Central Bank of India hikes FD rates by up to 75 bps, now get up to 7.60%

3 min read . Updated: 30 Dec 2022, 02:39 PM IST Vipul Das

Central Bank of India is now giving a maximum interest rate on a special tenure of 444 days, with an interest rate of 7.35% on callable deposits and 7.60% on non-callable deposits.

The public sector lender Central Bank of India has hiked interest rates on fixed deposits of less than ₹2 Cr.

Central Bank of India FD Rates

The bank will continue to give an interest rate of 3.00% on deposits maturing in the next 7–4 days, while the Central Bank of India will continue to offer a rate of 3.25% on deposits maturing in the next 15–45 days. The interest rate offered by the Central Bank of India will remain at 4.25% for deposits maturing in 46 to 59 days, while it has increased by 75 basis points to 4.25% from 3.50% for deposits maturing in 60 to 90 days.

Deposits that mature in 91 to 179 days will continue to earn interest at a rate of 4.50%, while those that mature in 180 to 364 days will earn an interest rate that is 25 basis points higher, rising from 5.25% to 5.50%. The bank increased interest rates on deposits maturing in one year to less than two years by 60 basis points (bps), from 6.15% to 6.75%, and the Central Bank of India increased interest rates on deposits maturing in two years to less than three years by 50 bps, from 6.00% to 6.50%. Deposits maturing in 3 to 10 years will now get an interest rate of 6.00% as opposed to 5.75% previously, a 25 basis point increase.

Central Bank of India FD Rates **(centralbankofindia.co.in)**

Currently, the bank offers a maximum interest rate for a special tenure of 444 days, with callable deposits earning 7.35% and non-callable deposits earning 7.60% respectively. The bank increased the interest rate on a 555-day tenor by 50 basis points (bps), from 6.50% to 7.00% under the callable option to 6.75% to 7.25% under the non-callable option. On a tenor of 999 days, the Central Bank of India increased the interest rate by 25 basis points, from 6.25% to 6.50% under the callable option and from 6.50% to 6.75% under the non-callable option.

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Central Bank of India has mentioned on its website that “An additional interest rate of 0.50% p.a. over and above the normal rate of interest for any of our Time Deposit Schemes & also for Tax Saver Depositors Scheme will be given as incentive for deposits of Senior Citizens who are above 60 years of age. The deposits under non-callable scheme will attract additional rate of interest as below: Senior Citizen – 0.50%, Super Senior Citizen-1% (A super senior citizen is an individual resident who is 80 years or above), Staff- 1%, Senior Citizen Staff- 1.50%, Ex staff super senior citizen – 2.00%."

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).