Now Reading: Central Bank of India offers 6.75% on 444-day FD, topping PSU bank rates
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Central Bank of India offers 6.75% on 444-day FD, topping PSU bank rates
Central Bank of India offers 6.75% on 444-day FD, topping PSU bank rates
Central Bank of India offers the highest 444-day fixed deposit rate of 6.75% among major public sector banks, followed by Punjab National Bank and Indian Overseas Bank at 6.60%. A Rs 5 lakh deposit in Central Bank of India's 444-day scheme would yield approximately Rs 42,416 in interest, giving a maturity amount of Rs 5,42,416, according to Economic Times and Livemint. State Bank of India and Bank of Baroda offer the lowest rates at 6.45% on their 444-day special deposits.
The tax implication on FD interest remains: interest earned is fully taxable as income under the Income Tax Act. All rates quoted are for general citizens, with senior citizens typically receiving a 0.50% higher rate. The maturity figures are approximate, as actual calculations vary by each bank's compounding method and day-count basis. Investors should compare the effective yield before locking funds for the 444-day tenure.
Indian Opinion Analysis
Both outlets essentially served as interest-rate calculators for readers shopping for a 444-day FD. Neither carried any reporting on RBI policy, government savings goals, or the broader economy. The straight factual presentation puts this coverage firmly in the neutral-report category across both sources. For a reader trying to decide where to park Rs 5 lakh for 14.5 months, the clear takeaway is Central Bank of India's 6.75% rate leads the pack by a visible margin. The key number to watch remains the actual effective yield after compounding, since the article notes bank methodology may vary.
Coverage: 2 sources, 2 neutral
Sources (2): economictimes.indiatimes.com (neutral report), livemint.com (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
