One of the top leading lending institutes of the country – Central bank of India has slashed down its deposit rates on various maturities. Last day the bank has reduced the interest rates in range of 5-175 basis points.
For the amount of Rs 1 crore for one year to two year the interest has reduced by 0.5% i.e. from 9.5% to 9%. Further for same amount for three years to less than five years the rate has been dropped down to 8.75%. These changed rates will be applicable from 14th October, 2014.
For bulk deposits above Rs 10 crore and maturing in 31 to 45 days, the rates have been reduced to 6.50 per cent from 8.25 per cent earlier. Prior to this State bank of India, Punjab National bank has also amended their rates on fixed deposits on various maturities.