Central Bank of India lowers deposit rates by 25 basis points

Mumbai: Central Bank of India has lowered its term deposit rates by 25 basis points for select slabs with effect from 15 January 2003.

For deposits of tenor 91 to 179 days, the rate is now fixed at 5.25 per cent. For 180 days to less than a year it is 5.50 per cent. For a year and less than two years is 5.75 per cent. For two years and less than three years it is 6 per cent. And for over three years and above the rate is 5.75 per cent.

The rates for the lower slabs of the bank’s domestic term deposits remain unchanged, the bank said. For the benefit of senior citizens, the bank will continue the additional interest rate of 0.50 per cent over and above the existing rate of interest for any of the time deposit schemes. In the segment of floating interest rates on domestic term deposits, the bank has again cut 25 basis points in three select slabs.