Central Bank Of India Offers 7% Interest On Two-year FDs

When discussing savings, the term fixed deposit (FD) is unavoidably mentioned. Fixed deposit investments are secure and yield guaranteed returns. There is good news if you wish to invest in FDs as well. After 113 years of operation, the large public sector lender Central Bank of India has adjusted the interest rates on fixed deposits (FD) of less than Rs 2 crore. The bank will offer 3.5 per cent to 7 per cent interest to its regular clients on FDs with terms ranging from 7 days to 10 years following this interest rate modification. In addition, the bank will pay senior citizen clients interest rates ranging from 4% to 7.50% during the same time frame.

Following this interest rate adjustment, the Central Bank of India will provide its regular customers FDs with terms of two years to less than three years at a maximum interest rate of 7%, while its senior customers would receive the same maximum interest rate of 7% within the same time frame. Customers will receive 7.50 per cent interest from Citizen. The information obtained from the bank’s official website states that the higher new interest rates will take effect on January 10.

After this change in the interest rates, the bank is offering 3.5 per cent to its general customers on FDs of 7 days to 14 days, 3.75 per cent on FDs of 15 days to 45 days, and 4.50 per cent on FDs of 46 days to 59 days. Per cent, whereas on FD of 60 days to 90 days, interest will be given at 4.75 per cent. On the other hand, the bank will give 5.50 per cent interest on FD from 91 days to 179 days and 6 per cent interest on FD from 180 to 270 days. The bank is now guaranteeing a 6.25 per cent return on deposits maturing in 271-364 days.

At 6.75 per cent, the Central Bank of India is now offering the highest interest rate on deposits with maturities ranging from one year to less than two years. The interest rates that the bank is currently offering are 7 per cent for deposits that are between 2 and 3 years and 6.50 per cent for deposits that are less than 3 to 5 years. The interest rate on deposits maturing in five to ten years will now be 6.25 per cent.