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Central Bank Fixed Deposit Interest Rates

Central Bank Fixed Deposit Interest Rates

Public Sector 
DICGC

6%

Interest for 3 years

Central Bank of India FD Interest Rates February 2023

Historical FD Rates →
TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 14 days3%3.5%
15 days - 1 month 17 days3.25%3.75%
1 month 18 days - 3 months 1 day4.25%4.75%
3 months 2 days - 5 months 29 days4.5%5%
5 months 30 days - 11 months 30 days5.5%6%
1 year - 1 year 2 months 18 days6.75%7.25%
1 year 2 months 19 days - 1 year 2 months 19 days7.35%7.85%
1 year 2 months 21 days - 1 year 6 months 7 days6.75%7.25%
1 year 6 months 8 days - 1 year 6 months 8 days7%7.5%
1 year 6 months 9 days - 1 year 11 months 29 days6.75%7.25%
1 year 11 months 30 days - 2 years 8 months 25 days6.5%7%
2 years 8 months 26 days - 2 years 8 months 26 days6.5%7%
2 years 8 months 27 days - 2 years 11 months 29 days6.5%7%
2 years 11 months 30 days - 9 years 11 months 28 days6%6.5%

Note: All interest rates shown below are as on 9th Jan 2023

About Central Bank of India FD

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

Central Bank of India FD

3% - 7.35%

FD Rate

3.5% - 7.85%

FD Rate for Seniors

₹ 100

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

CRISIL Rating

Central Bank of India FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6%For 5 years with interest of 6%
₹ 50,000 ₹ 59,834₹ 67,443
₹ 1 lakh ₹ 119,668₹ 134,885
₹ 2 lakh ₹ 239,336₹ 269,770
₹ 5 lakh ₹ 598,340₹ 674,425
₹ 10 lakh ₹ 1,196,681₹ 1,348,850

Compare Central Bank of India Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Jana Small Finance Bank FD
Central Bank of India FD
Central Bank of India FD
Maturity Amount 106,963 108,139
Total Investment Amount₹ 100,000₹ 100,000
Total Interest Gained6,963 8,139

Compare Central Bank of India Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Jana Small Finance Bank FD
7.85% - 8.8%
CSB Bank FD
5.75% - 6.25%
Axis Bank FD
7% - 7.75%
Deutsche Bank FD
7% - 7%
Ujjivan Small Finance Bank FD
7.2% - 7.95%
Indian Bank FD
6.25% - 6.75%
Federal Bank FD
6.5% - 7%
Chaitanya Godavari Grameena Bank FD
6.25% - 6.75%
Ellaquai Dehati Bank FD
5.3% - 5.55%
Paschim Banga Gramin Bank FD
5.2% - 5.7%

Calculate Central Bank of India FD Returns

₹ 100,000

Total Investment

6,963

Wealth Gained

₹ 106,963

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

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.

Check out the latest fd rates.

Features of Central Bank of India Fixed Deposits

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:

  • Safety: Under the Deposit Insurance Scheme of RBI, DICGC insures all Central Bank of India deposits up to INR 5,00,000.
  • Premature withdrawal: 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.
  • Nomination Facility: Depositors can nominate beneficiaries for their Central Bank of India FDs.
  • Auto-Renewal: Central Bank of India offers an auto-renewal facility for the deposits.
  • Convenience: Opening and managing Central Bank of India FD investments is easy and convenient through their online portal.
  • Pan Card: 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.
  • Requirement of savings account: Individuals need not have a Central Bank of India savings account to open a fixed deposit account.

Tax and TDS

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 Central Bank of India FD 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.

List of Fixed Deposit Schemes offered by Central Bank of India

  • Fixed Deposit Receipt
  • Money Multiplier Deposit Certificate (MMDC)
  • Cent 555 Term Deposit
  • Cent Uttam Scheme
  • Monthly Interest Deposit Receipt (MIDR)
  • Quarterly Interest Deposit Receipt (QIDR)
  • Cent 777 Deposit Scheme
  • Tax Saving Deposit
  • Cent Aspire Deposit Scheme
  • Immune India Deposit Scheme
  • Fixed Deposit Receipt
  • Money Multiplier Deposit Certificate (MMDC)

Types of Central Bank Fixed Deposit Schemes

Immune India Deposit Scheme 

From 13.04.2021, a new Term Deposit Scheme called “Immune India Deposit Scheme” was launched.  Any existing customer who has received at least one dose of COVID-19 vaccine and can show proof of vaccination will be eligible to participate in the scheme.

  • The deposit will be taken for 1111 days. No deposit for a longer or shorter time will be taken under the scheme.
  • Minimum monetary value is 1000, with a maximum value of 2 crores.
  • The scheme’s rate of interest will be 5.35 % (subject to change). It shall be ensured that the Scheme’s ROI remains higher than the ROI of adjacent Time Brackets.
  • Senior citizens and employees, as well as ex-employees, are eligible for additional interest.

Fixed Deposit Receipt

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.

  • Tenure: Ranges between 7 days to 10 years.
  • Minimum Deposit Amount: INR 100 and in multiples of INR 100 thereafter.
  • Maximum Deposit Amount: No limit on maximum deposit.
  • Interest: The simple interest is payable at half-yearly intervals (March and September) every year or upon maturity, whichever is earlier.
  • Loan Facility: Depositors can avail loan or advance facility up to 90% of the deposit amount.
  • Premature Withdrawal: The bank charges 1% penalty for premature withdrawals for deposits above INR 5 lakhs. However, for deposits up to INR 5 lakhs, no premature withdrawal penalty is levied.

Money Multiplier Deposit Certificate (MMDC)

The scheme aims to multiply the deposits. The interest accumulated is added to the principal. The scheme helps to increase the deposits exponentially.

  • Tenure: Ranges between 6 months to 120 months.
  • Minimum Deposit Amount: INR 100 and in multiples of INR 100 thereafter.
  • Loan Facility: Available as per the prevailing rules of the bank.
  • Premature Withdrawal: Available as per the prevailing rules of the bank.

Monthly Interest Deposit Receipt (MIDR)

The scheme helps depositors earn monthly interest without depleting the principal amount.

  • Tenure: Ranges between 12 months to 120 months.
  • Minimum Deposit Amount: INR 5,000 and in multiples of INR 1,000 thereafter.
  • Loan Facility: Available as per the prevailing rules of the bank.
  • Premature Withdrawal: Available as per the prevailing rules of the bank.

Quarterly Interest Deposit Receipt (QIDR)

The scheme provides depositors quarterly interest by keeping the principal amount intact.

  • Tenure: Ranges between 12 months to 120 months.
  • Minimum Deposit Amount: INR 5,000 and in multiples of INR 1,000 thereafter.
  • Loan Facility: Available as per the prevailing rules of the bank.
  • Premature Withdrawal: Available as per the prevailing rules of the bank.

Cent Tax Saving Deposit

  • 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.
  • Lock-in period: 5 years.
  • Minimum Deposit Amount: INR 100, and in multiples of INR 100 thereafter.
  • Maximum Deposit Amount: The maximum amount of investment is limited to INR 1,50,000 in a financial year.

Cent Aspire Deposit Scheme

The deposits under this scheme are accepted in three variants: MMDC, MIDR and QIDR.

  • Tenure: Ranges between 1 year to 10 years.
  • Minimum Deposit Amount: INR 20,000, and in multiples of INR 1,000 thereafter.
  • Maximum Deposit Amount: No limit.
  • Auto-renewal facility: Available
  • Loan Facility: Not available.
  • Premature Withdrawal: Available, however, the interest payable will be as per company’s policy.

Cent Suraksha Deposit Scheme

When a gift cheque or demand draft (DD) is received, the account holder or giftee will deposit the amount in their savings account for two years, either for Rs 201 or Rs 5,001. After the second year, CENT SURAKSHA DEPOSIT (PMSBY) or CENT SURAKSHA DEPOSIT YOJNA (PMSBY/PMJJBY) would receive Rs 177 in the case of a gift cheque/DD denominated Rs 201 and Rs 4,317 in the case of a gift cheque/DD denominated Rs 5,001. Senior persons, employees, ex-employees, and family members are all eligible for higher interest rates.

Central Flexi Yield Deposit Scheme

The Central Flexi Yield Deposit Scheme offers a higher floating rate of interest in comparison to other Central Bank FD schemes. The deposit amount is Rs 50,000. You can deposit for a term of 1 year to 10 years. A premature withdrawal available.

CBI FD Account Eligibility

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:

  • Individuals, including minors and joint account holders
  • Partnerships firms
  • Companies
  • Educational and charitable institutions
  • HUFs
  • Blind and illiterate persons
  • Private traders, agents, merchants, and professionals
  • Clubs and societies

Documents Required to Open Central Bank FD Account

Investors would need the following documents to open a fixed deposit account in Central Bank

  • Identity proof (Passport, Aadhar Card, Driving license, Voter ID card, PAN card, Employment ID, Government ID)
  • Proof of residence (Electricity bill, Aadhar card, Telephone bill, Salary slip, Bank account statement, IT returns)
  • Proof of date of birth (For senior citizens: PAN Card, Passport, Service discharge certificate, Voter ID. For minors: Birth certificate)
  • Two recent passport size photographs

Calculate FD Maturity Amount with Scripbox: FD calculator.

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