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The public sector lender Central Bank of India has hiked interest rates on fixed deposits of less than 2 Cr. As per the bank's official website, the new fixed deposit interest rates are in force from 10.08.2022. Following the modification, the bank is now providing fixed deposits with maturities ranging from 7 days to 555 days with interest rates ranging from 2.75% to 5.55%.

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 the Central Bank of India will continue to offer a rate of 2.90% on fixed deposits maturing in 15 to 30 days. Fixed deposits maturing in 31 - 45 days will continue to offer an interest rate of 3.00% and term deposits maturing in 46 - 90 days will continue to offer an interest rate of 3.35%. On fixed deposits maturing in 91 to 179 days, Central Bank of India will continue to give an interest rate of 3.85%, but on term deposits maturing in 180 to 364 days, the bank has increased the interest rate by 10 basis points to 4.50% from 4.40%.

On fixed deposits maturing in 1 year to less than 2 years, the bank has hiked the interest rate from 5.25% to 5.35% a hike of 10 bps and on term deposits maturing in 2 years to less than 3 years, the bank has hiked interest rate from 5.30% to 5.40% a hike of 10 bps. Fixed deposits maturing in 3 years to less than 5 years will now offer an interest rate of 5.40% which was earlier 5.35% and for term deposits maturing in 5 years & above upto 10 years the bank will continue to offer an interest rate of 5.60%. On fixed deposits maturing in 555 days, the bank will now offer an interest rate of 5.55%.

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

Other than that, SBI has announced an increase in interest rates for fixed deposits below 2 crore. According to the bank's official website, the new interest rates are effective as of August 13, 2022. SBI has increased interest rates by 15 basis points across multiple tenors in response to the modification. The interest rates for SBI's fixed deposits now range from 2.90% to 5.65% for the general public and from 3.40% to 6.45% for senior citizens on deposits of 7 days to 10 years.

 

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