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Central Bank of India Fixed Deposit rate-2024

fixed-deposit-image
Apr 16, 2024
5 Mins

Central Bank of India is a government-owned nationalized bank under the Ministry of Finance and stands as one of India's oldest and largest nationalized banks. Despite its name, it is not to be confused with the Reserve Bank of India. The bank boasts an extensive network consisting of 4,608 branches, 3,644 ATMs, ten satellite offices, and one extension counter.

Central Bank of India offers a variety of fixed deposit schemes featuring attractive interest rates, allowing customers to maximize returns on their surplus savings. Customers must deposit a fixed amount initially when opening the account. The interest rates for Central Bank of India's fixed deposits vary depending on the chosen tenure.

Key Features and Advantages of Central Bank of India Fixed Deposits

  • Tenure Options: Ranges from 7 days to 10 years.

  • Loan Facility: Available up to 90% of the FD value.

  • Nomination Facility: Provided for all fixed deposit accounts.

  • Minimum Deposit Requirement: Rs. 5,000 is required to open an FD with Central Bank.

  • Liquidity: Quick and easy liquidity options are available.

  • Competitive Interest Rates: All Central Bank FD schemes offer competitive rates.

  • Benefits for Senior Citizens: Senior citizens receive an additional 50% over the regular FD interest rates.

Central Bank of India FD Interest Rates 2024

TenureInterest Rates (PA)Interest Rate for Seniors (PA)
7 days - 14 days3.5%4%
15 days - 1 month 15 days3.75%4.25%
1 month 16 days - 1 month 29 days4.5%5%
1 month 30 days - 2 months 29 days4.75%5.25%
3 months - 5 months 26 days5%5.5%
5 months 27 days - 8 months 26 days6%6.5%
8 months 27 days - 11 months 30 days6.25%6.75%
1 year - 1 year 11 months 30 days6.75%7.25%
2 years - 2 years 11 months 30 days7%7.5%
3 years - 4 years 11 months 29 days6.5%7%
4 years 11 months 30 days - 9 years 11 months 29 days6.25%6.75%

Types of Central Bank of India FD Schemes

Central Bank of India Fixed Deposit Schemes for Resident Indians

Cent Garima Term Deposit Scheme

  • This scheme offers a specific tenor for depositors to earn a higher interest rate on their term deposits.

  • Tenure: Fixed period of 777 days

  • Minimum Deposit Amount: Rs 10,000

  • Maximum Deposit Amount: Rs 10 crore

  • Interest: Senior citizens enjoy an additional 0.50% interest rate. However, this benefit is not applicable under NRE Deposits for senior citizens.

  • Interest Payout Options: Monthly/Quarterly intervals or Cumulative type

  • Eligibility: Both Resident and Non-Resident Indians can open this term deposit account.

  • Premature Withdrawal: Allowed with a penal interest rate of 1% charged on withdrawals before maturity, irrespective of the deposit amount. For NRE accounts, no interest will be payable if closed within one year, and a penal interest of 1% will be levied if closed before maturity after one year. Premature withdrawal is not allowed if a loan is availed against the deposit.

  • Auto Renewal Facility: Not provided; the maturity amount will be transferred to the linked savings or current deposit account of the depositor.

  • Demand Loan/Overdraft Facility: Loan/overdraft facility available up to 90% of the deposit amount, with an interest rate of 1% p.a. above the floating interest rate.

Fixed Deposit Receipt (FDR)

  • This short-term fixed deposit allows depositors to earn higher interest rates.

  • Tenure: 7 days to 120 months

  • Deposit Amount: Minimum Rs 100 and thereafter in multiples of Rs 100

  • Interest: Simple interest credited every 6 months or on maturity.

  • Premature Payment: Allowed with a penal interest of 1% on premature withdrawals above Rs 5 lakh.

  • Loan/Advance against Deposit: Loan facility available up to 90% of the deposit amount.

Money Multiplier Deposit Certificate (MMDC)

  • Interest accrued is added back to the principal, increasing the deposits exponentially.

  • Tenure: 6 to 120 months

  • Deposit Amount: Minimum Rs 100 and thereafter in multiples of Rs 100

  • Interest: Simple interest credited every 6 months or on maturity.

  • Premature Payment: Allowed as per prevailing rules.

  • Loan/Advance against Deposit: Loan facility available.

Monthly Interest Deposit Receipt (MIDR)

  • Offers monthly interest earnings without affecting the principal amount.

  • Tenure: 12 to 120 months

  • Deposit Amount: Minimum Rs 5,000 and thereafter in multiples of Rs 1,000

  • Premature Payment: Allowed as per prevailing rules.

  • Loan/Advance against Deposit: Loan facility available.

Quarterly Interest Deposit Receipt (QIDR)

  • Offers quarterly interest earnings without affecting the principal amount.

  • Tenure: 12 to 120 months

  • Deposit Amount: Minimum Rs 5,000 and thereafter in multiples of Rs 1,000

  • Premature Payment: Allowed as per prevailing rules.

  • Loan/Advance against Deposit: Loan facility available.

Cent Tax Saving Deposit

  • Offers tax benefits under Section 80C of the Income Tax Act.

  • Tenure: Fixed period of 5 years

  • Minimum Deposit Amount: Rs 100 or multiples thereof

  • Maximum Deposit Amount: Rs 1.5 lakh in a financial year

  • Deposit Options: Monthly Interest Deposit, Quarterly Interest Deposit, or Reinvestment Plan (Cumulative)

  • Premature Payment/Loan Facility: Not allowed; the deposit receipt cannot be pledged for any type of loan or as collateral security.

Cent Suraksha Deposit

  • Links the FD account to an existing savings bank account for automatic reverse sweep.

  • Linked FDs broken on a Last-In, First-Out (LIFO) basis for reverse sweep.

  • Auto renewal available; renewed for the same tenure as the original.

  • Depositors can avail loan/overdraft facilities against the FD scheme.

  • Cent Super Callable Time Deposit for 444 days

  • Tenure: Fixed period of 444 days

  • Deposit Amount: Rs 10,000 to Rs 10 crore

  • Interest Rates: Additional interest of 0.50% for senior citizens.

  • Premature Withdrawal: Allowed with applicable rates.

Cent Green Time Deposit Scheme

  • Funds used for lending to green projects like renewable energy, water management, etc.

  • Tenure: Fixed periods of 1111, 2222, and 3333 days

  • Deposit Amount: Rs 50,000 to less than Rs 2 crore

  • Additional interest rates offered over fixed deposit card rates, plus extra 0.50% for senior citizens.

  • Premature Withdrawal: Allowed with applicable rates.

Cent Floating Deposit Scheme

  • Offers MMDC, MIDR, QIDR with floating interest rates.

  • Tenure: 1 to less than 2 years and 2 to less than 3 years

  • Deposit Amount: Rs 1 lakh to less than Rs 2 crore

  • Interest Rates: Linked to current repo rates with additional mark-up rates.

How to Open a Fixed Deposit Account with Central Bank of India

You can open a fixed deposit (FD) account at the Central Bank of India either online or offline:

1) Online Method:

  • Step 1: Visit the Central Bank of India's official website and log in to the internet banking portal using your username and password.

  • Step 2: Navigate to the ‘Online Term Deposit’ tab and select the type of FD you wish to open.

  • Step 3: Enter all the required details, verify them, and then click on ‘Confirm’.

  • Step 4: A confirmation message will be displayed once the deposit is successfully booked.

2) Offline Method:

  • Step 1: Visit your nearest Central Bank of India branch.

  • Step 2: Complete the Central Bank FD application form and submit it along with all necessary documents and the deposit amount.

  • Step 3: Upon successful processing of your application, your FD account will be opened.

These methods provide flexibility for customers to invest in fixed deposits with Central Bank of India, whether they prefer handling their banking needs online or in person.

Qualifications for Opening a Fixed Deposit Account at Central Bank of India

To open a fixed deposit account with Central Bank of India, the following entities are eligible:

  • Joint account holders

  • Resident individuals

  • Minors

  • Trusts

  • Panchayats and municipalities

  • Sole proprietorships

  • Illiterate persons

  • Members of Joint Hindu Families

  • Religious, charitable, and educational institutions

  • Partnership firms

These groups can initiate a fixed deposit account with Central Bank of India, securing their savings and earning interest over time.

Necessary Documents to Open a Fixed Deposit Account at Central Bank of India

Required Documents for Opening a Central Bank of India Fixed Deposit

When opening a fixed deposit account at Central Bank of India, customers need to provide the following documentation:

  • Proof of Identity (choose one):

  • Aadhaar card

  • PAN card

  • Defence ID card

  • Passport

  • Voter ID

  • Proof of Address (choose one):

  • Telephone bill

  • Electricity bill

  • Aadhaar card

Bank account statement with a cheque

Letter from a reputed employer

Additional Requirements:

Senior citizens and minors must also provide documentation to verify their age, such as a Driving License, PAN card, Passport, or birth certificate.

These documents are essential for completing the application process for a fixed deposit scheme with Central Bank of India.

Early Withdrawal of Central Bank of India Fixed Deposit

Premature Withdrawal Policy for Central Bank of India Fixed Deposits

Central Bank of India allows the premature withdrawal of fixed deposits. For deposits exceeding Rs 5 lakhs, the bank imposes a penalty of 1% on the interest. However, there is no penalty for premature withdrawal of deposits under Rs 5 lakhs. It's important to note that premature withdrawals are not permitted for tax-saving fixed deposits.

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Want to Achieve any of the below Goals upto 80% faster?Trusted by 3 Crore+ Indians
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
credit-cards

Central Bank of India Fixed Deposit rate-2024

fixed-deposit-image
Apr 16, 2024
5 Mins

Central Bank of India is a government-owned nationalized bank under the Ministry of Finance and stands as one of India's oldest and largest nationalized banks. Despite its name, it is not to be confused with the Reserve Bank of India. The bank boasts an extensive network consisting of 4,608 branches, 3,644 ATMs, ten satellite offices, and one extension counter.

Central Bank of India offers a variety of fixed deposit schemes featuring attractive interest rates, allowing customers to maximize returns on their surplus savings. Customers must deposit a fixed amount initially when opening the account. The interest rates for Central Bank of India's fixed deposits vary depending on the chosen tenure.

Key Features and Advantages of Central Bank of India Fixed Deposits

  • Tenure Options: Ranges from 7 days to 10 years.

  • Loan Facility: Available up to 90% of the FD value.

  • Nomination Facility: Provided for all fixed deposit accounts.

  • Minimum Deposit Requirement: Rs. 5,000 is required to open an FD with Central Bank.

  • Liquidity: Quick and easy liquidity options are available.

  • Competitive Interest Rates: All Central Bank FD schemes offer competitive rates.

  • Benefits for Senior Citizens: Senior citizens receive an additional 50% over the regular FD interest rates.

Central Bank of India FD Interest Rates 2024

TenureInterest Rates (PA)Interest Rate for Seniors (PA)
7 days - 14 days3.5%4%
15 days - 1 month 15 days3.75%4.25%
1 month 16 days - 1 month 29 days4.5%5%
1 month 30 days - 2 months 29 days4.75%5.25%
3 months - 5 months 26 days5%5.5%
5 months 27 days - 8 months 26 days6%6.5%
8 months 27 days - 11 months 30 days6.25%6.75%
1 year - 1 year 11 months 30 days6.75%7.25%
2 years - 2 years 11 months 30 days7%7.5%
3 years - 4 years 11 months 29 days6.5%7%
4 years 11 months 30 days - 9 years 11 months 29 days6.25%6.75%

Types of Central Bank of India FD Schemes

Central Bank of India Fixed Deposit Schemes for Resident Indians

Cent Garima Term Deposit Scheme

  • This scheme offers a specific tenor for depositors to earn a higher interest rate on their term deposits.

  • Tenure: Fixed period of 777 days

  • Minimum Deposit Amount: Rs 10,000

  • Maximum Deposit Amount: Rs 10 crore

  • Interest: Senior citizens enjoy an additional 0.50% interest rate. However, this benefit is not applicable under NRE Deposits for senior citizens.

  • Interest Payout Options: Monthly/Quarterly intervals or Cumulative type

  • Eligibility: Both Resident and Non-Resident Indians can open this term deposit account.

  • Premature Withdrawal: Allowed with a penal interest rate of 1% charged on withdrawals before maturity, irrespective of the deposit amount. For NRE accounts, no interest will be payable if closed within one year, and a penal interest of 1% will be levied if closed before maturity after one year. Premature withdrawal is not allowed if a loan is availed against the deposit.

  • Auto Renewal Facility: Not provided; the maturity amount will be transferred to the linked savings or current deposit account of the depositor.

  • Demand Loan/Overdraft Facility: Loan/overdraft facility available up to 90% of the deposit amount, with an interest rate of 1% p.a. above the floating interest rate.

Fixed Deposit Receipt (FDR)

  • This short-term fixed deposit allows depositors to earn higher interest rates.

  • Tenure: 7 days to 120 months

  • Deposit Amount: Minimum Rs 100 and thereafter in multiples of Rs 100

  • Interest: Simple interest credited every 6 months or on maturity.

  • Premature Payment: Allowed with a penal interest of 1% on premature withdrawals above Rs 5 lakh.

  • Loan/Advance against Deposit: Loan facility available up to 90% of the deposit amount.

Money Multiplier Deposit Certificate (MMDC)

  • Interest accrued is added back to the principal, increasing the deposits exponentially.

  • Tenure: 6 to 120 months

  • Deposit Amount: Minimum Rs 100 and thereafter in multiples of Rs 100

  • Interest: Simple interest credited every 6 months or on maturity.

  • Premature Payment: Allowed as per prevailing rules.

  • Loan/Advance against Deposit: Loan facility available.

Monthly Interest Deposit Receipt (MIDR)

  • Offers monthly interest earnings without affecting the principal amount.

  • Tenure: 12 to 120 months

  • Deposit Amount: Minimum Rs 5,000 and thereafter in multiples of Rs 1,000

  • Premature Payment: Allowed as per prevailing rules.

  • Loan/Advance against Deposit: Loan facility available.

Quarterly Interest Deposit Receipt (QIDR)

  • Offers quarterly interest earnings without affecting the principal amount.

  • Tenure: 12 to 120 months

  • Deposit Amount: Minimum Rs 5,000 and thereafter in multiples of Rs 1,000

  • Premature Payment: Allowed as per prevailing rules.

  • Loan/Advance against Deposit: Loan facility available.

Cent Tax Saving Deposit

  • Offers tax benefits under Section 80C of the Income Tax Act.

  • Tenure: Fixed period of 5 years

  • Minimum Deposit Amount: Rs 100 or multiples thereof

  • Maximum Deposit Amount: Rs 1.5 lakh in a financial year

  • Deposit Options: Monthly Interest Deposit, Quarterly Interest Deposit, or Reinvestment Plan (Cumulative)

  • Premature Payment/Loan Facility: Not allowed; the deposit receipt cannot be pledged for any type of loan or as collateral security.

Cent Suraksha Deposit

  • Links the FD account to an existing savings bank account for automatic reverse sweep.

  • Linked FDs broken on a Last-In, First-Out (LIFO) basis for reverse sweep.

  • Auto renewal available; renewed for the same tenure as the original.

  • Depositors can avail loan/overdraft facilities against the FD scheme.

  • Cent Super Callable Time Deposit for 444 days

  • Tenure: Fixed period of 444 days

  • Deposit Amount: Rs 10,000 to Rs 10 crore

  • Interest Rates: Additional interest of 0.50% for senior citizens.

  • Premature Withdrawal: Allowed with applicable rates.

Cent Green Time Deposit Scheme

  • Funds used for lending to green projects like renewable energy, water management, etc.

  • Tenure: Fixed periods of 1111, 2222, and 3333 days

  • Deposit Amount: Rs 50,000 to less than Rs 2 crore

  • Additional interest rates offered over fixed deposit card rates, plus extra 0.50% for senior citizens.

  • Premature Withdrawal: Allowed with applicable rates.

Cent Floating Deposit Scheme

  • Offers MMDC, MIDR, QIDR with floating interest rates.

  • Tenure: 1 to less than 2 years and 2 to less than 3 years

  • Deposit Amount: Rs 1 lakh to less than Rs 2 crore

  • Interest Rates: Linked to current repo rates with additional mark-up rates.

How to Open a Fixed Deposit Account with Central Bank of India

You can open a fixed deposit (FD) account at the Central Bank of India either online or offline:

1) Online Method:

  • Step 1: Visit the Central Bank of India's official website and log in to the internet banking portal using your username and password.

  • Step 2: Navigate to the ‘Online Term Deposit’ tab and select the type of FD you wish to open.

  • Step 3: Enter all the required details, verify them, and then click on ‘Confirm’.

  • Step 4: A confirmation message will be displayed once the deposit is successfully booked.

2) Offline Method:

  • Step 1: Visit your nearest Central Bank of India branch.

  • Step 2: Complete the Central Bank FD application form and submit it along with all necessary documents and the deposit amount.

  • Step 3: Upon successful processing of your application, your FD account will be opened.

These methods provide flexibility for customers to invest in fixed deposits with Central Bank of India, whether they prefer handling their banking needs online or in person.

Qualifications for Opening a Fixed Deposit Account at Central Bank of India

To open a fixed deposit account with Central Bank of India, the following entities are eligible:

  • Joint account holders

  • Resident individuals

  • Minors

  • Trusts

  • Panchayats and municipalities

  • Sole proprietorships

  • Illiterate persons

  • Members of Joint Hindu Families

  • Religious, charitable, and educational institutions

  • Partnership firms

These groups can initiate a fixed deposit account with Central Bank of India, securing their savings and earning interest over time.

Necessary Documents to Open a Fixed Deposit Account at Central Bank of India

Required Documents for Opening a Central Bank of India Fixed Deposit

When opening a fixed deposit account at Central Bank of India, customers need to provide the following documentation:

  • Proof of Identity (choose one):

  • Aadhaar card

  • PAN card

  • Defence ID card

  • Passport

  • Voter ID

  • Proof of Address (choose one):

  • Telephone bill

  • Electricity bill

  • Aadhaar card

Bank account statement with a cheque

Letter from a reputed employer

Additional Requirements:

Senior citizens and minors must also provide documentation to verify their age, such as a Driving License, PAN card, Passport, or birth certificate.

These documents are essential for completing the application process for a fixed deposit scheme with Central Bank of India.

Early Withdrawal of Central Bank of India Fixed Deposit

Premature Withdrawal Policy for Central Bank of India Fixed Deposits

Central Bank of India allows the premature withdrawal of fixed deposits. For deposits exceeding Rs 5 lakhs, the bank imposes a penalty of 1% on the interest. However, there is no penalty for premature withdrawal of deposits under Rs 5 lakhs. It's important to note that premature withdrawals are not permitted for tax-saving fixed deposits.

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
Digital SilverInvest in silver with Zero making ChargesLearn More
Pluto FixedEarn from 11% to 14% Returns annually in a fixed lock-in periodLearn More