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Central Bank FD Interest Rates

Central Bank FD Rates 2020

Last Updated 15th Sep 2020

Central Bank of India is one of most reliable FD providers amongst a number of FD providers in the market. Central Bank of India FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Central Bank of India FD is 5.10%. Latest Central Bank of India FD interest rate for senior citizens, on the other hand ranges between 3.50% to 5.60%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 59 days 3.40% 3.90%
60 days to 90 days 3.40% 3.90%

Central Bank Fixed Deposit (FD)

Central Bank of India FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Central Bank of India Fixed Deposit are:

  • Deposit Amount: Central Bank of India FD can be opened with an amount as a low ₹ 5,000 to up to .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 3.00% p.a. to 5.10% p.a.
  • Senior Citizens FD Rate: 3.50% to 5.60% p.a.
  • Highest Interest Rate: As per today’s rate, Central Bank of India’s highest interest rate on FD is 5.10% offered for a tenure of 10 years.
  • Safety of Central Bank of India Deposits: Central Bank of India deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Central Bank of India provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Cent Double Deposit Scheme, Cent 555 Term Deposit, Cent 777, Cent Uttam, Central Bank of India Tax Saving Deposit, Cent Aspire Scheme, Cent Suraksha Deposit, Senior Citizen Deposit Scheme, Flexi Yield Deposit Scheme

Central Bank of India Best FD Plan

We need to compare tenure wise latest FD rate of Central Bank of India to choose the tenure at which it provides the highest interest rate. Central Bank of India FD rates are best for the deposits with a tenure of 3 years to 10 years, wherein the current FD rate of interest is 5.10% p.a

If one is looking to invest in short term deposits with Central Bank of India, FD interest rates range from 3.00% p.a. to 4.30% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Central Bank of India FD rates for senior citizens range from 3.50% to 4.80% p.a.

If one is looking to invest in long term deposits, Central Bank of India FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.10%. Senior citizens are offered special rates from bank with highest deposit rates of 5.60% p.a. on long term FDs.

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:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

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

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

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. Central Bank of India offers Loan against FD at the rate of 4% to 6.1%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 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 ₹ 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 ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Central Bank of India

To open a Fixed Deposit account in Central Bank of India, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Central Bank of India FD after reading the terms and conditions.

Nomination Facility on Central Bank of India FD

Central Bank of India offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Central Bank of India fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Central Bank of India Fixed Deposit Scheme

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
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

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?

  • 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

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?

  • 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

Who is eligible?

  • Resident Indians and hindu undivided family

FAQs

What is the highest FD rate for Central Bank of India?

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

Are there any special rates for senior citizens FD 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 3.00% to 5.10%. Compared to this, the rate of senior citizens FD are in the range of 3.50% to 5.60%.

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 ₹ 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 License, Address 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

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

Current interest for FD in Central Bank of India ranges between 3.00% - 5.10%.

Can a customer open a FD account online in Central Bank of India?

Yes, you can submit your application for opening a FD account on the website of Central Bank of India. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Central Bank of India?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.10%. For Central Bank of India FD the number of years in which your FD will get doubled is; 72/5.10 = 14


Central Bank News - Sep 2020
  • 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.
  • 2018-07-31 : Central Bank of India loss widens to Rs 1522 crore in Q1
    Central Bank of India has reported the Q1 result. The net loss widened by 74% at Rs 1522 crore against the net loss of Rs 576 crore a year ago. The bank has received the tax credit of Rs 862 crore in Q1 against Rs 241 crore in same period last year. Total business, including deposits and advances, was up a shade at Rs 468535 crore against Rs 466360 last year.
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