Central Bank of India hikes interest rates to 9.50% on high value deposits

Posted By: Religare
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Central Bank of India (CBOI) has said that it has raised interest rates on high value deposits by 50 basis points to 9.50 per cent, reported PTI.

Minimum amount of deposit acceptable under the scheme called 'Cent-Benefit Deposit' is Rs 1 crore and there is no maximum cap, said an official release.

According to the media reports, the scheme will have a tenor of 14 days to 179 days. Targeted at High Net-worth Individuals (HNI), cash- rich corporates and government departments, there will be no penalty on premature withdrawals under this scheme.

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