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Central Bank of India Fixed Deposit

Updated 06 Dec 2023

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.

Types of Central Bank Fixed Deposits

Below are the Types of FDs offered by the Central Bank:

  • Fixed Deposit Receipt
  • Money Multiplier Deposit Certificate (MMDC)
  • Cent Uttam Scheme
  • Monthly Interest Deposit Receipt (MIDR)
  • Quarterly Interest Deposit Receipt (QIDR)
  • Central Flexi Yield Deposit Scheme
  • Cent 555 Deposit Scheme
  • Cent 777 Deposit Scheme
  • Cent Tax Saving Deposit
  • Cent Suraksha Deposit
  • Cent Aspire Deposit Scheme
  • Cent Super Callable Time Deposit for 444 days
  • Cent Super Non-Callable Time Deposit for 444 days
  • Cent Non Callable 999 & 555 days
  • Cent Super 999 Days
  • Cent Green Time Deposit Scheme

Benefits of Central Bank of India Fixed Deposit Schemes

  • Various Schemes- Central Bank Of India bank provides a diverse range of schemes to the investors and chooses the best-suited scheme for themselves.
  • Minimum amount- FD of an amount as less as ₹100 can be opened with the Central Bank Of India. 
  • Liberal payouts- Central Bank Of India provides options for monthly or quarterly payouts of interest on FD. This is beneficial for people who wish for regular income. 
  • Tax-benefits- Canara Bank's Five years saving FD offers exemptions under Section 80C, thus helping to save taxes.  
  • DICGC Coverage- The amount invested with the Bank is covered by DICGC insurance for the total sum of ₹ 5 lakhs.

Features of Central Bank Fixed Deposit Scheme

  • Fixed Deposit is a short-term deposit that allows depositors to earn higher interest with the choice of tenure ranging from 7 days to 10 years. 
  •  The minimum deposit amount is ₹ 100, with no maximum limit.
  • Simple interest is paid half-yearly or on maturity.
  • Depositors can avail of a loan of up to 90% of the deposit amount.
  •  For deposits up to ₹ 5 lakhs, there's no premature withdrawal penalty, while deposits above ₹ 5 lakhs will incur a 1% penalty.

Features of Central Bank Money Multiplier Deposit Certificate (MMDC)

  • This scheme is designed to accelerate the growth of deposits by adding the accumulated interest to the principal.
  • With a tenure range of 6 to 120 months, the minimum deposit amount is ₹ 100 and multiples thereof.
  • Loans are available as per the bank's prevailing rules, and premature withdrawal is also permitted subject to the same rules.

Features of Central Bank Cent Uttam Scheme

  • This scheme offers the dual advantage of high returns and easy liquidity, along with the flexibility to make partial withdrawals of the deposit amount. 
  • With a tenure ranging from 30 days to 120 months, the minimum deposit amount is ₹ 5,000 and multiples thereof.
  •  Loans are available as per the bank's prevailing rules, and premature withdrawal is permitted.

Features of Central Bank Monthly Interest Deposit Receipt (MIDR)

  • This scheme allows depositors to earn monthly interest while maintaining the principal amount.
  • With a tenure ranging from 12 to 120 months, the minimum deposit amount is ₹ 5,000 and multiples thereof. 
  • Loans are available as per the bank's prevailing rules.
  • Premature withdrawal is permitted subject to the same rules.

Features of Central Bank Quarterly Interest Deposit Receipt (QIDR)

  • This scheme offers depositors quarterly interest without reducing the principal amount. 
  • The tenure ranges from 12 to 120 months, and the minimum deposit amount is ₹ 5,000 and multiples thereof.
  •  Loans are available as per the bank's prevailing rules.
  • Premature withdrawal is permitted subject to the same rules.

Features of Central Flexi Yield Deposit Scheme

  • The Central Flexi Yield Deposit Scheme provides a higher floating interest rate than other Central Bank of India FD schemes.
  • The minimum deposit amount is ₹ 50,000.
  • The tenure ranges between 1 year to 10 years.
  • Premature withdrawal is available.

Features of Central Bank Cent 555 Deposit Scheme

  • This scheme has a tenure of 555 days, with a minimum deposit amount of ₹ 1,000 and a maximum deposit amount of less than INR 1 crore. 
  • Interest is compounded quarterly, and premature withdrawal is permitted, but no interest is paid for withdrawals within one year.
  • A 1% penalty is charged for account closure before maturity, but only after the completion of one year.
  • Loans are available, but only if no premature withdrawal is made.

Features of Central Bank Cent 777 Deposit Scheme

  • This deposit scheme offers depositors the flexibility to choose the interest payment frequency between monthly, quarterly, half-yearly intervals, or cumulative types.
  • The scheme has a tenure of 777 days.
  • The minimum deposit amount is ₹ 1,000, and the maximum deposit amount is less than ₹ 1 crore. 
  • Premature withdrawal is available, but the interest payable will be subject to the company's policy.

Features of Central Bank Cent Tax Saving Deposit Scheme

  • This scheme provides tax benefits to depositors under Section 80C of the Income-tax Act 1961(I-T Act)
  • Deposits up to ₹ 1,50,000 per annum are eligible for a tax deduction.
  • The scheme has a lock-in period of 5 years, with a minimum deposit amount of ₹ 100 and multiples thereof.

Features of Central Bank Cent Suraksha Deposit Scheme

  • The gift cheque or demand draft (DD) recipient can deposit the amount for two years at ₹ 201 or ₹ 5,001 in their savings account.
  • After two years, CENT SURAKSHA DEPOSIT (PMSBY) or CENT SURAKSHA DEPOSIT YOJNA (PMSBY/PMJJBY) would receive ₹ 177 and ₹ 4,317, respectively.
  • Higher interest rates are offered to senior citizens, employees, ex-employees, and their family members.

Features of Central Bank Cent Aspire Deposit Scheme

  • This scheme accepts deposits in three variants: MMDC, MIDR, and QIDR
  • The minimum deposit amount is INR 20,000 and multiples thereof, with no maximum limit. 
  • The tenure of the scheme ranges from 1 year to 10 years, with an auto-renewal facility available.
  • While loan facilities are not available, premature withdrawal can be made.

Features of Central Bank Cent Super Callable Time Deposit for 444 days

  • The Cent Super Callable Time Deposit is a scheme with a fixed tenure of 444 days, accepting deposits only for this duration.
  • Depositors can invest a minimum of ₹ 10,000 and a maximum of ₹ 10 crores.
  • The scheme allows for a loan facility, but premature withdrawal is subject to a penalty. 
  • Interest rates may vary as per the bank's policies.

Features of Central Bank Cent Super Non-Callable Time Deposit for 444 days

  • The Cent Super Callable Time Deposit is a fixed-term deposit scheme offered for 444 days.
  • It accepts a minimum deposit amount of ₹ 15 lakhs and a maximum of ₹ 10 crores, with loan and overdraft facilities available.
  • Auto-renewal is not offered, but premature withdrawal is allowed, subject to penalty.
  • The scheme does not accept deposits for any other tenures.

Features of Central Bank Cent Non Callable 999 & 555 days

  • This deposit scheme offers four variants - FDR, MMDC, MIDR, and QIDR.
  • The tenure options are limited to 555 days and 999 days only.
  • The minimum deposit amount is ₹ 15 lakhs, and the maximum is ₹ 10 crore. 
  • Premature withdrawal is available but will attract a penalty. 
  • The scheme also provides the facility for loans and overdrafts.

Features of Central Bank Cent Super 999 Days

  • The deposit scheme has a fixed tenure of 999 days. 
  • Depositors can start with a minimum deposit of ₹ 10,000 and can invest up to ₹ 10 crores.
  • The interest payout options include monthly, quarterly, half-yearly intervals or cumulative types.
  •  Premature withdrawal is allowed but with a penalty.

Features of Central Bank Cent Green Time Deposit Scheme

  • The Cent Green Fixed Deposit scheme is aimed at funding renewable energy, green building, smart agriculture, water, and waste management projects.
  • Deposits can only be made for 1111, 2222, or 3333 days, with a minimum of ₹ 50,000 and a maximum of ₹ 1,99,99,999. 
  • Full or partial withdrawals are allowed, but the remaining deposit amount will be transferred to a regular deposit.
  • Premature withdrawals are available but attract penalties.
  • The auto-renewal facility is not available.

Eligibility Criteria

Following are the eligibility criteria to open FD in the Central Bank of India-

  • A person in his capacity.
  • More than  one person in their joint names
  • A minor jointly with a major
  • A minor over the age of 10 years who can read and write and operate the account personally. (Maturity value should not exceed ₹ 50,000/-)
  • Charitable and educational institutions.
  • Hindu Undivided Family
  • Blind Persons
  • Illiterate persons
  • Private Traders, Merchants, Agents, Professionals, Partnerships Firms, Companies Clubs, Societies & Corporates.

Documents Required

To open an FD account with the Central Bank of India, one would need the following documents:

Address proof

  • Electricity Bill
  • UID ( Adhar Card )
  • Telephone Bill
  • Ration Card
  • Salary Slip
  • Bank account statement
  • Letter from a reputed employer
  • Letter from any recognised public authority /local body Income tax/wealth tax Assessment order


Identity proof

  • Passport
  • UID(Aadhar Card)
  • Driving Licence
  • Voter ID Card
  • PanCard
  • Govt/Defense ID card issued by Reputed employer


Date of Birth Proof

  • For Senior Citizens( any one of the following)
  • Passport
  • Voter ID Card
  • Driving Licence
  • PAN Card
  • Service Discharge Certificate
  • PPO in the case of Pensioner

For Minors:
Birth Certificate issued by Gram Panchayat/NAC(Notified Area Committee) /Municipal Corporation

Two recent passport-size photographs of account holders
(The above requirements are waived if the customer is already an account holder of the Bank)
 

How to Open a Central Bank Fixed Deposit Account

Fixed deposit accounts can be opened in both online and offline ways-

Offline way

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

How to Close Central Bank FD?

To close the Central Bank FD, please follow the steps below:

  • Visit the Bank Branch.
  • Fill out the premature FD closure form.
  • Attach your KYC documents.
  • Submit your FD receipt or certificate along with the documents.

Central Bank Fixed Deposit Scheme Premature Withdrawal Terms and Conditions

Payment before maturity will be available as per the prevailing rules.

  • Penal Interest @1% will be charged on premature withdrawal of FDR deposit of above ₹ 5 lakhs.
  • Up to ₹ 5 lakhs, no penal interest is charged on premature withdrawal of FDR deposit.

FAQs

Can depositors avail of the facility of loan over FD? 

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.

How is the payment made on the maturity of FD? 

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.

What is the amount of the deposit for FD?

The Minimum amount of deposit is ₹ 100/- & thereafter in multiples of ₹ 100/-

Is the ₹ 5 lakh DICGC insurance cover applicable for Central Bank of India FD?

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.

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Central Bank of India

Calculate Central Bank of India FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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