Financial Daily from THE HINDU group of publications
Thursday, Mar 30, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 30, 2006 |
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Money & Banking
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Fixed Deposits Central Bank hikes term deposit rates Our Bureau
Mumbai , March 29 Central Bank of India has hiked interest rates on domestic term deposits for various maturity periods by 25 to 50 basis points with effect from April 1. The rates on deposits of 45-90 days have been hiked to 5 per cent (4.75 per cent), on deposits of 91-179 days to 5.5 per cent (5.25 per cent), on deposits of 180 days to less than one year to 6.25 per cent (6 per cent), 3-5 years at 6.5 per cent (6.25 per cent) and for five years and above 6.75 per cent (6.25 per cent). Deposits of senior citizens would also get an additional rate of 0.5 per cent per annum over and above the normal rate of interest, said a press release from the bank. Senior citizens above 70 years are eligible for an additional rate of 1 per cent per annum. The revised rates would apply only on fresh deposits and renewal of maturing deposits, said the bank.
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