Central Bank of India FD Calculator

Central Bank of India Fixed Deposit Calculator

Central Bank of India, a leading Public Sector Bank in India offers attractive interest rates upto 6.00% on its fixed deposits.
FD maturity amount that you will get depends upon

• Deposit amount
• Rate of interest
• FD tenure
• Compounding frequency
• TDS applicability and TDS rate

Central Bank of India Fixed Deposit Interest Calculator

• In a periodic interest payout option, Central Bank of India would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
• In case you opt for a Central Bank of India cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
• Calculate the FD maturity amount using the FD calculator.

Tax on Fixed Deposit Central Bank

• In case the interest earned by you across all your fixed deposits across all branches of Central Bank of India in a year exceeds 40,000, the bank must deduct TDS at 10%. In case your IT PAN is not updated in the Central Bank of India records, it must deduct twice the TDS at 20%. So, do remember to update your PAN on your FD.
• Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Central Bank of India FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
• Central Bank of India will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.

Central Bank of India FD Interest Rate Calculator

• Keep your KYC documents - PAN card, address proof and photo ready.
• To know more or apply, contact any of the branches of Central Bank of India in your city

Central Bank of India Fixed Deposit during Coronavirus

RBI has announced a repo rate cut of 75 bps in response to coronavirus lockdown. In response to this rate cut, Central Bank of India may reduce FD rates in the near future which could adversely impact the interests of fixed depositors.

Frequently Asked Questions on FD Calculator Central Bank of India