Home / Money / Personal Finance /  Central Bank of India hikes interest rates on fixed deposits (FDs): Details here

Interest rates on fixed deposits under 2 crore have been increased by the public sector lender Central Bank of India. The new rates are in effect as of September 10, 2022, according to the bank's official website. After the adjustment, the bank increased interest rates across a range of tenors. The bank has revised its interest rates to a higher level for fixed deposits with maturities of 60 days to less than 5 years.

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 Central Bank of India will continue to offer an interest rate of 2.90% on fixed deposits maturing in 15 to 30 days. The interest rate on fixed deposits that mature in 31 to 45 days will remain at 3.00%, while the interest rate on term deposits that mature in 46 to 59 days will remain at 3.35%. Central Bank of India has hiked its interest rate by 15 bps from 3.35% to 3.50% on fixed deposits maturing in 60 - 90 days and the bank has hiked interest rate by 15 bps from 3.85% to 4.00% on fixed deposits maturing in 91 - 179 days.

On fixed deposits maturing in 180 - 270 days the bank has hiked the interest rate by 15 bps from 4.50% to 4.65% and the bank has hiked the interest rate by 25 bps from 3.50% to 4.75% on fixed deposits maturing in 271 - 364 days. Fixed deposits maturing in 1 year to less than 2 years will now fetch an interest rate of 5.45% which was earlier 5.35% a hike of 10 bps and term deposits maturing in 2 years to less than 3 years will now fetch an interest rate of 5.50% which was earlier 5.40% a hike of 10 bps.

On fixed deposits maturing in 3 years to less than 5 years, the bank has hiked interest rate by 10 bps from 5.40% to 5.50% but on fixed deposits maturing in 5 years & above up to 10 years, Central Bank of India will continue to offer an interest rate of 5.60%. Fixed deposits maturing in 555 days will continue to 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)

The interest rates on deposits under 2 crore were increased by up to 0.20 per cent by Bank of Baroda (BoB) on Tuesday. According to the bank's official website, the new interest rates took effect on September 13, 2022. BoB is now offering interest rates for fixed deposits maturing in 7 days to 10 years that range from 3.00% to 5.65% for the general public and 3.50% to 6.65% for senior citizens. 

 

 

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).
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