Centurion Bank of Punjab hikes interest rates

New Delhi, Apr 22: The Centurion Bank of Punjab today announced a hike in their deposit rates to align its interest rates with the prevailing commercial banks.

Interest rates for deposits of 7-14 days, 15-30 days and 46-90 days have been kept unchanged. The interest rates are 3.75 per cent, 4.25 per cent and 4.75 per cent respectively.

For deposits of 91-180 days the interest rate has been hiked to 5.75 per cent from 5.50 per cent whereas for deposits of 181-364 days the rate has been increased to 6.25 per cent from an earlier rate of 6 per cent.

The bank has increased the interest rate for deposits of 1 year to less than 2 years and 2 years to less than 3 years to 7 per cent from the previous interest rate of 6.50 per cent.

For deposits ranging from 3 years to less than 5 years the interest rate has been raised by 0.5 per cent from 7 per cent.

The highest increase has been for deposits of 5 years and above at 8 per cent from 7 per cent.

The interest rates for senior citizens have also been increased.

The bank will offer an interest rate of 8 per cent per annum for resident Indians, for a period of five years and above, and an interest rate of 8.75 per cent per annum to senior citizens for the same period.

This will give an effective yield at 9.72 per cent and 10.83 per cent respectively.

These interest rates will be imposed with effect from April 20, 2006.

Centurion Bank of Punjab (CBP) has a strong nationwide franchise of 241 branches and 389 ATMs in 122 cities.

The CBP, a new generation private sector bank, holds leadership positions in retail two-wheeler loans and commercial vehicle loans.

UNI