Central Bank Of India Fixed Deposit (FD) Interest Rates 2025

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.

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Central Bank of India Fixed Deposit Schemes

• Fixed Deposit Receipt
• Money Multiplier Deposit Certificate (MMDC)
• Cent Uttam Scheme
• Monthly Interest Deposit Receipt (MIDR)
• Quarterly Interest Deposit Receipt (QIDR)
• Cent 555 Deposit Scheme
• Cent 777 Deposit Scheme
• Cent Tax Saving Deposit
• Cent Aspire Deposit Scheme
• Cent Suraksha Deposit
• Central Flexi Yield Deposit Scheme
• Immune India Deposit Scheme
• Cent Super Callable Time Deposit for 444 days
• Cent Super Non-Callable Time Deposit for 444 days
• Cent Non Callable 999 & 555 days
• Cent Super 999 Days
• Cent Green Time Deposit Scheme

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.

Cent Uttam Scheme

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.

• Tenure: Ranges between 30 days 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.

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 555 Term Deposit

• Tenure: 555 days
• Minimum Deposit Amount: INR 1,000.
• Maximum Deposit Amount: Less than INR 1 crore.
• Interest: Compounded quarterly.
• Premature Withdrawal: Available, however, no interest is paid for withdrawal within one year. Also, 1% penalty is charged if the account is closed before maturity and after completion of 1 year.
• Loan Facility: Available, if no premature withdrawal is made.

Cent 777 Deposit Scheme

The deposit scheme provides an option of choosing the interest payment frequency. Depositors can choose between monthly, quarterly, half-yearly intervals or cumulative type.

• Tenure: 777 days
• Minimum Deposit Amount: INR 1,000.
• Maximum Deposit Amount: Less than INR 1 crore.
• Premature Withdrawal: Available, however, the interest payable will be as per company’s policy.

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.

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.

Cent Super Callable Time Deposit for 444 Days

The Cent Super Callable Time Deposit for 444 Days will be accepted only for a fixed period of 444 days. The scheme doesnt accept any other deposits for varying tenures.

• Tenure: 444 days only.
• Minimum Deposit Amount: INR 10,000.
• Maximum Deposit Amount: INR 10 crore
• Loan Facility: Available.
• Premature Withdrawal: Available, however, attracts penalty.

Cent Super Non-Callable Time Deposit for 444 Days

The Cent Super Callable Time Deposit for 444 Days will be accepted only for a fixed period of 444 days. The scheme doesnt accept any other deposits for varying tenures.

• Tenure: 444 days only.
• Minimum Deposit Amount: INR 15 lakhs
• Maximum Deposit Amount: INR 10 crore
• Loan Facility: Available.
• Auto Renewal: Not Available
• Premature Withdrawal: Available, however, attracts penalty.
• Loan/ Over Draft Facility: Available

Cent Non Callable 999 & 555 days

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

• Tenure: 555 days and 999 days only.
• Minimum Deposit Amount: INR 15 lakhs
• Maximum Deposit Amount: INR 10 crore
• Premature Withdrawal: Available, however, attracts penalty.
• Loan/ Over Draft Facility: Available

Cent Super 999 Days

• Tenure: 999 days only.
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 10 crore
• Interest Payout: Monthly, quarterly, half yearly or cummulative.
• Premature Withdrawal: Available, however, attracts penalty.

Cent Green Time Deposit Scheme

Cent Green fixed deposit scheme is for a specific tenure. The deposit amount will be used for lending to renewable energy projects, green building projects and projects in smart Agriculture, water or waste management projects etc.

• Tenure: 1111, 2222, and 3333 days only.
• Minimum Deposit Amount: INR 50,000
• Maximum Deposit Amount: INR 1,99,99,999
• Withdrawal: Full or partial withdrawals from the scheme are allowed. However, the remaining deposit amount will cease to be part of the Cent Green Time Deposit, and will be part of the regular deposit.
• Premature Withdrawal: Available, however, attracts penalty.
• Auto Renewal: Not available

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.

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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