Central bank hikes deposit rates

Mumbai: Central Bank of India announced a hike of domestic term deposit rates by 25 to 75 basis points on Saturday with immediate effect on new deposits and renewal of maturing deposits, according to a communiqué from the bank.

The bank has revised interest rates as follows:

• 15-45 days rate from 4.25 to 4.50 per cent,
  
• 46-90 days from 4.50 to 4.75 per cent,
  
• 91-179 days from 4.5 to 5.25 per cent,
  
• 180 days to less than one year from 5 to 5.75 per cent,
  
• 1 to 3 years from 5.25 per cent to 6 per cent,
  
• over 3 years to 5 years from 5.25 per cent to 5.75 per cent
  
• Over five years from 5 to 5.50 per cent.

The communiqué also stated that bulk deposits of Rs15 lakh and above for 7 to 14 days would remain unchanged at 4 per cent interest.