Central Bank revises upwards interest rates on domestic term deposit

Mumbai, May 11 (UNI) The Central Bank of India has revised upwards its interest rates by 50 basis points on domestic term deposits for maturity periods of one year and above with effect from yesterday.

The bank has revised the rates for a maturity of one year to less than three years at 6.75 per cent from 6.25 per cent while for a maturity of three years to less than five years, it has been revised at seven per cent from 6.50 per cent, a press release issued here said.

For a maturity period of five years and above, the interest rate will be 7.25 per cent as against the existing 6.75 per cent, the release added.

An additional interest rate 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 who are above the age of 60 years and below 70 years of age.

Senior citizens above 70 years of age are eligible for one per cent additional rate of interest per annum over the normal rate, the release said, adding that the revised domestic term deposit rates will apply only to fresh deposits and renewal of maturing deposits.

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