Tuesday, 2 September 2014

Latest FIXED DEPOSIT RATES - CENTRAL BANK OF INDIA

Central Bank of India is a public sector commercial bank. Headquartered in Mumbai, it has a large branch network of about 4,600 branches in about 27 states. It is among the oldest/largest commercial banks in India.
The Central Bank of India offers short and long term fixed deposits. Short- term fixed deposits are those term deposits where the term-to-maturity and interest rate are fixed for a short period of time i.e. less than one year. Long-term fixed deposits are those term deposits where the term-to-maturity and interest rate are fixed for a long period of time i.e. one year or more. The interest rates on fixed deposits are revised over time in accordance to market changes and bank requirements.
Fixed deposits are gaining ground as an investment avenue in 2014 given the government's positive outlook on controlling inflation. Lower inflation makes fixed return products like fixed deposits more attractive as the returns are guaranteed and not diminished by inflation.
The Central Bank of India's fixed deposit rates for 2014 are given below. It indicates both short-term and long-term fixed deposit rates in Central Bank of India.
Table 1 shows the rates that were existing and also the revised rates for fixed deposits that are less than Rs. 1 crore in value and those that range from Rs. 1 crore to Rs. 10 crore. Table 2 shows the existing and revised rates for aggregate bulk deposits for Rs.10 crore and above. (Footnotes appended for additional information).
Table 1
Domestic Term Deposits
Maturity Period
Rates for Deposits less than Rs.1 Crore
Rates For Deposits 1 Cr to Rs.10 Cr (Single Deposit)
Existing rates
Revised rates
Existing rates
Revised rates
02.04.14
17.06.14
03.02.14
17.06.14
7 -14 days
6.50
6.50
6.00
6.25
15 – 30 days
6.50
7.00
7.00
7.00
31 -45 days
6.50
7.00
7.00
7.00
46 – 59 days
7.50
7.50
7.25
7.25
60 – 90 days
7.50
7.50
7.75
7.75
91 – 179 days
8.20
8.20
8.00
8.00
180 – 270 days
8.75
8.75
8.50
8.50
271 – 364 days
8.75
8.75
8.50
8.50
1 yr to less than 2 yrs
9.00
9.00
9.00
9.00
2 yr to less than 3 years
9.05
9.05
8.75
8.75
3 yr to less than 5 years
9.05
9.05
8.75
8.75
5 years & above
8.75
8.75
8.75
8.75
555 days
9.05
9.05
NA
NA
777 days
9.15
9.15
NA
NA
Cent Double
8.75
8.75
NA
NA


Table 2
Aggregate bulk deposit above Rs.10 crore with effect from 07.07.2014:-
Period
Existing Rates (%)
Revised Rate (%)
7-14 days
6.00
6.00
15-30 days
7.00
7.00
31-45 days
8.25
8.25
46-59 days
8.50
8.25
60-90 days
8.60
8.25
91-179 days
8.60
8.50
180-270 days
8.85
8.85
271-364 days
8.85
8.85
12 months to 13 months
9.10
9.10
Prior approval of Treasury Central Office must be taken before accepting deposit of Rs.25 crore and above.
These interest rates are not applicable for Inter-Bank Deposits.

Senior citizen rates:
Senior citizens are given an additional 0.50% p.a. on the rates shown above. Senior citizen rates are considered for depositors above 60 yrs.
Penalty on premature withdrawals:
(As of 27.04.2013)
·         upto Rs. 5 lakhs - no penalty
·         above Rs.5 lakhs - 1%
·         renewal of the deposit for a longer term than the original period left after premature withdrawal - no penalty
Revised rates:
Deposit renewal and all new deposits will be as per the revised rates of interest on the term deposits as mentioned in the tables above.

Fixed Deposit Schemes at Central Bank of India
The fixed deposit rates in Central Bank of India for the various FD schemes on offer by the bank are given below:
1. Cent Benefit Deposit:  8.25% (No additional rate for seniors/staff)
2. Cent Millionaire:  8.75%
3. Cent Lakhpati:  8.75% - 9.05% (Additional rate for seniors/staff as per standards)
 4. CENT Swa-ShaktiI Flexi RDS:  As per prevailing term deposit rates (+ 0.5% for seniors/staff)   
 5. Cent Double Deposit Scheme:  8.75%
 6. Cent Super Plus term deposit:  9.30% (+.5% for seniors/+1% for staff)
 7.  CENT Uttam Scheme:  As per prevailing term deposit rates
 8.  Monthly Interest Deposit Receipt (MIDR):  As per prevailing term deposit rates (Monthly interest)
9. CENT Tax Saving Deposit:  As per prevailing term deposit rates for 5 yrs (upto Rs.15 lakhs)
10. Senior Citizen Deposit Scheme:  As per prevailing term deposit rates + 0.50% for seniors
11. Money Multiplier Deposit Certificate (MMDC):  As per prevailing term deposit rates (interest is added onto the principal for a higher effective interest rate)
12. Quarterly Interest Deposit Receipt (QIDR):  As per prevailing term deposit rates (Quarterly interest)
13. Central‘s Flexi Yield Deposit Scheme:  As per prevailing term deposit rates (Can avail a higher floating rate of interest)
Click Here for More Info
Apart from the visiting banks or its website, Central Bank of India Fixed Deposit rates for 2014 can also be found online on financial sites.
BankBazaar.com is one such site that provides information not only on the fixed deposit rates in Central Bank of India but also lets you calculate the maturity values of the deposits by using a deposit rate calculator. Using this, the maturity value of the fixed deposit is returned on inputting the deposit amount for a particular tenure at a particular rate. You can also then apply for the product that suits you the best. 
Fixed deposit rates are different across banks because there are many factors that affect the rates set by each bank. Some key factors are: liquidity requirements, change in RBI's policy, profitability and also to build customer base and compete. These are some of the reasons why other banks may offer fixed deposits at more attractive rates but the features of the products have to be compared to best suit one's investing requirements.
The information provided above is as per information released by the bank and is subject to change. All information must be read in conjunction with the additional features, terms and conditions relating to the said products as outlined by the bank.

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