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How to Open Central Bank of India Fixed Deposit Account

Updated 03 Sep 2023

Since 1911, the Central Bank of India has been a significant player in the banking industry. It has been a preferred option for fixed deposits among Indians because of its stability and dependability.


This blog provides a general overview of opening an FD account with the Central Bank of India, together with information on eligibility requirements, necessary paperwork, and commonly asked questions.

Steps to Open an FD account with the Central Bank of India

Online method

  1. Open a NetBanking account with the Central Bank of India.
  2. Choose "Online Term Deposit" from the menu. Select the FD type that you desire.
  3. Provide all the details.
  4. Verify all the information and press "confirm."
  5. You will get a confirmation message after your deposit booking is successful.

Offline method

  1. Go to your local Central Bank of India branch.
  2. Obtain the FD application form in step 2.
  3. Complete all the fields. Send in the necessary paperwork.
  4. Take the filled-out form to the branch office with your deposit.
  5. The Central Bank of India will issue you an FD receipt once your application has been processed satisfactorily.

Eligibility Requirements

  • Individuals
  • Joint applicants comprising more than one person
  • A minor opening an FD jointly with an adult
  • Minors who are 10 years old can. Write and manage their account independently (with a maturity value not exceeding ₹50,000/- )
  • Charitable and educational institutions
  • Hindu Undivided Families (HUFs)

Required Documents

Proofs of Identity

  • Passport
  • UID (Aadhar Card)
  • Driving Licence
  • Voter ID Card
  • PAN Card
  • Government/Defense ID card issued by an employer

Address proofs

Please provide any of the following documents as address proof:

  • Electricity bill, 
  • UID (Aadhar Card), 
  • Telephone bill, 
  • Ration card, 
  • Salary slip, 
  • Bank account statement
  • Letter from an employer or a letter from any recognized authority/local body. 
  • You can also submit your income tax/wealth tax assessment order.

Proof of Date of Birth for Senior Citizens

  • Passport, Voter ID Card Driving Licence,
  • PAN Card,
  • Service Discharge Certificate,
  • Pension Payment Order (PPO), in the case of pensioners.


Am I eligible for a loan secured by my fixed deposit?

Yes! Under the Central Bank’s programme, you can get a loan or advance for up to 90% of your deposit. The interest rate will be determined by the guidelines established by the bank.

How will my fixed deposit be repaid when it matures?

We provide options for payment upon maturity. If the sum is up to 20,000, you can receive the money in cash right away. for sums greater than 20,000. Your account will receive credit for it. A demand draught may be generated.

How much of a deposit is required to create an FD?

The deposit must be made in multiples of ₹100 and must be at least ₹100.

Does Central Bank of India FD qualify for ₹5 lakh DICGC insurance coverage?

Yes, each account holder would receive insurance coverage of up to 5 lakh (covering both the capital and interest earned). If you have fixed deposits with multiple banks, the insurance coverage limit is applied separately to the total amount of deposits with each bank.


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