New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, the public sector Central Bank of India has increased the rates of interest on fixed deposits i.e. FD.
New rates effective from July 10
The new rates of Central Bank of India will be effective from July 10. The bank has increased the interest rates on FDs of less than 2 crores.
new interest rates of central bank of india
The interest rate on fixed deposits maturing in 15 to 30 days remains at 2.90 percent. The bank will continue to offer 2.75 per cent interest rate on FDs maturing in 7 to 14 days. The interest rate on fixed deposits maturing in 46 to 90 days has been increased from 3.25 percent to 3.35 percent, while on FDs maturing in 31-45 days, the interest rate has been increased from 2.90 percent to 3.00 percent.
Central Bank of India will now pay 3.85 percent interest on FDs maturing in 91 to 179 days instead of 3.80 percent. FDs maturing between 180 and 364 days will now be given an interest rate of 4.40 percent instead of 4.35 percent. Fixed deposits with maturities of 1 year and less than 2 years will now pay an interest rate of 5.25 per cent instead of 5.20 per cent.
Many banks have increased FD rates
It is worth noting that recently Indian Overseas Bank, Punjab and Sind Bank, SBI, PNB have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
FIRST PUBLISHED : July 10, 2022, 17:21 IST