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Central Bank FD Calculator

Central Bank of India Fixed Deposit Calculator 2022

Last Updated 30th Dec 2021

Central Bank of India FDs have tenures ranging from 3 years to 10 years with maximum rate of interest of 5.10%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.60%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
15 days to 30 days 2.90% 3.40% ₹ 1,00,119 - ₹ 1,00,279
31 days to 45 days 2.90% 3.40% ₹ 1,00,246 - ₹ 1,00,419
46 days to 59 days 3.25% 3.75% ₹ 1,00,410 - ₹ 1,00,606
60 days to 90 days 3.25% 3.75% ₹ 1,00,534 - ₹ 1,00,925
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Central Bank of India Fixed Deposit Calculator

Central Bank of India fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Central Bank of India. Banks may allow a higher interest rate on larger deposits. Central Bank of India offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Central Bank of India offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Central Bank of India is 5.10% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 3 years to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.75% for a 3 years FD and a rate of 5.10% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.75%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Central Bank of India calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Central Bank of India Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

How is Central Bank of India FD Rate Calculated?

Central Bank of India calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Central Bank of India FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Central Bank of India depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Central Bank of India FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Central Bank of India FD for a 5-year tenure at an interest rate of 5.10% for depositors below 60 years and 5.60% for senior citizens.The maturity schedule of Central Bank of India FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.10% for Citizens below 60 years and at 5.60% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,198 ₹ 1,05,198 ₹ 5,719 ₹ 1,05,719
2023 ₹ 5,469 ₹ 1,10,667 ₹ 6,046 ₹ 1,11,765
2024 ₹ 5,753 ₹ 1,16,420 ₹ 6,392 ₹ 1,18,157
2025 ₹ 6,052 ₹ 1,22,472 ₹ 6,757 ₹ 1,24,914
2026 ₹ 6,367 ₹ 1,28,839 ₹ 7,143 ₹ 1,32,057

Central Bank of India FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Central Bank of India FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on Central Bank of India fixed deposit?

You can earn a maximum interest of 5.10% on Central Bank of India fixed deposits.

How many years FD will double in Central Bank of India?

The growth of Central Bank of India FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Central Bank of India FD.You can also use Central Bank of India fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Central Bank of India.

What are the minimum and maximum amounts that I can invest in an Central Bank of India FD?

The minimum investment limit in Central Bank of India Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Central Bank of India?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits above Rs. 5 lakh of FD amount for premature withdrawal.

How can I calculate Central Bank of India premature FD amount?

To calculate premature FD amount you can use Central Bank of India bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Central Bank News - Jan 2022
  • 2021-11-15 : Central Bank of India Revises Fixed Deposit Interest Rate
    Central Bank of India has revised the interest rate for fixed deposits on different tenures. The bank is offering an interest rate of 2.75% for 7 -14 days and 5.00% for 5 year to 10 year tenure.
  • 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.
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