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Central Bank of India raises interest rates to 9.50% on high value deposits

CHANDIGARH: Public sector Central Bank of IndiaBSE 0.19 % (CBOI) today said it has raised interest rates on high value deposits by 50 basis points to 9.50 per cent. 

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.