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Central Bank of India Recurring Deposit Rates

Central Bank of India RD Rates on Saving Accounts

Balance at End of the dayInterest Rates
Up to 50 lakh3.5%
Above 50 lakh4%

Central Bank of India RD Rates: For deposits of less than Rs.2 crore (w.e.f. 1st March, 2019)

Maturity RangeLess than 2 cr w.e.f. 01/03/2019 (%)2 cr to 10 cr (Single Deposit) w.e.f. 01/03/2019 (%)
7 days to 14 days4.804.25
15 - 30 days5.555.25
31 - 45 days5.555.25
46 - 59 days5.555.25
60 - 90 days5.555.25
91 - 179 days6.505.75
180 - 270 days6.555.75
271 - 364 days6.555.75
1 year to less than 2 years6.555.75
2 years to less than 3 years6.555.50
3 years to less than 5 years6.555.50
5 years & above up to 10 years6.555.50
555 days6.555.50
777 days6.55NA
Cent Double6.55NA

Central Bank of India RD Rates: For High Cost Bulk Deposit Above 10 crore (w.e.f. 9th April, 2019)

PeriodRevised rate for above Rs. 10 cr w.e.f.09.04.2019 (%)
7 days to 14 days4.25
15 -30 days5.25
31 - 45 days5.25
46 - 59 days5.25
60 -90 days5.25
91 - 179 days5.25
180 - 270 days5.25
271 - 364 days5.25
12 months to 13 months5.25

Features of the Central Bank of India RD Account

  • Ensures capital growth of the deposited amount at competitive rates of interest
  • Safe investment tool for small savings from monthly income
  • Build a robust corpus for savings with easy monthly instalments
  • Ideal for salaried people and professionals with a regular income
  • Advances of up to 90% of the deposit amount, along with accrued interest premature closure is allowed
  • Deposit tenure varies between a minimum of 6 months to a maximum of 120 months
  • Monthly instalment starts from a minimum of Rs. 100 and further deposits are offered in multiples of Rs. 50, except for Cent Lakhpati and Cent Millionaire RDS instalments
  • Penalty is levied on non-payment of the periodic deposit at the rate of Rs. 2 per month for every Rs. 100 when the deposit period is over 60 months, and Rs. 1.50 per month for every Rs. 100 when the deposit period is up to 60 months
  • Free transfer of account between more than 4,000 network branches
  • Includes nomination facility

Eligibility Criteria for Central Bank of India RDs

The below categories are eligible for opening a Recurring Deposit with Central Bank of India:

  • Individual and joint accountholders
  • A minor jointly with a major
  • A minor of more than 12 years who can read and write and operate the account personally
  • Charitable and educational institutions
  • Blind and illiterate individuals
  • Firm
  • Trusts
  • Sole proprietors
  • Partnerships
  • Companies
  • Minor
  • HUFs

FAQs on Central Bank of India Recurring Deposit Rates

What is the interest rate that Central Bank of India Recurring Deposit offers on senior citizen RDs?

Additional 0.5% is applicable for senior citizens on Central Bank of India RD rates across schemes and maturity tenures.

Can I make alterations to the tenure of my ongoing Central Bank of India Recurring Deposit?

No, the tenure of your ongoing Central Bank of India Recurring Deposit cannot be changed.

How can I start a Central Bank of India Recurring Deposit account without a PAN card?

Any individual or business that does not have a PAN card can submit Form 60 while opening a Recurring Deposit with Bank of India.

What is the highest interest rate that is offered by the Central Bank of India Recurring Deposit?

The highest RD rate at Central Bank of India is 6.65% on a maturity period of 555 days.

What are the RD tenure options with Central Bank of India Recurring Deposit?

Deposit tenure for Central Bank of India RD accounts varies between a minimum of 6 months to a maximum of 120 months at quarterly intervals of 12, 15, 18, 21 and 24 months..

What is the minimum amount required to start a Central Bank of India Recurring Deposit account?

The minimum amount acceptable for Central Bank of India Recurring Deposit Account is Rs. 100.

What is the eligibility criteria to open a Central Bank of India Recurring Deposit account?

The below categories are eligible for opening a Central Bank of India:

  • Individual and joint accountholders
  • A minor jointly with a major
  • A minor of more than 12 years who can read and write and operate the account personally
  • Charitable and educational institutions
  • Blind and illiterate individuals
  • Firm
  • Trusts
  • Sole proprietors
  • Partnerships
  • Companies
  • Minor
  • HUFs

Can I open my Central Bank of India Recurring Deposit without a PAN card?

If you do not have a PAN card, you can submit Form 60 while opening a Recurring Deposit with Central Bank of India.

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