Central Bank Of India Cuts Deposit Rates By 25-50 Points

Mumbai, July 30: | Updated: Jul 31 2002, 05:30am hrs
The Central Bank of India has announced a cut in its interest rates on fresh term deposits by 25-50 basis points effective from August 1, across various maturities.

Deposits of 180 days to less than a year tenor would carry a rate of 6.25 per cent per annum (6.50 per cent earlier) while those with one year but less than two years would carry a rate of even per cent (7.25 per cent), the state-owned bank said in a release here on Tuesday.

Deposits of two years but less than the three years tenor would attract a rate of 7.25 per cent (7.50 per cent) and those with three and above 7.50 per cent (eight per cent), the release said.

The rates for the lower slabs remain unchanged, it added.

PTI