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Central Bank of India FD Interest Rate

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...Read More

Central Bank of India Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 - l4 days3.5 %4 %
15-30 days3.75 %4.25 %
31 - 45 days3.75 %4.25 %
46 -59 days4 %4.5 %
60 - 90 days4.25 %4.75 %
91 -179 days4.5 %5 %
180 -270 days5.5 %6 %
271-364 days5.5 %6 %
max_returns
1 yr to less than 2 yrs
6.75 %7.25 %
2 yr to less than 3 years6.5 %7 %
3 yr to less than 5 years6.25 %6.75 %
5 years & above upto 10 years6.25 %6.75 %

Fixed Deposit

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.

Features of Central Bank of India FD

Fixed Deposit comes with the following features:

  1. The Central Bank of India’s fixed deposit schemes offers better returns than their savings bank account. 
  2. The deposits are insured for up to ₹ 5,00,000 under the Deposit Insurance Scheme of RBI. 
  3. Depositors can nominate beneficiaries and opt for auto-renewal. 
  4. A savings account is not required to open a fixed deposit account with the Central Bank of India
  5. Opening and managing Central Bank of India FD investments is easy and convenient through their online portal.

Types of Central Bank of India Fixed deposits-

  • Fixed Deposit Receipt: 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.
  • 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. The scheme aims to increase deposits exponentially over time.
  • 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.
  • 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, and premature withdrawal is permitted subject to the same rules.
  • 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, and premature withdrawal is permitted subject to the same rules.
  • 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, with a minimum deposit amount of ₹ 50,000 for a term ranging from 1 year to 10 years. Premature withdrawal is also available.
  • 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.
  • 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, with a minimum deposit amount of ₹ 1,000 and a maximum deposit amount of less than ₹ 1 crore. Premature withdrawal is available, but the interest payable will be subject to the company's policy.
  • Cent Tax Saving Deposit: This scheme provides tax benefits to depositors under Section 80C of the Income-tax Act 1961(I-T Act), with deposits up to ₹ 1,50,000 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. The maximum investment amount is limited to ₹ 1,50,000 per financial year.
  • Cent Suraksha Deposit: 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 family members.
  • Cent Aspire Deposit Scheme: This scheme accepts deposits in three variants: MMDC, MIDR, and QIDR, with a minimum deposit amount of INR 20,000 and multiples thereof, and 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, although the interest payable will be subject to the company's policy.
  • Immune India Deposit Scheme: A new Term Deposit Scheme called “Immune India Deposit Scheme” was launched on 13.04.2021. Eligibility requires proof of receiving at least one dose of the COVID-19 vaccine. The deposit is for 1111 days with a minimum value of 1000 and a maximum of 2 crores. The current interest rate is 5.35%, subject to change. The scheme offers additional interest rates to senior citizens, employees, and ex-employees. It is ensured that the ROI of the scheme remains higher than that of adjacent Time Brackets.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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, and auto-renewal is not available.

Documents required to open a Fixed Deposit with the Central Bank of India

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

1. Address proof

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

2. Identity proof

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

3. 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

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)

Eligibility to open a Central Bank FD

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

  1. A person in his capacity.
  2. More than  one person in their joint names
  3. A minor jointly with a major
  4. 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/-)
  5. Charitable and educational institutions.
  6. Hindu Undivided Family
  7. Blind Persons
  8. Illiterate persons
  9. Private Traders, Merchants, Agents, Professionals, Partnerships Firms, Companies Clubs, Societies & Corporates.

How do open an FD 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

Central Bank of India Bank Fixed Deposit - Penalty on Premature Withdrawal

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

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

Pros of investing in Central Bank Of India Fixed Deposits

  1. Various Schemes- Central Bank Of India bank provides a diverse range of schemes to the investors and chooses the best-suited scheme for themselves.
  2. Minimum amount- FD of an amount as less as ₹100 can be opened with the Central Bank Of India. 
  3. 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. 
  4. Tax-benefits- Canara bank's Five years saving FD offers exemptions under Section 80, thus helping to save taxes.  
  5. DICGC Coverage- The amount invested with the Bank is covered by DICGC insurance for the total sum of ₹ 5 lakhs.

Cons of investing in Central Bank Of India Fixed Deposits

  1. Not dynamic- Interest rates on Central Bank of India FD are not dynamic. So, it fails to overcome the risk of inflation. 
  2. Fixed-rate- Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of an increase in market interest rates. 

Tax implication on FD interest

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.

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 the payment is 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
1 yr to less than 2 yrs
7 - l4 days15-30 days31 - 45 days46 -59 days60 - 90 days91 -179 days180 -270 days271-364 days1 yr to less than 2 yrs2 yr to less than 3 years3 yr to less than 5 years5 years & above upto 10 years
6.75 %
Yes
No
Maturity Amount₹1,06,750
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