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.
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.
Tenure | Interest Rates (PA) | Interest Rate for Seniors (PA) |
---|---|---|
7 days - 14 days | 3.5% | 4% |
15 days - 1 month 15 days | 3.75% | 4.25% |
1 month 16 days - 1 month 29 days | 4.5% | 5% |
1 month 30 days - 2 months 29 days | 4.75% | 5.25% |
3 months - 5 months 26 days | 5% | 5.5% |
5 months 27 days - 8 months 26 days | 6% | 6.5% |
8 months 27 days - 11 months 30 days | 6.25% | 6.75% |
1 year - 1 year 11 months 30 days | 6.75% | 7.25% |
2 years - 2 years 11 months 30 days | 7% | 7.5% |
3 years - 4 years 11 months 29 days | 6.5% | 7% |
4 years 11 months 30 days - 9 years 11 months 29 days | 6.25% | 6.75% |
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.
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.
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.
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.
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.
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.
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.
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.
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.
You can open a fixed deposit (FD) account at the Central Bank of India either online or offline:
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.
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.
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.
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
Letter from a reputed employer
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.
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.
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.
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.
Tenure | Interest Rates (PA) | Interest Rate for Seniors (PA) |
---|---|---|
7 days - 14 days | 3.5% | 4% |
15 days - 1 month 15 days | 3.75% | 4.25% |
1 month 16 days - 1 month 29 days | 4.5% | 5% |
1 month 30 days - 2 months 29 days | 4.75% | 5.25% |
3 months - 5 months 26 days | 5% | 5.5% |
5 months 27 days - 8 months 26 days | 6% | 6.5% |
8 months 27 days - 11 months 30 days | 6.25% | 6.75% |
1 year - 1 year 11 months 30 days | 6.75% | 7.25% |
2 years - 2 years 11 months 30 days | 7% | 7.5% |
3 years - 4 years 11 months 29 days | 6.5% | 7% |
4 years 11 months 30 days - 9 years 11 months 29 days | 6.25% | 6.75% |
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.
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.
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.
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.
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.
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.
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.
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.
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.
You can open a fixed deposit (FD) account at the Central Bank of India either online or offline:
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.
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.
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.
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
Letter from a reputed employer
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.
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.