Central Bank to cut deposit rates soon

Public sector lender Central Bank said it will bring down its deposit rates further soon, to enable it to lower its lending rates, and will launch a combo loan offer within a fortnight.

“We are looking at cutting our base rate going forward. But to do that we have to first lower our deposit rates. Accordingly, as liquidity is comfortable, we will soon cut the pricing of our liabilities shortly, which will be followed by a base rate cut,” chairman and managing director M V Tanksale said.

Speaking after inaugurating 40th national convention of the Institute of Company Secretaries of India here, Tanksale said the Mumbai-based lender will also be launching a combo loan offer — which means offering a car loan without the processing fee to a customer who has availed of a home loan within the fortnight.