Central Bank of India has raised its deposit rates by upto 0.5%. The act by the public sector lender comes in line with the policy rate hike announced by banking regulator, RBI in the monetary policy review on July 27.
The new rates would come into effect from August 1, a source said.
Deposits upto Rs 15 lakh having a tenor of 1-2 years would now fetch the customer an interest of 6.75% as against 6.5% earlier. Deposits for the same amount but having tenor of 91 days to 179 days would fetch 5.25% interest as against 5% earlier.
Deposits having tenor of 46-90 days have interest rates raised from 3.75% to 4.25%.
The rate has been raised for deposits of Rs 15 lakh to Rs 1 crore having maturity period of 46-90 days to 4.25% from 4%.
For a tenor of 1-2-years, the rate has been upped from 6.5 per cent to 7 per cent while for 2-3-years tenor, the rate has been upped from 6.75 per cent to 7 per cent, the source said.