Central Bank of India Revises Fixed Deposit (FD) Interest Rates: Check New Rates

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 is currently offering an interest rate of 2.75% to 5.60% on deposits ranging from 7 days to 10 years.

Central Bank of India FD rate

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

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

To note

Meanwhile, public sector lender Punjab & Sind Bank (PSB) raised interest rates on 1 to 10 year term deposits by 10 to 15 basis points. The bank now offers interest rates ranging from 3% to 5.55% on deposits ranging from 7 days to 10 years. On deposits of three to ten years, the bank grants a maximum rate of 5.55% to regular customers and 6.05% to seniors. These rates have been in effect since June 10, 2022. The Monetary Policy Committee (MPC) of the Reserve Bank of India raised the policy rate by 50 basis points to 4.9% on June 8, 2022, which implies that interest rates on deposit products and loans will increase in the near future. Kotak Mahindra Bank, RBL Bank, Yes Bank, Indian Overseas Bank, Karnataka Bank and Federal Bank have already started raising deposit interest rates accordingly, effective now.

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