Central Bank hikes deposit rates up to 1.25 pc
Deposits having a tenor of 91 days to 179 days will now attract an interest rate of 7.25 per cent as against six per cent earlier in various maturities with effect from August 11.india Updated: Aug 12, 2008 20:59 IST
State-run Central Bank of India on Tuesday increased its deposit rates by up to 1.25 per cent in various maturities with effect from August 11.
Deposits having a tenor of 91 days to 179 days will now attract an interest rate of 7.25 per cent as against six per cent earlier.
Interest rates for deposits having a maturity of 180 days - 270 days has been revised to 7.75 per cent from 7.25 per cent earlier, the bank said in a press statement issued in Mumbai on Tuesday.
Similarly, deposits having a tenor of one year to less than 555 days will now carry an interest rate of 9.5 per cent as compared with 8.25 per cent earlier.
Interest rates for two to three years, three to five years and five years and above deposits, have been revised as 9.5 per cent, 9.25 per cent and 8.75 per cent respectively, as compared with 8.5 per cent, 8.75 per cent and 8.5 per cent earlier, the bank said.
The bank had hiked its benchmark prime lending rate (BPLR) by one per cent to 14 per cent at its Asset Liability Meeting on Saturday.
The hike will make the BPLR-related loans of the bank dearer to its customers. With this, vehicle loans having a three-year tenor will now carry an interest rate of 12 per cent as against 10.5 per cent earlier.
However, the lender has spared its educational loan borrowers and housing loans up to Rs 30 lakh from the hike in benchmark rate, the bank added.