Central Bank of India revises interest rates by 25 to 50 bps

Mumbai, Mar 29 (UNI) Central Bank of India has revised the interest rates upwards on domestic term deposits for various maturity periods by 25 to 50 basis points (bps) with effect from April 1, 2006.

Accordingly, the Bank has revised 46-90 days deposit rate at 5 per cent from 4.74 per cent, 91-179 days at 5.50 per cent from 5.25 per cent; 180 days -less than one year period at 6.00 per cent from 5.75 per cent; one year to less than three years at 6.50 per cent from 6.25 per cent and for 5 years and above period, deposit will attract 6.75 per cent in place of the existing 6.25 per cent a year, said an official press release here.

An additional interest of 0.50 per cent per annum over and above the normal rate of interest for any of the time deposit schemes will be given as incentive for deposits of senior citizens.

However, the release said, senior citizens above 70 years of age are eligible for an additional rate of One per cent per annum.

The revised domestic term deposit rates will apply only to fresh deposits and renewal of maturing deposits.

UNI SN KU AW2038