When it comes to secure savings, Fixed Deposits (FDs) often take center stage. The Central Bank of India, marking its 113th anniversary, has revised its interest rates for FDs below Rs 2 crore. If you’re considering FD investments, this news is essential for you.
Revised Interest Rates
The Central Bank of India now offers interest rates ranging from 3.5 percent to 7 percent for general customers and 4 percent to 7.50 percent for senior citizen customers on FDs spanning 7 days to 10 years. The new rates came into effect on January 10, 2024, as per the official bank website.
Interest Rates Breakdown
Explore the revised interest rates for various FD tenures:
- 3.5% to 7% for 7 days to 10 years (General Customers)
- 4% to 7.50% for 7 days to 10 years (Senior Citizen Customers)
Highlighted Returns
The bank offers a maximum of 7 percent interest for general customers on FDs maturing between 2 to less than 3 years. Senior citizen customers enjoy a higher rate of 7.50 percent during the same tenure. The guaranteed return is now set at 6.25 percent for deposits maturing in 271-364 days.
Specific Interest Rates
Details on interest rates for various FD tenures include:
- 3.5% to 4.75% for 7 days to 90 days
- 5.50% for 91 days to 179 days
- 6% for 180 to 270 days
- 6.25% for 271 to 364 days
- 6.75% for less than 1 year to 2 years
- 7.00% for 2 to 3 years
- 6.50% for less than 3 to 5 years
- 6.25% for 5 years to 10 years
Stay informed about these revised FD interest rates for making prudent investment decisions aligned with your financial goals.
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