Mumbai: According to a recent announcement, Central Bank of India has raised the interest rates on domesticated term deposits by 50 to 100 basis points on maturity of 180 days and above with immediate effect.

The retooled domestic term depository rates will be applicable only to new deposits and renewal of maturing deposits.

The press release said an additional interest rate of 50 basis points on an yearly basis over and above the usual interest rate for any of the time deposit plans would be given as bonus for senior citizens.

Central Bank of India was set up in 1911 by Sir Sorabji Pochkhanawala. It was the primary Indian commercial bank that was completely owned and managed by Indians. Sir Pherozeshah Mehta was the first Chairman of the Bank. In 1969, Central Bank of India was nationalized together with 13 other banks.