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Central Bank of India FD Rates

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.

Central Bank of India FD Rates 2019

The domestic term deposit rates of Central Bank of India are as under:

Maturity PeriodLess than Rs. 2 crores with effect from 01/03/2019
7 -14 days4.80
15 - 30 days5.55
31 - 45 days5.55
46 - 59 days5.55
60 - 90 days5.55
91 - 179 days6.50
180 - 270 days6.55
271 - 364 days6.55
1 yr to less than 2 yrs6.65
2 yr to less than 3 years6.55
3 yr to less than 5 years6.55
5 years & above up to 10 years6.55
555 days6.65
777 days6.55
Cent Double6.55
Maturity PeriodRs. 2 crores to Rs. 10 crores (Single deposit) with effect from 01/03/2019
7 -14 days4.25
15 - 30 days5.25
31 - 45 days5.25
46 - 59 days5.25
60 - 90 days5.25
91 - 179 days5.75
180 - 270 days5.75
271 - 364 days5.75
1 yr to less than 2 yrs5.75
2 yr to less than 3 years5.50
3 yr to less than 5 years5.50
5 years & above up to 10 years5.50
555 daysNA
777 daysNA
Cent DoubleNA

Source: Central Bank of India website Note - Fixed deposit interest rates are subject to change anytime as per Bank’s discretion.

Fixed Deposit Receipt (FDR)

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.

Money Multiplier Deposit Certificate

The interest accrued will get added back to the principal, thus giving an effective interest rate which is higher compared with contracted interest rate.

  • Amount of Deposit: An individual can deposit a minimum sum of Rs. 100.
  • Period of Deposit: This account can be opened for a minimum of 6 months and a maximum of 120 months.
  • Premature Payment: Payment before maturity is available according to prevailing rules.

Monthly Interest Deposit Receipt

This scheme provides monthly interest earning, without impacting the principal amount.

  • Amount of Deposit: An individual can deposit a minimum of Rs. 5,000.
  • Period of Deposit: The account can be opened for 12 months to 120 months.
  • Premature Payment: Payment before maturity is available according to prevailing rules.

Quarterly Interest Deposit Receipt

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.

Cent Double

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.

Cent 555

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.

Cent 777

This is a term deposit with the option of interest payment at monthly/quarterly/half yearly intervals or cumulative type.

  • Period of Deposit: Deposit will be accepted for a fixed period of 777 days.
  • Amount of Deposit: The minimum amount of deposit is Rs. 1000, while the maximum is less than Rs. 1 crore.
  • Interest: The interest applicable on this scheme is 6.55%.

Cent Uttam

This scheme offers the double benefit of easy liquidity and high returns. Individuals can also withdraw part of the deposit whenever they require.

  • Period of Deposit: The account can be opened for 30 days up to 120 months.
  • Amount of Deposit: An individual can deposit a minimum of Rs. 5,000. The entire deposit shall be placed in units of Rs. 1,000 each.
  • Premature Payment: One can withdraw ‘units’ as per his or her option. Withdrawal of units will be treated as premature payment.

Cent Tax Saving Deposit

This deposit account can be opened by an individual or HUF who is a tax assessee, holding a Permanent Account Number.

  • Period of Deposit: Fixed period of 5 years
  • Amount of Deposit: The minimum amount of deposit is Rs. 100, while the maximum is Rs. 1,50,000 during a financial year.
  • Interest: The interest rate applied will be in accordance with the rate on domestic term deposits (up to Rs. 15,00,000) applicable to the five-year term.

Cent Aspire Scheme

The deposit will be accepted in three variants - MMDC, MIDR and QIDR.

  • Period of Deposit: This account can be opened for 1 year, up to 10 years.
  • Amount of Deposit: An individual can deposit a minimum of Rs. 20,000.
  • Interest: Deposits will attract interest at the prevailing card rate. Additional interest will be payable to senior citizens, as per existing norms.

Cent Suraksha Deposit

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.

  • Period of Deposit: This account can be opened for 5 to 10 years.
  • Rate of Interest: The additional interest for senior citizens is 0.5%. The additional interest for staff/ex-staff/widow-widower of staff is 1%. The additional interest for ex-staff cum senior citizen is 1.5%.
  • Overdue Deposit: Interest on overdue deposit shall be paid as per prevailing rules of the bank.

Central Flexi Yield Deposit Scheme

This scheme allows depositors to avail floating rate of interest that is higher than the interest rate on normal term deposits.

  • Period of Deposit: The account can be opened for 1 to 10 years.
  • Amount of Deposit: An individual can deposit a minimum of Rs. 50,000. Premature Payment: Payment before maturity is available. In such a case, however, the deposit shall be treated as normal deposit. Interest will be payable as per prevailing rates applicable to normal deposits.

Features of the Central Bank of India FD Account

  • Nomination facility is available. An individual can nominate a family member to receive the amount deposited with the bank.
  • Fixed Deposit Receipt can be opened with just Rs. 100.
  • Loan facility is normally available against the deposit.
  • Under the Cent Suraksha Deposit scheme, senior citizens are offered an additional interest of 0.5%.
  • Grievance resolution facility is available on the bank’s website.
  • Account holders are offered competitive interest rates against all fixed deposit schemes.

Eligibility Criteria for Central Bank of India FDs

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.

  • Individuals
  • HUFs
  • Partnership firms
  • Trusts
  • Charitable, religious, and educational institutions
  • Associations, societies, clubs etc.
  • Limited companies and partnership firms
  • Municipalities and panchayats
  • Sole proprietary concerns

Documents Required for Opening 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.

Proof of Identity

  • Aadhaar Card
  • Passport
  • Driving License
  • Voter ID Card
  • PAN Card
  • Government / Defense ID Card
  • ID Card issued by reputed employer

Proof of Address

  • Electricity Bill
  • Aadhaar Card
  • Telephone Bill
  • Salary Slip
  • Bank Account Statement
  • Letter from a Reputed Employer
  • Letter from a Recognized Public Authority / local body
  • Income Tax / Wealth Tax Assessment Order

Proof of Date of Birth

  • For Minor: Birth Certificate issued by Gram Panchayat/Municipal Corporation
  • For Senior Citizen: Passport Voter ID Card/Driving License/PAN Card/Service Discharge Certificate/PPO in case of Pensioner

Two recent passport size photographs

FAQ's On Central Bank of India FD Rates

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.