Interest for 3 years
Note: All interest rates shown below are as on 24th Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 14 days||2.75%||2.75%|
|15 days - 1 month 15 days||2.9%||2.9%|
|1 month 16 days - 2 months 29 days||3.25%||3.25%|
|3 months - 5 months 26 days||3.9%||3.9%|
|5 months 27 days - 11 months 30 days||4.25%||4.25%|
|1 year - 1 year 11 months 30 days||4.9%||4.9%|
|2 years - 9 years 11 months 29 days||5%||5%|
Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. It has a balance sheet size of Rs. 3,57,337 Cr as on 31st March 2020. It recorded a loss of Rs 1127 cr in FY20
2.75% - 5%
2.75% - 5.1%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5%||For 5 years with interest of 5%|
|₹ 1 lakh||₹128336||₹128336|
|₹ 2 lakh||₹256672||₹256672|
|₹ 5 lakh||₹641679||₹641679|
|₹ 10 lakh||₹1283359||₹1283359|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105012||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5012|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
Investing through Scripbox is made easy and paperless. All you need to do is follow the below steps and start investing
Sign up for a Fixed Deposit Account through Scripbox by way of an entirely paperless process.
Enter an investment amount and try different durations to preview potential returns at a glance.
Invest via Card, Netbanking, or UPI instantly; once done, your Fixed Deposit will be confirmed.
You can view the status of any Fixed Deposits you’ve added or created in your Scripbox account.
Central Bank of India was the first Indian commercial bank wholly owned and managed by Indians in 1911. The bank launched several innovative banking activities during the past century and has introduced a variety of fixed deposit schemes for its investors. In this article, we have explained in detail about the Central Bank of India‘s FD schemes and their interest rates.
Central Bank of India fixed deposit interest rates range between 2.75% – 5% for regular citizens for a tenure of 7 days to 10 years. For senior citizens, the interest ranges between 3.25% and 5.5%. The Central Bank of India fixed deposit rates are higher than their savings account interest rate. Moreover, senior citizens get an additional 0.5% on their deposits. The interest is credited to investor’s account at half-yearly intervals or at maturity whichever is earlier.
The highest Central Bank of India fixed deposit rate is 5% for a regular investor for the tenure of 3-10 years. For the same tenure, the senior citizen FD rate is 5.5%. Returns from Central Bank fixed deposits can be calculated using the Central Bank of India FD calculator.
Check out the latest fd rates.
Central Bank of India fixed deposit schemes offer better returns than their savings bank account. Following are the key features of Central Bank of India fixed deposits:
The Central Bank of India fixed deposit tenure ranges between 7 days to 10 years. Once invested, one cannot change the tenure of their Central Bank FD investment. However, one can withdraw their investment prematurely. And investors can close their existing Central Bank FD and start a new FD with the desired tenure.
The minimum amount of investment in the Central Bank of India FD starts with an amount as low as INR 100. However, each scheme has its minimum deposit amount.
Central Bank of India fixed deposit interest rates range between 2.75% – 5% for regular citizens for a tenure of 7 days to 10 years. The Central Bank of India fixed deposit rates are higher than their savings account interest rate. Returns from Central Bank fixed deposits can be calculated using the Central Bank of India FD calculator.
Senior citizens get preferential interest rates when they invest in Central Bank of India FDs. The bank offers them 0.5% additional interest rate. The Central Bank of India fixed deposit rate for senior citizens ranges between 3.25% and 5.5%.
To open an FD account in the Central Bank of India, one has to be eligible. Following are the list of persons eligible to invest:
Investors would need the following documents to open a fixed deposit account in Central Bank
It is not possible to deposit any additional amount in an existing Central Bank fixed deposit. However, one can always invest in a fresh Central Bank FD with an additional amount.
Investment in Cent Tax Saving Deposit qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. While filing income tax returns, investors can claim the same. All other Central Bank FDs do not qualify for a tax deduction.
The interest that one earns on their Central Bank of India FD investments is taxable. The tax rate depends on the investor’s income tax slab rates. Furthermore, the Central Bank deducts a TDS of 10% (20% if PAN Card isn’t submitted) in case the interest income exceeds INR 40,0000 (INR 50,000 for senior citizens).
One can determine whether their interest income is above or below the TDS threshold limit using the bank’s fixed deposit calculator. Also, they can estimate their tax liability using the Income Tax Calculator. Scripbox’s Income Tax Calculator is available online, is free to use, and it determines tax liability of an investor.
Under the Deposit Insurance Scheme of RBI, DICGC insures all Central Bank of India deposits up to INR 5,00,000.
The Central Bank of India allows premature withdrawal of fixed deposit investments, however with certain rules. The bank will charge a penalty of 1% on the interest for premature withdrawal of deposits above INR 5 lakhs. For deposits below INR 5 lakhs, there is no penalty. Also, there is not a premature withdrawal facility on tax-saving fixed deposits.
Depositors can nominate beneficiaries for their Central Bank of India FDs.
Central Bank of India offers an auto-renewal facility for the deposits.
Opening and managing Central Bank of India FD investments is easy and convenient through their online portal.
Central Bank of India offers loans against and overdraft facilities on FD investments. It helps investors to meet their liquidity requirements without breaking the deposit. Investors can get up to 90% of the deposit amount as loan. The bank will decide the interest as per the bank’s rules. Also, investors cannot avail a loan against tax-saving FDs and Cent Aspire Deposit Scheme.
Central Bank of India grants loans such as education loans, business loans, and loan against property (home loan) against their FDs to their clients. Investors can calculate their loan EMI with the help of a loan EMI calculator. A loan EMI calculator can be used as a personal loan EMI calculator. Also, one can use it as a home loan calculator and car loan calculator. Moreover, investors can also use the EMI calculator in multiple scenarios by changing the variables like personal loan interest rate, home loan interest rate and car loan interest rate.
A PAN card isn’t mandatory to open a Central Bank of India FD account. Even though a PAN Card isn’t mandatory, there are a few consequences of not disclosing PAN details. Central Bank will charge TDS at 20% instead of 10% as per the regulations of section 206AA. Central Bank will not issue a TDS certificate. And all exemption certificates, including Form 15G and Form 15H, will be invalid.
Individuals need not have a Central Bank of India savings account to open a fixed deposit account.
Fixed Deposit receipt is a short term deposit that enables depositors to earn more interest. The depositors have the choice to choose the tenure of the deposit in the number of days.
The scheme aims to multiply the deposits. The interest accumulated is added to the principal. The scheme helps to increase the deposits exponentially.
The scheme helps depositors earn monthly interest without depleting the principal amount.
The scheme provides depositors quarterly interest by keeping the principal amount intact.
The deposit scheme provides an option of choosing the interest payment frequency. Depositors can choose between monthly, quarterly, half-yearly intervals or cumulative type.
The scheme offers double benefits of high returns and easy liquidity. Furthermore, it is a flexible scheme that allows partial withdrawals of the deposit amount.
The scheme offers tax benefits to its depositors under Section 80C of the Income Tax Act. Deposits up to INR 1,50,000 qualify for a tax deduction.
The deposits under this scheme are accepted in three variants: MMDC, MIDR and QIDR.
Yes, the Central Bank of India offers recurring deposit schemes. These schemes are suitable for individuals who wish to invest in monthly instalments.
|Tenure||General Rates||Senior Citizen Rates|
|180 days to 269 days||6.35%||6.85%|
|270 days to 364 days||6.40%||6.90%|
|1 year 1 day to 1 year 364 days||7%||7.5%|
|2 years to 2 years 364 days||6.7%||7.2%|
|3 years to 4 years 364 days||6.20%||6.70%|
|5 years to 10 years||6.20%||6.70%|
|Fixed Deposit Calculator||Fixed Deposit by Banks|
|SBI FD Calculator||SBI FD Rates|
|HDFC FD Calculator||HDFC FD Rates|
|Axis FD Calculator||Axis FD Rates|
|ICICI FD Calculator||ICICI FD Rates|
|Canara Bank FD Calculator||Canara Bank FD Rates|
|PNB FD Calculator||PNB FD Rates|
|Post Office FD Calculator||BoB FD Rates|
|Yes Bank FD Calculator||Yes Bank FD Rates|
Invest in the best mutual funds recommended by Scripbox that are algorithmically selected that best suit your needs.