Central Bank Of India Revises Special Term Deposit Interest Rates, New Rates Effective From April 10

The public sector lender Central Bank of India revised the interest rates on Special Term Deposits. The bank's official website states that the revised rates will take effect on April 10, 2023. Under the Special Term Deposit scheme, the bank offers interest rates on 4 schemes, Callable, Non-Callable, Cent Garima Deposit Scheme, and Cent Green Deposit Scheme.

Under the Callable special deposit scheme, the offers 76.50% to 71.0% interest to the general public with the maturity period of 444 days to 999 days. Under the Non-Callable Special term deposit scheme, the bank offers 6.65% to 7.25% interest to the general public for the 444 days to 999 days special tenure. Senior citizens will get an additional 0.50% interest rate to senior citizens.

The bank offers 7% interest to investors for special 777 days FD tenure under the Cent Garima Deposit Scheme. While under the Cent Green Deposit Scheme, the bank offers 6.75% to 7% interest for the deposit period of 1111 days to 3333 days.

Special Term Deposit Interest Rates (in %) per annum w.e.f 10 April 2023

Callable

Non-Callable

Cent Garima Deposit Scheme

Cent Green Deposit Scheme

Source - Centralbankofindia.co.in

Please Note - 1. An additional interest rate of 0.50% p.a. over and above the normal rate of interest for any of our Time Deposit Schemes & also for Tax Saver Depositors Scheme will be given as incentive for deposits of Senior Citizens who are above 60 years of age.
2. The deposits under non-callable scheme will attract additional rate of interest as below:
Senior Citizen - 0.50%
Super Senior Citizen-1% (A super senior citizen is an individual resident who is 80 years or above)
Staff- 1%
Senior Citizen Staff- 1.50%
Ex staff super senior citizen - 2.00%
3.Penal interest at the rate of 1% will be charged on premature withdrawal of time deposits irrespective of the amount.
4.No penalty will be levied on premature renewal of deposits provided the deposits are renewed for a period longer than remaining period of the original contract.
5.No Premature withdrawal is allowed for non callable deposits however under certain exception if pre mature withdrawal is allowed then deposit will be treated as Callable term deposit. other terms and conditions are applicable as per the existing deposit policy of the bank.