Central Bank of India revises fixed deposit (FD) interest rates: Check new rates

The public sector lender Central Bank of India has revised interest rates on domestic term deposits of less than ₹2 Cr. The bank revised its interest rates today, June 10, 2022, and currently offers an interest rate of 2.75 per cent to 5.60 per cent on deposits ranging from 7 days to 10 years.

Central Bank of India FD Rates

The bank provides a 2.75 per cent interest rate on deposits of 7 to 14 days and a 2.90 per cent interest rate on deposits of 15 to 45 days. Deposits maturing in 46 to 90 days will enjoy a 3.25 per cent interest rate, while term fixed deposits due in 91 to 179 days would pay a 3.80 per cent interest rate. Term deposits maturing in 180 days to 364 days will earn 4.35 per cent, while deposits maturing in 1 year to less than 2 years will return 5.20 per cent. The general public will now receive an interest rate of 5.30 per cent on deposits of 2 years to less than 3 years, and an interest rate of 5.35 per cent on deposits of 3 years to less than 5 years. The bank provides a maximum rate of 5.60 per cent on deposits of 5 years or above, up to 10 years.

Note

Meanwhile, the public sector lender Punjab & Sind Bank (PSB) has raised interest rates on 1- to 10-year fixed deposits by 10 to 15 basis points. The bank is now offering interest rates ranging from 3% to 5.55 per cent on deposits ranging from 7 days to 10 years. On deposits of three to ten years, the bank gives a maximum rate of 5.55 per cent to regular customers and 6.05 per cent to senior citizens. These rates are in force as of June 10, 2022. The Reserve Bank of India's Monetary Policy Committee (MPC) raised the policy repo rate by 50 basis points to 4.9 per cent on 8th June 2022, implying that interest rates on deposit products and loans will rise in the near future. Kotak Mahindra Bank, RBL Bank, Yes Bank, Indian Overseas Bank, Karnataka Bank, and Federal Bank have already begun raising deposit interest rates as a result of the same, as of now.