Central Bank lowers rates

Mumbai: Central Bank of India has reduced interest rates on domestic term deposits by 25-75 basis points across maturities with effect from 1 September.

For deposits up to Rs 15 lakh with a maturity of 14-29 days, the new rate is 4 per cent (4.50 per cent), for 30-45 days, the rate is 4.50 per cent (4.75 per cent), for 46-90 days — 4.50 per cent (5 per cent), for 91-179 days — 4.75 per cent (5.25 per cent), for 180 days to less than one year — 5 per cent (5.50 per cent), for one year to less than two years — 5.25 per cent (5.75 per cent), two years to three years — 5.50 per cent (6 per cent), over three years to five years — 5.25 per cent (5.75 per cent) and over five years — 5 per cent (5.75 per cent).