Central Bank revises deposit rates

MUMBAI, MARCH 31. Central Bank of India has revised its domestic term deposit rates and interest rates for bulk deposits with effect from tomorrow.

The rates for domestic term deposits of less than Rs. 15 lakhs have been revised downwards for the maturity period of 46 to 90 days at 6 per cent (earlier 6.25 per cent), 180 days to less than one year at 7 per cent (7.50 per cent), and from 10 per cent in the case of three years to less than five years and five years and above to 9.50 per cent and 9 per cent respectively, the bank said in a release here today.

However, for domestic deposits of maturity 30 to 45 days, the rate has been increased by 50 basis points to 6 per cent, it added.

For all other maturities the rates have been maintained at the existing level.

The interest rates for bulk deposits from 15 lakhs to less than Rs. 1 crore also stand revised.

The bank said the rates have been increased in the case of deposits with maturity period of 30-45 days to 6.50 per cent (6.25 per cent), 91-179 days to 7.25 per cent (7 per cent) one year to less than two years to 9 per cent (8.75 per cent) and two years to less than three years to 9.25 per cent (9 per cent).

The interest rates have been scaled downwards for maturity period of 15-29 days to 5.50 per cent (6 per cent), 46-90 days to 6.50 per cent (6.75 per cent), 180 days to less than one year to 7.50 per cent (7.75 per cent), three years to less than five years to 9.50 per cent (10 per cent) and five years and above to 9 per cent (10 per cent), the bank said.

The rate of interest on bulk deposit of Rs. 1 crore and above also have been revised. The revised domestic term deposit rates would apply only for fresh deposits and renewals of maturing deposits, the release said.

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Section  : Business
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