This 111-year-old nationalized bank hikes fixed deposit rates: Check new rates

Central Bank of India is a nationalised bank that has been operating for 111 years thanks to its extensive network throughout all 28 Indian States and 7 of the country's 8 Union Territories. It was founded in 1911 and due to its network of 4594 branches as of now it is one of the notable public sector lenders. The bank has hiked interest rates on fixed deposits of less than ₹2 Cr, and as per its official website, the new rates shall be in force from tomorrow, i.e. 10th July 2022.

Central Bank of India FD Rates

The interest rate on fixed deposits maturing in 15–30 days has remained the same at 2.90 per cent, while the bank will continue to give a 2.75 per cent interest rate on deposits maturing in 7–14 days. Term deposits maturing in 46 - 90 days now pay an interest rate of 3.35 per cent, up from 3.25 per cent, while deposits maturing in 31 - 45 days now pay an interest rate of 3.00 per cent, up from 2.90 per cent. The interest rate that the Central Bank of India will now pay on deposits that mature in 91 to 179 days has increased from 3.80 per cent to 3.85 per cent, a 5 basis point increase.

Fixed deposits with maturities between 180 and 364 days will now pay an interest rate of 4.40 per cent, up from 4.35 per cent, while term deposits with maturities between 1 year and less than 2 years will now pay an interest rate of 5.25 per cent, up from 5.20 per cent—a 5 basis point hike. Central Bank of India will continue to give an interest rate of 5.30 per cent on deposits maturing in 2 years to less than 3 years, and an interest rate of 5.35 per cent on deposits maturing in 3 years to less than 5 years. Central Bank of India will continue to pay an interest rate of 5.60 per cent on long-term deposits with a maturity period of five years or more and up to ten years.

Meanwhile, public sector lender Indian Overseas Bank (IOB) raised interest rates on fixed deposits below Rs. 2 crore. The increased interest rates, according to the bank's website, will go into effect on July 12, 2022. In accordance with the revised, the bank raised interest rates on fixed deposits with varying maturities, such as 1 year to less than 2 years, and 444 days respectively.