The Central Bank of India, established in 1911, was a groundbreaking achievement as it was the first Indian commercial bank that was entirely owned and managed by Indians. The founder of the Bank, Sir Sorabji Pochkhanawala, had a dream of creating an institution that would embody the spirit of Indian entrepreneurship and self-reliance.
Under the leadership of the first Chairman, Sir Pherozesha Mehta, the Central Bank of India became a true 'Swadeshi Bank', reflecting the pride and determination of the Indian people. Sir Sorabji Pochkhanawala believed that the Bank was not just a business, but a national asset, proclaiming it as the 'property of the nation'.
The Bank has evolved and adapted to meet the changing needs of its customers and the economy. Today, the Central Bank of India is a trusted and respected financial institution, known for its stability, reliability, and commitment to the nation.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 - l4 days||4%||4.5%|
|31 - 45 days||4.25%||4.75%|
|46 -59 days||4.5%||5%|
|60 - 90 days||4.5%||5%|
|91 -179 days||5%||5.5%|
|180 -270 days||5.5%||6%|
|1 yr to less than 2 yrs||6.75%||7.25%|
|2 yr to less than 3 years||6.5%||7%|
|Note: All interest rates are updated as of 18th May 2023|
Over the past century, the Central Bank of India has launched many innovative banking activities and introduced a range of fixed deposit schemes for its investors. In this article, we provide detailed information about the Central Bank of India of India's FD schemes and their interest rates.
Fixed Deposit comes with the following features:
To open an FD account with the Central Bank of India, one would need the following documents:
1. Address proof
2. Identity proof
3. Date of Birth Proof
4. Two recent passport-size photographs of account holders
(The above requirements are waived if the customer is already an account holder of the Bank)
Following are the eligibility criteria to open FD in the Central Bank of India-
Fixed deposit accounts can be opened in both online and offline ways-
Step 1- Visit the bank branch.
Step 2- Take the FD application form.
Step 3- Fill in the required details and submit the necessary documents.
Step 4- Submit the form to the branch and deposit the money
Step 5- On successfully processing the application, the Central Bank of India will provide an FD receipt.
Through Internet banking-
Step 1- Login to the Central Bank of India NetBanking account.
Step 2- Select the ‘Online Term Deposit’ option and select the type of FD.
Step 3- enter all the information
Step 4- Verify all the details and click ‘confirm’
Step 5- On successful booking of the deposit you will get a confirmation message
Payment before maturity will be available as per the prevailing rules.
1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
2. As per section 80C of the I-T Act, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹ 50,000 is available and for non-senior citizens up to ₹ 40,000.
4. If the PAN is not provided then, in that case, 20% TDS is levied.
5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.
A loan / Advance facility is available under the scheme for up to 90% of the deposit amount. ROI is charged as per Bank’s rules.
On maturity, Payment can be made in cash to the customer up to ₹20,000/- If the amount is more than ₹20,000/- either it is credited to the account of the customer or a Demand Draft is issued.
The Minimum amount of deposit is ₹ 100/- & thereafter in multiples of ₹ 100/-
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 l (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.