MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Menu

Central Bank of India Fixed Deposit

Central Bank of India FD Scheme

Last Updated 15th Jan 2021

Central Bank of India fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.75% to 5.10%
Minimum Tenure 30 days
Maximum Tenure 10 years
Deposit Amount Rs. 5,000
Maximum Deposit
    Earn upto 6.95% on FD APPLY NOW

    Central Bank of India FD

    Central Bank of India is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 30 days to 10 years. Apart from that, Central Bank of India FD offers regular returns on fixed deposit ranging between 2.75% to 5.10%. For senior citizens, the interest rates on fixed deposits range between 3.25% to 5.60%. In addition to that, Central Bank of India fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Central Bank of India Fixed Deposit Schemes

    Different type of Central Bank of India term deposit products offered to the investors are listed as follows:

    Cent Double Deposit Scheme

    Description:

    • This deposit scheme offers you the benefit to double your deposits in a set period of time. This deposit allows the depositor to earn a higher rate of interest which makes your deposit double in your FD account.
    • A depositor receives money multiplier deposit certificate upon opening this account
    • Offers the flexibility to double your deposit amount
    • Enjoy attractive rate of interest
    • Loan facility upto 90 per cent is available on the deposit

    Eligibility:

    • Resident Indians and hindu undivided family
    Cent 555 Term Deposit

    Description:

    • A term deposit scheme for exact 555 days with quarterly compounded interest option.
    • Interest is compounded quarterly on the deposit
    • The deposit under this scheme will be accepted for a tenure of exact 555 days
    • The facility of TDS on the deposit is not available
    • Loan facility upto 90 per cent is available on the deposit

    Eligibility:

    • Resident Indians and senior citizens above 60 years of age
    Cent 777

    Description:

    • A term deposit scheme for exact 777 days with options for either simple or compounding interest.
    • Interest is compounded quarterly on the deposit
    • The deposit under this scheme will be accepted for a tenure of exact 777 days
    • The facility of TDS on the deposit is not available
    • Loan facility upto 90 per cent is available on the deposit

    Eligibility:

    • Resident Indians and senior citizens above 60 years of age
    Cent Uttam

    Description:

    • It is a flexible deposit scheme that allows you to withdraw a part of the deposit amount as and when required at your convenience.
    • The facility of TDS on the deposit is not available
    • Loan facility upto 90 per cent is available on the deposit
    • No auto renewal facility is available on this deposit

    Eligibility:

    • Resident Indians and hindu undivided family
    Central Bank of India Tax Saving Deposit

    Description:

    • A flexible and secured fixed deposit scheme with dual benefits of tax exemption under section 80C and attractive returns.
    • TDS facility available on the deposit
    • Nomination facility is available
    • Interest will be compounded on a quarterly basis
    • Availability of auto renewal facility

    Eligibility:

    • Resident Indians and hindu undivided family
    Cent Aspire Scheme

    Description:

    • It is a unique deposit scheme which is bundled along with a free credit card. Under this scheme, a depositor will get a free credit card against fixed deposit with the bank for deposit amount of Rs. 20,000 and above.
    • Availability of auto renewal facility on the deposit
    • Nomination facility is available
    • Secured EMV chip based platinum credit card is offered without any additional charges
    • Existing deposit under different product cannot be converted into cent aspire deposit

    Eligibility:

    • Resident Indians and hindu undivided family
    Cent Suraksha Deposit

    Description:

    • A special type of term deposit scheme specially designed for the weaker section of society under Pradhan Mantri Suraksha Bima Yojana.
    • TDS facility available on the deposit
    • Nomination facility is available
    • Loan facility upto 90 per cent is available on the deposit
    • No auto renewal facility is given against this deposit

    Eligibility:

    • Resident Indians above 60 years of age and above
    Senior Citizen Deposit Scheme

    Description:

    • Specially designed account for senior citizens offering higher rates of interest as compared to accounts for other individuals.
    • Extra interest of 0.50 per cent payable to the senior citizens
    • Nomination facility is available
    • Free passbook is issued to keep a track of all FDs booked under the scheme
    • Availability of auto sweep in facility
    • Flexibility to choose interest payout frequency on your fixed deposit as per your convenience

    Eligibility:

    • Resident Indians and hindu undivided family
    Flexi Yield Deposit Scheme

    Description:

    • A fixed deposit scheme with a floating rate of interest i.e. the interest rate is linked with base rate and hence offers better yield than the standard rates.
    • Get higher rate of interest on this deposit
    • A monthly interest deposit certificate is issued with a deposit
    • Loan facility upto 90 per cent is available on the deposit

    Eligibility:

    • Resident Indians and hindu undivided family

    Benefits of Central Bank of India FD

    Central Bank of India fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Central Bank of India FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Central Bank of India offers FD rates up to 5.10%. The interest rates offered on Central Bank of India FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Central Bank of India term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Central Bank of India fixed deposit allows one to borrow a secured loan against Central Bank of India FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Central Bank of India loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Central Bank of India FD offers the investors the flexibility to choose the investment tenure as per their convenience. Central Bank of India offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Central Bank of India offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Central Bank of India fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 5,000. Apart from that, one can invest in the Central Bank of India FD up to a maximum of .

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Central Bank of India means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Central Bank of India will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Central Bank of India fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Central Bank of India FD

    Central Bank of India FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Central Bank of India FD

    Central Bank of India fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Central Bank of India offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Central Bank of India?

    Central Bank of India FD can be availed with a minimum deposit of Rs. 5,000.

    What is the minimum amount for a fixed deposit in Central Bank of India?

    The minimum amount required for a fixed deposit investment in Central Bank of India fixed deposit is Rs. 5,000.

    What is the current interest rate on FD in Central Bank of India?

    Currently, Central Bank of India offers an interest rate ranging between 2.75% to 5.10% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Central Bank of India?

    Central Bank of India fixed deposit can be opened with a minimum tenure of 30 days.


    Central Bank News - Jan 2021
    • 2021-01-15 : Revised FD rates for Central Bank
      Central Bank changed its FD rates for January. The fixed deposit rate for 7 to 14 days is 2.75%, for 15 to 45 days it is 2.90%, for 46 to 90 days it is 3.25% and it is 3.90% for 91 to 179 days. Further, the FD rates for 180 to 364 days 4.25% and it is 4.90% for one year to one year 364 days. The FD rate for the long tenure of 1 year to 1 year 364 days to 2 years to 2 years 364 days is 5% and it is 5.10% for 3 years to 10 years.
    • 2020-10-12 : Central Bank revised FD rates for October month
      With effect from 5 October 2020, Central Bank changed its FD rates. The fixed deposit rate for 7 to 45 days is 2.90%, for 46 to 90 days it is 3.25% and it is 3.90% for 91 to 179 days. Further, the FD rates for 180 to 364 days 4.25% and it is 4.90% for one year to two years 364 days. It is 5% for 3 years to 10 years.
    • 2020-03-18 : Central Bank revised its FD rate
      Central Bank changed its FD rates with effect from 18 March 2020. The fixed deposit rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 5% and it is 5.40 for 91 to 179 days. Further, the FD rates for 180 to 364 days 5.75% and it is 6% for one year to upto ten years.
    • 2019-12-09 : Central Bank of India FD rates revised for certain tenors
      Central Bank of India revised its interest rates on Fixed Deposits on certain time periods for this month on December 8, 2019. The rate is revised for a period of 1-2 years to 6.40%, which was earlier set at 6.30%. Also, for a special period of 555 days, the rate is revised to 6.40% from 6.30%. The rate for both tenors has been changed by ten basis points.
    • 2019-01-28 : Central Bank of India revises interest rate on fixed deposits by 5 basis points
      Central Bank of India has revised the interest rate of fixed deposits on January 25, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 1 year has been hiked to 6.65% earlier it was 6.60%. While the rates for 5 years has been hiked to 6.55% from 6.50% respectively.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
    Loader
    Please wait while your information is being processed...