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Central Bank of India Interest Rates on FD, Sep 2017

Last Updated 05th Sep 2017

Fixed Deposit Interest Rate of Central Bank

Tenure General Rates Senior Citizen Rates
7 days to 14 days 4.75% 5.25%
15 days to 30 days 5.50% 6.00%
31 days to 45 days 5.50% 6.00%
46 days to 59 days 5.50% 6.00%
60 days to 90 days 5.50% 6.00%
91 days to 179 days 6.50% 7.00%
180 days to 270 days 6.50% 7.00%
271 days to 364 days 6.50% 7.00%
1 year to 1 year 364 days 6.60% 6.10%
2 years to 2 years 364 days 6.50% 7.00%
3 years to 4 years 364 days 6.50% 7.00%
5 years to 10 years 6.50% 7.00%

The above rates are applicable for deposits of below Rs. 1 crore.

Central Bank of India FD Maturity Calculator
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Central Bank of India FD Interest Rates

Central Bank of India offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Central Bank of India have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Central Bank of India are:

  • 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

Central Bank of India Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes Central Bank of India

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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • Resident Indians and hindu undivided family

Cent 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

Who is eligible?

  • 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

Who is eligible?

    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

    Who is eligible?

    • 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

    Who is eligible?

      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

      Who is eligible?

        Central Bank of India FD Interest Calculator

        Central Bank of India fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. FD maturity amount that you will get depends on the following four parameters

        • Deposit amount – This is the initial amount deposited by a customer in Central Bank of India. Bank may offer higher interest rate on larger deposits. Central Bank of India offers deposit amount in the range of Rs. 5,000 to .
        • 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 held for a shorter period. Highest interest rate offered by Central Bank of India is 6.60% for deposit amount below Rs. 1 crore and the lowest interest rate offered by Central Bank of India is 4.75%
        • 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 4.75% for a 7 Days FD and a rate of 4.75% for a 10 Years Years FD.
        • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

        Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 4.75%. In this case, the maturity amount at the end of 7 Days will be Rs. 100,091 and includes the principal and total interest earned on the principal amount during the period at Rs. 91. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

        Central Bank of India calculates interest earned on its fixed deposits on quarterly basis.

        FD in Central Bank of India – Premature Withdrawal

        Premature closure of Term Deposit with Central Bank of India is along with the lower interest rate of 1% for deposits above Rs. 5 lakh than the contracted rate. The penal provisions for premature closure on Central Bank of India FD are subject to change from time to time and may also vary with deposit schemes.

        Loan against Fixed Deposit Central Bank of India

        Central Bank of India offers loan up to 90% against its own deposit. Note that Central Bank of India will not give you loan against FD of any other bank.

        Maximum loan tenure is restricted up to the maximum tenure of the FD.

        Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Central Bank of India. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

        Documents required to open Fixed Deposit Account in Central Bank of India

          Identity Proof: PAN Card, Voter ID Card, Passport, Driving LicenseAddress Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque

        FAQs on Central Bank of India Fixed Deposit

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

        You can earn a maximum interest of 6.60% on Central Bank of India fixed deposit.

        Are there any extra benefits for senior citizens on fixed deposit of Central Bank of India?

        Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 4.75% to 6.60%. Compared to this, the rate of senior citizens FD are in the range of 5.25% to 7.00%.

        What is the tenure range for Central Bank of India Fixed Deposit?

        The tenure ranges from 7 days to 10 years.

        Is there any minimum amount that I have to give for opening a Fixed Deposit with Central Bank of India?

        The minimum deposit amount required to book an FD with Central Bank of India is Rs. 5,000.

        Can I deposit additional amount in my FD account?

        No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

        Who is eligible for opening an FD account in Central Bank of India?

        All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

        What documents are required to open an FD account in Central Bank of India?

        The documents required to open an FD account in Central Bank of India includes Identity Proof: PAN Card, Voter ID Card, Passport, Driving LicenseAddress Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque.

        Is it possible to change the tenure of my existing fixed deposit account with Central Bank of India?

        No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

        What are the implications of opening an FD bank account without having PAN?

        Following are the implications for the customers opening an FD account with Central Bank of India without their PAN card

        • TDS will be deducted at the rate of 20% as against 10% under section 206AA
        • NO TDS credit from the Income Tax department
        • NO TDS certificate will be issued
        • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply
        Central Bank Of India Fixed Deposit

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