Central Bank of India

Central Bank of India FD Features & Benefits

• A low minimum deposit requirement of INR 100

• A deposit tenure ranging from 7 days to 10 years

• Nomination facility 

• Loan/advance up to 90% of the fixed deposit amount

Penalty on Premature Withdrawal

There’s no denying the financial emergency you may face owing to situations such as the wedding, the extended job loss, injuries/health issues, etc. At such times, you can prematurely withdraw from your Central Bank of India fixed deposit account. The bank stipulates the following conditions concerning premature withdrawal.

• No penal interest on premature withdrawal of deposits of up to INR 5 lakh.

• Withdrawals of deposits above INR 5 lakh will lead to 1% penal interest.

• No penalty is applied to renewal of deposits for a period more than the remaining tenure left in the original contract period.

Central Bank of India vs Other Bank FD Rates

Different Types of Central Bank of India FD Schemes

Fixed Deposit Receipt (FDR)

• The minimum deposit amount required to open this account is INR 100 and in multiples of INR 100 thereafter.

• The minimum and maximum deposit tenure is 7 days and 10 years, respectively.

• Both interest payout and reinvestment options are available.

• Investors receive simple interest at a half-yearly interval or on maturity.

• The nomination facility is available.

• A loan/advance of up to 90% is available against the fixed deposit amount.

Cent Garima Term Deposit Scheme

• This is a deposit scheme for a fixed period of 777 days.

• The minimum deposit amount required is INR 10,000.

• The maximum deposit allowed to invest is INR 10 Crore.

• The rate of interest is 7.15% per annum.

• Additional interest rate of 0.50% for senior citizens.

• 1% penal interest rate on premature withdrawal.

• No interest earnings on accounts closed before a year of opening.

• Premature withdrawals are not allowed for customers having taken a loan against a deposit account.

• The interest rate on a loan against fixed deposit is 1% above the applicable floating rate.

• For MIDR and QIDR, the FDR interest amount will be credited to the loan account.

Money Multiplier Deposit Certificate

• It’s a scheme where the interest accrued is added to the principal amount, effectively raising the interest rate beyond the contracted rate.

• Invest a minimum of INR 100 and in multiples of INR 100 thereafter.

• The minimum and maximum deposit period is 6 months and 10 years, respectively.

• A loan facility is available.

Monthly Interest Deposit Scheme

• It’s a scheme where investors receive interest payouts every month.

• The minimum deposit amount required is INR 5,000.

• Additional investments are allowed in multiples of INR 1,000.

• Attractive interest rates for both regular and senior citizens

• A loan against deposits is available as per the prevailing norms.

Quarterly Interest Deposit Scheme

• It’s a scheme where investors receive interest payouts every quarter.

• The minimum deposit amount required is INR 5,000.

• Additional investments are allowed in multiples of INR 1,000.

• Attractive interest rates for both regular and senior citizens

• A loan against deposits is available as per the prevailing norms.

Cent Tax Saving Deposit

• It’s a tax saving scheme offering tax deductions of up to INR 1.5 lakh in a financial year.

• A minimum investment worth INR 100 is required in a financial year.

• The maximum investment allowed is INR 1.5 lakh in a financial year.

• Both single and joint-holder deposit accounts are allowed.

• Individuals with their name or the Karta of the Hindu Undivided Family.

• Joint deposit accounts allowed to two adults, an adult or a minor together.

Cent Super Callable Time Deposit of 444 Days

• The minimum deposit required is INR 10,000.

• The maximum deposit allowed is INR 10 crore.

• You need to deposit for a fixed tenure of 444 days.

• Interest rate of 7.45% per annum with effect from August 10, 2024.

• Additional interest rate of 0.50% for senior citizens, 1% to the bank staff, 1.50% to senior citizen retired staff

New Cent Super 555 Days

• Every individual including Non-resident External (NRE) can open this 555-day account.

• The minimum deposit amount required is INR 10,000.

• The maximum investment allowed is INR 10 crore.

• A special interest rate of 7.25%* for regular customers, an additional 0.50% for senior citizens, 1% for staff and 1.50% for senior citizen retired staff.

• Premature withdrawal is also allowed. Customers will receive money at the applicable rate of interest for the deposit period.

Cent Super 999 Days

• It’s a deposit plan for a fixed period of 999 days.

• The minimum deposit required is INR 10,000.

• Investors can invest a maximum of INR 10 crore.

• A special interest rate of 6.25%* for regular customers, an additional 0.50% for senior citizens, 1% for staff and 1.50% for senior citizen retired staff.

• Both interest reinvestment and payout options (monthly, quarterly or half-yearly intervals) are available.

• 1% penal interest to be charged if closed after a year of deposit and before maturity.

Cent Green Time Deposit Scheme

• It’s a deposit scheme where the money deposited is used to fund renewable energy projects, smart agriculture projects, green building projects, waste or water management projects, etc.

• The minimum deposit required is INR 50,000.

• The maximum deposit allowed is INR 1.99 crore.

• Deposits are for 1111 days, 2222 days and 3333 days.

• Interest rates for 1111 days, 2222 days and 3333 days are 7.50%, 7.25% and 7.50%, respectively.

• An additional 0.50% for senior citizens, 1% for staff and 1.50% for senior citizen retired staff.

• Premature withdrawal is permitted, and investors can receive an interest rate applicable for the deposit period.

Cent Floating Deposit Scheme

• It’s a deposit of one year to less than two years and two years to less than three years.

• The interest rate on deposits of one year to less than 2 years is 6.55% per annum.

• The interest rate on deposits of two years to less than 3 years is 6.60% per annum.

• The minimum deposit required is INR 10,000, while the maximum allowed is less than INR 2 crore.

• Additional interest rate of 0.50% for senior citizens, 1% for ex-staff members and 1.50% for senior citizen staff.

• Premature withdrawals are allowed. A 1% penalty on the interest rate applicable for the running deposit period will be levied.

• A loan/overdraft facility is available for up to 90% of the deposit amount.

Term-wise Central Bank of India Fixed Deposit Rates

Short-term Fixed Deposit Interest Rates

Central Bank of India offers interest rates of 3.50%-7.75% per annum for fixed deposits held up to a year.

Medium-term Fixed Deposit Rates

The bank offers interest rates of 6.85%-7.75% per annum for deposits of 1-5 years.

Long-term Interest Rates

Central Bank of India’s interest rates for a period above 5-10 years are 6.00%-7.25% per annum.

How to Invest in the Central Bank of India FD?

Investing in the Central Bank of India fixed deposit is made possible through any of the convenient means. 

Internet Banking

• Log in to Central Bank of India’s Internet banking.

• Visit ‘Online Term Deposit’ and choose the FD type you want to open.

• Mention the required details correctly in the online fixed deposit application form.

• Check the details thoroughly before clicking on the ‘Confirm’ button.

• You will receive an email about the successful booking of a fixed deposit.

Mobile Banking

• Download the Cent Mobile app online.

• Go to ‘Fixed Deposit’ and select the type of FD you want to invest in.

• Mention the investment amount & tenure, maturity instructions and other details.

• Once done, click on ‘Confirm’.

• Upon successful FD booking, you will receive an email notification about it.

Branch

• Visit the nearest Central Bank of India branch with the necessary documents.

• Request the concerned bank official to hand you the fixed deposit application form.

• Enter the required details, such as your name, address, investment amount & tenure, maturity instructions, etc.

• Submit the duly filled and signed application form along with a recent passport size photograph and a cheque to the bank official.

• Upon successful application authentication and cheque realisation, Central Bank of India will let you open a fixed deposit account.

Documents Required to Open a Central Bank of India FD Account

Identity Proof - Any of Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, Govt. or Defence ID Card, ID Card Issued by a Recognised Employer

Address Proof - Any of Aadhaar Card, Passport, Voter ID Card, Driving Licence, Electricity Bill, Bank Account Statement, Letter from a Reputed Employer, Letter from Any Recognised Local Body/Public Authority

Recent Passport Size Photograph

Central Bank of India Fixed Deposit Sweep-in

Central Bank of India offers an automatic sweep-in facility for its customers through the Cent Samridhi Savings Account. Through this facility, customers receive a higher rate of interest on their deposits as balances exceeding INR 50,000 in the savings account are transferred to a fixed deposit in tranches of INR 5,000 for 179 days. Fixed deposits carry a higher rate of interest than savings accounts. As the balance falls below INR 50,000, the money in a fixed deposit account will return to the savings account, relieving investors from the non-maintenance charges they otherwise incur.

Eligibility to Open a Central Bank of India FD Account

Any of the following can open a fixed deposit account at Central Bank of India.

• Individuals in their own name or joint basis

• A minor with a major

• Hindu Undivided Families (HUFs)

• Merchants, Agents, Private Traders, Companies, Clubs, Societies, Corporates, Partnership Firms, Professionals 

• Blind & Illiterate Individuals

• Charitable and Educational Institutions

Tax on Central Bank of India Fixed Deposit

Central Bank of India offers a tax saver fixed deposit to boost investors’ savings. With this fixed deposit, investors can gain tax deductions of up to INR 1.5 lakh in a financial year. They can invest a minimum and maximum of INR 100 and INR 1.5 lakh in a financial year, respectively. However, investors will have to deal with a 5-year lock-in period during which they can’t withdraw investments. 

Loan Against Central Bank of India Fixed Deposit

You can get a loan against the Central Bank of India fixed deposit to meet your instant liquidity needs. The loan quantum can be up to 95% of the fixed deposit value. It’s likely that the rate of interest in a loan will be lower compared to that of an unsecured loan.