Central Bank of India (CBI) was established in 1911 and is currently headquartered in Mumbai. It is a government-owned bank with more than 4,600 branches across the country. The bank offers services to individuals, corporates, MSMEs, and the agricultural sector.

CBI offers several term deposit products, out of which, recurring deposits are one of the most popular. Those depositing with the bank’s RDs can use a Central Bank of India RD Calculator to calculate their maturity amount.

This calculator is an online tool that allows depositors to compute their returns based on their monthly deposit amount, rate of interest, and tenure. The tool is offered for free and can be used to generate accurate results.

Other than traditional RDs, the Central Bank of India also offers the Cent Swashakti Flexi Recurring Deposit Scheme, Cent Lakhpati, and Cent Millionaire RD schemes, which are variants of the former.

RD accounts in CBI can be started by minors aged 10 or above. The minimum amount to be deposited is Rs.100; thereafter, account holders can deposit in multiples of Rs.50. Accounts can be made for a minimum of 6 months and a maximum of 10 years, depending on the product opted for.

Interest Rates

The rates of interest offered for Central Bank of India Recurring Deposits as of 28th April 2020 are –

TenureFor general depositorsFor senior citizens 
180 days to 269 days6.35%6.85%
270 days to 364 days6.40%6.90%
1 year 1 day to 1 year 364 days7.00%7.50%
2 years to 2 years 364 days6.70%7.20%
3 years to 4 years 364 days6.20%6.70%
5 years to 10 years6.20%6.70%

Get Central Bank of India Recurring Deposit Rates

How to Calculate Compound Interest on Central Bank of India Recurring Deposit?

The interest on Recurring Deposits from the Central Bank of India is compounded quarterly. Hence, an individual holding an account on 1st May will receive interest on 1st August, 1st November, 1st February, 1st May and so on, until maturity.

Those willing to create an RD account with CBI can use an RD calculator Central Bank of India to determine their maturity amount.

The formula for calculating recurring deposit returns is given by –

M = R x {(1 + n) x n – 1} / 1- (1 + i) (-1/3)


  • M denotes the maturity value.
  • n denotes the number of quarters in the deposit period.
  • R denotes the deposit amount per month.
  • i is the rate of interest divided by 400 for each quarter in a year.

The calculation for RD can be understood better with an example – 

Mr. Sen, aged 44 and residing in Pune, opens an RD account with the Central Bank of India. He plans to deposit Rs.6,000 every month for 8 years. According to the above table, he is eligible for a 6.20% rate of interest.


  • n = 32 (8 years x 4).
  • R= Rs.6,000.
  • i = 0.0155 (6.20 / 400).

By entering the data in the formula above –

M = 6,000 x {(1 + 32) x 32 – 1} / 1- (1 + 0.0155) (-1/3)

Therefore, M = Rs.7,47,117.

So, Mr. Sen would receive Rs.7,47,117 after 8 years if he deposits Rs.6,000 every month and receives interest at the rate of 6.20%.

Mr. Sen would have earned Rs.7,63,582 at the end of the same maturity period if he were a senior citizen.

Utilizing a Central Bank of India Recurring Deposit calculator will be more effective to find the maturity amount as manual calculations are prone to inaccuracies.

Various Factors that Affect Central Bank of India RD Interest Earnings

Some of the factors that impact the rate of interest on Central Bank of India RDs are –

  • Age of the depositor 

The age is one of the factors that affect this rate. For instance, senior citizens are eligible to receive 0.5% more than standard customers. Additionally, Central Bank of India also offers an additional interest of 1% their staff, ex-staff, and widow/widowers of staff on their RD deposits; ex-staff who are senior citizens will earn 1.5% more.

  • Deposit period

The period of deposit will also have an impact on the rates. Usually, longer deposit tenures attract more interest and vice versa. However, that is subject to the product availed.

  • Reverse repo rate 

The reverse repo rate is an instrument of monetary policies put forth by the Reserve Bank of India. The RBI borrows funds from commercial banks against the reverse repo rate. If the rate is high, commercial banks are liable to earn more interest. Hence, they will also provide high interest on their deposits.

Benefits of a Central Bank of India RD Calculator

Few of the benefits of using a CBI RD calculator are –

  • Delivers prompt results.
  • Displays the precise maturity amount.
  • Can be used by anyone even with a minimum understanding of technical know-how.
  • Helps to find the right deposit plan to fulfil financial goals.

An RD calculator CBI can thus be one of the most efficient tools that individuals can use before opening a Central Bank of India Recurring Deposit account.

Mutual Fund Calculator
Lumpsum Calculator
PPF Calculator
EMI Calculator
Mutual Fund Return Calculator
EPF Calculator
Car Loan EMI Calculator
SWP Calculator
Gratuity Calculator
Personal Loan EMI Calculator
Sukanya Samriddhi Yojana Calculator
HRA Calculator
Home Loan EMI Calculator
FD Calculator
CAGR Calculator
SBI EMI Calculator
RD Calculator
GST Calculator
SBI Personal Loan EMI Calculator
NPS Calculator
HDFC EMI Calculator
SBI Home Loan EMI Calculator
Simple Interest Calculator
HDFC Personal Loan EMI Calculator
SBI PPF Calculator
Compound Interest Calculator
HDFC Home Loan EMI Calculator
SBI RD Calculator
Interest Rate Calculator
HDFC FD Calculator
SBI SIP Calculator
HDFC RD Calculator
SBI FD Calculator