- About Coverfox
Founded in 1911, Central Bank of India is among the leading commercial banks in the country. The bank has set up offices in all 29 states and 6 out of 7 Union Territories. Central Bank of India holds a prominent place among the public sector banks, with 4659 branches, 1 extension counter and 10 satellite offices across the nation. The bank offers a range of deposit options to meet varying client requirements. Fixed deposits of Central Bank of India provide users with higher steady rate of interest as compared to savings account. Fixed deposits schemes are a popular choice among investors who are risk averse since they aren’t affected by market fluctuations. Central Bank of India offers competitive rates for a range of fixed deposit accounts to suit customers’ needs.
The domestic term deposit rates of Central Bank of India are as under:
|Maturity Period||Less than Rs. 2 crores with effect from 01/03/2019|
|7 -14 days||4.80|
|15 - 30 days||5.55|
|31 - 45 days||5.55|
|46 - 59 days||5.55|
|60 - 90 days||5.55|
|91 - 179 days||6.50|
|180 - 270 days||6.55|
|271 - 364 days||6.55|
|1 yr to less than 2 yrs||6.65|
|2 yr to less than 3 years||6.55|
|3 yr to less than 5 years||6.55|
|5 years & above up to 10 years||6.55|
|Maturity Period||Rs. 2 crores to Rs. 10 crores (Single deposit) with effect from 01/03/2019|
|7 -14 days||4.25|
|15 - 30 days||5.25|
|31 - 45 days||5.25|
|46 - 59 days||5.25|
|60 - 90 days||5.25|
|91 - 179 days||5.75|
|180 - 270 days||5.75|
|271 - 364 days||5.75|
|1 yr to less than 2 yrs||5.75|
|2 yr to less than 3 years||5.50|
|3 yr to less than 5 years||5.50|
|5 years & above up to 10 years||5.50|
Source: Central Bank of India website Note - Fixed deposit interest rates are subject to change anytime as per Bank’s discretion.
This is a short term deposit account where account holders can choose the duration of investment. One can open this account with as little as Rs. 100. The period of deposit is minimum 7 days and the maximum 120 months. Interest: Simple interest is payable at half yearly intervals in March and September every year or on maturity, whichever is earlier. Payment on Maturity: Payment will be made in cash to the customer up to Rs. 20,000 on maturity. In case the amount is over Rs. 20,000, it is either credited to the customer's account or Demand Draft is issued.
The interest accrued will get added back to the principal, thus giving an effective interest rate which is higher compared with contracted interest rate.
This scheme provides monthly interest earning, without impacting the principal amount.
This provides quarterly interest without impacting the principal amount. Amount of Deposit: An individual can deposit a minimum of Rs. 5,000. Period of Deposit: This account can be opened for 12 months up to 120 months. Premature Payment: Payment before maturity is available according to prevailing rules.
The scheme allows individuals to deposit up to Rs. 1 crore. Amount of Deposit: An individual can deposit a minimum of Rs. 10,000 if he or she resides in metro and urban centres, and Rs. 5,000 in case of semi-urban and rural centres. Interest: The interest applicable on this scheme is 6.55%. Loan against Deposit: One can take a loan against the deposit, as per prevailing rules.
As the name would suggest, the tenure of this scheme is 555 days. Amount of Deposit: An individual can deposit Rs. 1,000 up to Rs. 1 crore. Interest: The interest applicable on this scheme is 6.65%. Premature Withdrawal: No interest is payable if the account is closed before the completion of one year. A 1% penal interest is applicable if the account is closed before maturity, after completion of one year.
This is a term deposit with the option of interest payment at monthly/quarterly/half yearly intervals or cumulative type.
This scheme offers the double benefit of easy liquidity and high returns. Individuals can also withdraw part of the deposit whenever they require.
This deposit account can be opened by an individual or HUF who is a tax assessee, holding a Permanent Account Number.
The deposit will be accepted in three variants - MMDC, MIDR and QIDR.
The customer or giftee who receives gift cheque/DD can deposit the money either for Rs. 201 and/or Rs. 5001 in his or her Savings account. After keeping the premium for first and second year, Rs. 177 (Rs. 201 for GC/DD) or Rs. 4317 (Rs. 5,001 for GC/DD) it will be transferred to Cent Suraksha Deposit or Cent Suraksha Deposit Yojana.
This scheme allows depositors to avail floating rate of interest that is higher than the interest rate on normal term deposits.
The eligibility criteria will differ, depending on the kind of deposit account an individual wishes to open. Normally, the following individuals and groups can open a fixed deposit account.
Photocopies of the following KYC documents are required to be attached with the forms and the originals thereof will have to be produced for verification.
What is the interest rate that Central Bank of India offers to senior citizens on Fixed Deposits?
The interest rates will vary depending on the kind of account one wishes to open. Cent Suraksha Deposit account allows additional interest of 0.5% for senior citizens.
Can I open my Central Bank of India Fixed Deposit without a PAN card?
While it is possible to open a fixed deposit account without a PAN card, there are certain implications to it. The TDS applicable will be recovered at 20% (as against 10% with PAN card). There will be no TDS credit from the Income Tax department, and no TDS certificate shall be issued (As per CBDT circular no: 03/11). Additionally, penal TDS will apply and Form 15G/H and other exemption certificates become invalid.
Can I make alterations to the tenure of my ongoing Central Bank of India Fixed Deposit?
One cannot change the tenure of an already active fixed deposit account. However, the individual can close the existing fixed deposit account and open a new one with tenure of his or her choice.
How to open a Central Bank of India Fixed Deposit account without a PAN card?
In case PAN is not available, an individual will have to make a declaration in Form 60.
What is the highest interest rate that is offered by the Central Bank of India Fixed Deposit?
The interest rates on fixed deposit accounts can go up to 6.55% p.a.
What are the FD tenure options with Central Bank of India?
The tenure range will vary depending on the choice of fixed deposit account. In case of Fixed Deposit Receipt (FDR), the minimum period of deposit is 7 days, while the maximum is 120 months. The tenure range for Money Multiplier Deposit Certificate is 6 months to a maximum of 120 months. For Cent 555 and Cent 777, the tenure is 555 days and 777 days, respectively.
What is the minimum amount required to start a Central Bank of India Fixed Deposit account?
The minimum amount will vary depending on the choice of fixed deposit account. One can open Fixed Deposit Receipt and Money Multiplier Deposit Certificate with a sum of Rs. 100.
What is the eligibility criteria to open a Central Bank of India Fixed Deposit account?
The eligibility criteria will vary depending on the choice of fixed deposit account. Normally, those who can open a fixed deposit account include individuals, HUFs, partnership firms, Trusts, municipalities, sole proprietary concerns, charitable, religious, and educational institutions, associations, societies, clubs etc.