Central Bank of India Hikes Interest Rates On Term Deposits: Details Inside

On domestic fixed deposits of less than Rs 2 crore, the public sector lender Central Bank of India has revised interest rates. The bank made the change on May 10th, 2022, and as a result, interest rates on one-year to ten-year deposits have been raised.

Central Bank of India Regular FD Rates

The interest rate on deposits maturing in 7-14 days will be 2.75 per cent, while the interest rate on deposits maturing in 15-45 days will be 2.90 per cent. The Central Bank of India is currently giving a 3.25 per cent interest rate on deposits maturing in 46-90 days, and a 3.80 per cent interest rate on deposits maturing in 91-179 days. On deposits maturing in 180-364 days, the general public will now get a 4.25 per cent interest rate. The bank formerly offered a 5% interest rate on deposits maturing in one year to less than two years, but that rate has recently been raised to 5.1 per cent.

The interest rate on deposits maturing in two years to less than three years was 5.1 per cent before, but it will now be 5.25 per cent, a 15 basis point increase. Previously, the interest rate on deposits maturing in 3 to 5 years was 5.1 per cent, but now it will be 5.30 per cent, a 20 basis point increase. The bank formerly offered a 5.15 per cent interest rate on deposits maturing in 5 years and above up to 10 years, but now it will be 5.5 per cent, a 35 basis point increase.

Maturity Period	Interest rate p.a. in %
7-14 days	2.75
15-30 days	2.9
31-45 days	2.9
46-59 days	3.25
60-90 days	3.25
91-179 days	3.8
180-270 days	4.25
271-364 days	4.25
1 year to less than 2 years	5.1
2 years to less than 3 years	5.25
3 years to less than 5 years	5.3
5 years and above up to 10 years	5.5
Source: Bank Website. W.e.f. 10.05.2022

Central Bank FD Rates For Senior Citizens

Senior citizens will get an additional rate of 0.50% over and above the regular rate. Following the revision, senior citizens will get the following interest rates on their fixed deposits of less than Rs 2 Cr.

Maturity Period	Interest rate p.a. in %
7-14 days	3.25
15-30 days	3.4
31-45 days	3.4
46-59 days	3.75
60-90 days	3.75
91-179 days	4.3
180-270 days	4.75
271-364 days	4.75
1 year to less than 2 years	5.6
2 years to less than 3 years	5.75
3 years to less than 5 years	5.8
5 years and above up to 10 years	6
Source: Bank Website. W.e.f. 10.05.2022