Nationalized bank revises interest rates on fixed deposits

Mumbai: Leading public sector bank in the country, Central Bank of India has revised its interest rates on fixed deposits (FD). The lender revised interest rates on fixed deposits of less than Rs 2 crore.

The bank will offer 3.5 per cent to 7 per cent interest to its regular clients on FDs with terms ranging from 7 days to 10 years. In addition, the bank will pay senior citizen clients interest rates ranging from 4% to 7.50% during the same time frame.

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After this revision, the Central Bank of India will provide its regular customers FDs with terms of 2 years to less than 3 years at a maximum interest rate of 7%, while its senior customers would receive the same maximum interest rate of 7% within the same time frame.

After this change in the interest rates, the bank is offering 3.5 per cent to its general customers on FDs of 7 days to 14 days, 3.75 per cent on FDs of 15 days to 45 days, and 4.50 per cent on FDs of 46 days to 59 days. Whereas on FD of 60 days to 90 days, interest will be given at 4.75 per cent. On the other hand, the bank will give 5.50 per cent interest on FD from 91 days to 179 days and 6 per cent interest on FD from 180 to 270 days. The bank is now guaranteeing a 6.25 per cent return on deposits maturing in 271-364 days.

At 6.75 per cent, the Central Bank of India is now offering the highest interest rate on deposits with maturities ranging from 1year to less than 2 years. The interest rates that the bank is currently offering are 7 per cent for deposits that are between 2 and 3 years and 6.50 per cent for deposits that are less than 3 to 5 years. The interest rate on deposits maturing in five to ten years will now be 6.25 per cent.