Central Bank of India, a prominent public sector bank, offers a variety of deposit schemes with competitive interest rates tailored to different customer needs. As of February 10, 2025, the bank has revised its interest rates across various deposit categories.
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Central Bank of India Savings Account Interest Rates:
The bank provides tiered interest rates for savings accounts based on the end-of-day balance:
- Up to ₹10 Crores: 2.80% per annum
- Above ₹10 Crores to ₹100 Crores: 3.00% per annum
- Above ₹100 Crores to ₹250 Crores: 3.10% per annum
- Above ₹250 Crores to ₹500 Crores: 3.25% per annum
- Above ₹500 Crores to ₹1,000 Crores: 3.75% per annum
- Above ₹1,000 Crores: 4.50% per annum
Fixed Deposit (FD) Interest Rates:
For domestic term deposits below ₹3 Crores, the interest rates vary based on the tenure:
- 7 to 14 days: 3.50%
- 15 to 30 days: 3.75%
- 31 to 45 days: 3.75%
- 46 to 59 days: 4.50%
- 60 to 90 days: 4.75%
- 91 to 179 days: 5.00%
- 180 to 270 days: 6.00%
- 271 to 364 days: 6.25%
- 1 year to less than 2 years: 6.75%
- 2 years to less than 3 years: 7.00%
- 3 years to less than 5 years: 6.50%
- 5 years and above up to 10 years: 6.25%
Senior citizens benefit from an additional 0.50% interest rate across all tenures.
Special Fixed Deposit Schemes:
The Central Bank of India also offers special term deposit schemes:
- Cent Super 555 Days: This scheme offers an interest rate of 7.25% for a tenure of 555 days. Senior citizens receive an additional 0.50%, making it 7.75%.
Senior Citizens Savings Scheme:
For senior citizens, the bank provides a dedicated savings scheme with competitive interest rates. The specific rates and terms can be obtained by contacting the bank directly or visiting their official website.
Impact of Reserve Bank of India (RBI) Policy Rates:
The interest rates offered by the Central Bank of India are influenced by the monetary policy decisions of the Reserve Bank of India (RBI). Recently, on February 7, 2025, the RBI reduced the repo rate by 25 basis points to 6.25%, marking the first reduction since May 2020. This move aims to stimulate economic growth amid slowing momentum. Such policy rate adjustments by the RBI can lead to corresponding changes in the interest rates offered by commercial banks on various deposit and loan products.
In conclusion, the Central Bank of India provides a range of deposit schemes with interest rates designed to cater to diverse customer requirements. These rates are subject to change based on regulatory guidelines and prevailing economic conditions. Customers are advised to consult the bank’s official communications or website for the most current information.
