Interest Rates Related to FCNR-B Deposits Revised by Central Bank of India
Central Bank of India, the public-sector financial institution has made revisions it its deposit rates payable on FCNR-B (Foreign Currency Non-Resident – B) deposits. These changes have been put into effect from the 1st of July, 2016, and the revision of rates is done on the basis of the rates being announced by the FEDAI (Foreign Exchange Dealers’ Association of India on the 30th of June, 2016. Their validity will extend until the 31st of July, 2016.
Customers of the bank can now avail USD Deposit of five years at 2.08% interest, GBP Deposit of five years at 1.72% interest, Euro Deposit of five years at 0.97%, Canadian Dollar Deposit of five years at 2.04% interest and Australian Dollar Deposit of five years at 3.07%.
14 July 2016
Interest Rates Revised for CBI FCNR-B Deposits
Starting from April 1, 2016, Central Bank of India has revised the interest rates on deposits payable on foreign currency non-resident FCNR-B account. The rates will hold well till April 30, 2016 and are decided by the Foreign Exchange Dealers’ Association of India.
Interest rate for US dollars deposits of 5 years is 2.27% per annum while for deposits made in GBP, it is 2.07% per annum. Euro deposits for the same period will earn interest at a rate of 1.08%, Canadian dollars will have an interest rate of 2.04% and Australian dollars will earn interest at a rate of 3.43% per annum.
12 April 2016
Central Bank of India Has Changed Interest rates on FCNR-B deposits
Central Bank of India, one of the leading public-sector banks, has revised their fixed deposit interest rates which are payable on foreign currency non-resident (FCNR)-B deposits. This will be in effect from March 01, 2016. The rates have been revised based on the rates announced by Foreign Exchange Dealers’ Association of India (FEDAI) on February 29, 2015Central Banks’s new interest rates are 2.20% for USD Deposit of 5 Years, 1.04% for Euro Deposit of 5 Years, 1.94% for GBP Deposit of 5 Years, 1.96% for Canadian Dollar Deposit of 5 Years & 3.31% for Australian Dollar Deposit of 5 Years.
14 March 2016
FCNR Deposit Rates of Central Bank of India Revised
Central Bank of India has increased its interest rates on foreign currency non-resident (FCNR)-B deposits.
The revised rates are effective from February 1, 2016. The changes were made as per the rates announced by the Foreign Exchange Dealers’ Association of India on January 29. These rates will be valid till February 29, 2016.
For USD deposits of 5 years, the rate of interest will now be 2.34 percent. GBP deposits of 5 years will be available at an interest of 2.23 percent. For Euro deposits of 5 years, 1.14 percent interest will be offered. For Canadian dollar and Australian dollar deposits of 5 years, the rate of interest will be 2.02 percent and 3.41 percent, respectively.
3 February 2016
Central Bank of India changes rates for Fixed Deposits
Repo rate reduction meant passing on of reduced rate benefit on many products to the customers. But a reduction in base rate also clipped fixed deposit rates for banks. Recently, Central Bank of India has also imposed some of its own reforms in the rates offered on fixed deposits.
For all deposits valued less than Rs. 1 crore, there have been changes in the interest rates applicable across various tenure brackets. Short term deposits from 7 days to 9 months have seen drops of 0.25% to 1% and as of September 2015, the highest rate of interest offered on tenure brackets within this range is 7.75% and the lowest in offer is 5%. Beyond 270 days, the interest rate of 7.75% persists till a period less than a year. From an earlier high of 8.75%, rates of deposits from 1 year till 10 years are now 8.0%. The highest rate of interest currently offered by the bank is 8.05% on fixed deposits for periods of 777 days.
10 September 2015
Central Bank of India Changes its Interest Rates on Domestic Term Deposits
Central Bank of India changes its interest rates on domestic term deposits. For a deposit of 180 days to 270 days, the rate of interest is 8.00%. For a deposit of 271 – 364 days, the rate of interest is 8.00%. For 1 year to less than 2 years, the rate of interest is 8.75. For 2 year to less than 3 years, the rate of interest is 8.75%. For 3 years to less than 5 years, the rate of interest is 8.50%. For 5 years and above, the rate of interest is 8.50%. For 555 days, the rate of interest is 8.75%, and for 777 days, the rate of interest is 8.80%. These are the revised rates of interest offered by the bank for depositing less than Rs. 1 crore.
12 March 2015
Central Bank of India Offer-Free Credit Card against Fixed Deposit
Central Bank of India has taken centre-stage with the launch of its new ‘Cent Aspire’ scheme. Under this, any person who holds/opens a fixed deposit of Rs.20,000 and above under the ‘Cent Aspire Term Deposit’ scheme can avail of a free credit card (issued against the FD). This offer is aimed at customers of tier-two cities in semi-urban and rural areas, where a majority of the bank’s branches are located.
The credit card has a lower interest rate compared to other cards and the maximum credit limit offered is 80% of the fixed deposit amount (subject to an overall credit limit of Rs.4 lakhs). This scheme not only encourages savings but also provides secured credit to customers. It is a low-risk credit option extended by the bank since payment defaults are recovered from the amounts held as deposit.
Another attraction of this scheme is that it comes with a personal accident insurance of Rs.1 lakh, against death only.
This new plan comes on the back of the bank’s newly launched home loan called ‘Cent Home Double Plus’
19 November 2014
Various Central Bank of India Products to Attract Less Deposit Rates
In a move that could throw a spanner into the festivities of the affluent patrons of the Central Bank of India, the state owned bank has decided to slash interest rates on a wide range of its public offerings, a drop ranging from 5 to 175 basis points. Henceforth, fixed deposits that are lesser than Rs.1 crore and have maturity tenures of 7-14 days or one year to lesser than two years will attract interest rates of 5 percent (from the current 6.50 percent) and 9 percent (from the current 9.05 percent) respectively. Similarly, fixed deposits upto Rs.1 crore that mature from 3 years to less than 5 years will draw a rate of 8.75 percent against the usual rate of 9.05 percent.
Next, deposits between Rs.1 crore- 10 crore that mature in 7-14 days will attract a new interest rate of 5 percent from the current 6.25, while alternatively, term deposits between Rs.1 crore- 10 crore that mature in 7-14 days will attract a new interest rate of 6.25 percent from the current 5 percent. Also, for bulk deposits that exceed Rs.10 crores and mature in 31-45 days, the rates have been slashed from the usual 8.25 percent to 6.50 percent. A steep drop indeed that will be applicable from October 14, 2014. Central Bank of India maintains that these changes will come into effect immediately.
14 october 2014