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Central Bank FD Interest Rates 2021

Central Bank FD Interest Rates

Last Updated 10th Jun 2021

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 3.25% to 5.60%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.75% 3.25%
15 days to 30 days 2.90% 3.40%
31 days to 45 days 2.90% 3.40%
46 days to 59 days 3.25% 3.75%
60 days to 90 days 3.25% 3.75%
Earn upto 6.95% on FD APPLY NOW

Central Bank Fixed Deposit Features

Central Bank of India FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the 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 : 2.75% p.a. to 5.10% p.a.
  • Senior Citizens FD Rate : 3.25% p.a 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, Immune India Deposit Scheme

Central Bank of India FD Interest Rates Today

Interest rates on Central Bank of India deposits are updated regularly by the Government of India. The following are updated Central Bank of India FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 2.75%
15 days to 30 days 2.90%
31 days to 45 days 2.90%
46 days to 59 days 3.25%
60 days to 90 days 3.25%
91 days to 179 days 3.90%
180 days to 270 days 4.25%
271 days to 364 days 4.25%
1 year to 1 year 364 days 4.90%
2 years to 2 years 364 days 5.00%
3 years to 4 years 364 days 5.10%
5 years to 10 years 5.10%

Central Bank of India FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Central Bank of India offers a higher interest rate to senior citizens than the general public. Listed below are the Central Bank of India fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.25%
15 days to 30 days 3.40%
31 days to 45 days 3.40%
46 days to 59 days 3.75%
60 days to 90 days 3.75%
91 days to 179 days 4.40%
180 days to 270 days 4.75%
271 days to 364 days 4.75%
1 year to 1 year 364 days 5.40%
2 years to 2 years 364 days 5.50%
3 years to 4 years 364 days 5.60%
5 years to 10 years 5.60%

Best FD Plan as per Central Bank of India FD Rates

To invest in Central Bank of India fixed deposit, you must compare Central Bank of India Fixed Deposit Rates for varying tenures. Central Bank of India FD Interest Rates 2021 are best for the deposits with a tenure of 3 years to 10 years, wherein the current Central Bank of India Fixed Deposit Interest Rates is 5.10 p.a.

If you are looking to invest in short term deposits with Central Bank of India, the interest rate of Central Bank of India for FD ranges from 2.75% p.a. to 4.25% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Central Bank of India Fixed Deposit Rates for senior citizens range from 3.25% to 4.75% p.a.

If you want to invest in long term deposits, Central Bank of India Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.10%.Central Bank of India Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.60% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Central Bank of India:

  • Interest on deposit is paid only at the time of the maturity
  • Central Bank of India also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is 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
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Central Bank of India Fixed Deposit Rates – Premature Withdrawal

You can close your Central Bank of India FD account prematurely, however Central Bank of India charges a penalty of 1% for deposits above Rs. 5 lakh for premature withdrawal. Also, 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 loans 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 3.75% 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 a 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 available 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 an Central Bank of India Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Central Bank of India and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Central Bank of India FD after reading the terms and conditions.

To open a Fixed Deposit account in Central Bank of India, you can visit the official website and login to your account. Choose the 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 also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Central Bank of India FD account. The 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
Immune India Deposit Scheme

Description:

  • Offers extra Interest of 25 points basis to senior citizens who gets vaccinated
  • The tenure for “Immune India Deposit Scheme” is 1111 days.
  • Limited Period Offer Scheme

Who is eligible?

  • You need to be COVID Vaccinated.

FAQs

What is the highest fixed deposit interest 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 2.75% to 5.10%. Compared to this, Central Bank of India senior citizens FD are in the range of 3.25% to 5.60%.

What are the current Central Bank of India FD interest rates 2021?

Current interest for FD in Central Bank of India ranges between 2.75% - 5.10%.

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.

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

  • Your 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

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

Yes, you can submit your application for opening an FD account on the website of Central Bank of India. After submitting the application, you will be contacted by the bank’s representative for the 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 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

What is the interest of 1 lakh in the Central Bank of India?

The interest on Central Bank of India fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Central Bank of India FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 2.75%
15 days to 30 days 2.90%
31 days to 45 days 2.90%
46 days to 59 days 3.25%
60 days to 90 days 3.25%
91 days to 179 days 3.90%
180 days to 270 days 4.25%
271 days to 364 days 4.25%
1 year to 1 year364 days 4.90%
2 years to 2 years 364 days 5.00%
3 years to 4 years 364 days 5.10%
5 years to 10 years 5.10%


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Central Bank News - Jul 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.
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