Bank of India is now offering an interest rate of 6.75% and 7.25% for senior citizens.
The deposits under non-callable scheme will attract additional rate of interest as below, according to Central Bank of India:
Super Senior Citizen-1%
Senior Citizen Staff- 1.50% and ex staff super senior citizen – 2.00%
The revised interest rates of Central Bank of India shall be applicable to fresh deposits as well as on renewal of deposits and the rates are effective as of 10.02.2023.