CBOI raises interest rates to 9.5% on high value deposits

Public sector Central Bank of India (CBOI) today said it has raised interest rates on high value deposits by 50 basis points to 9.50%.

Minimum amount of deposit acceptable under the scheme called 'Cent-Benefit Deposit' is Rs 1 crore and there is no maximum cap, said an official release here.

The scheme will have a tenor of 14 days to 179 days.

Targeted at High Net-worth Individuals (HNI), cash- rich corporates and government departments, there will be no penalty on premature withdrawals under this scheme, it said.