Groww Logo
Home>FD>Central Bank of India

Central Bank of India FD Interest Rates

2.75% - 5.00%
Interest rates
3 months - 10 years
Time Period
5000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Central Bank of India FD

Central Bank of India is a nationalized bank in India. It is managed/owned by the Government of India (Ministry of Finance) and is one of the oldest and largest nationalised banks in India. 

Often because of its name 'Central Bank of India,' it is confused with the Reserve Bank of India. The bank has a vast network of 4,608 branches, 3,644 ATMs, ten satellite offices and one extension counter.

Central Bank of India offers multiple FD schemes with attractive interest rates so that customers can get maximum returns by parking their surplus savings. The customer is required to deposit the amount once at the time of opening the account. The Central Bank of India FD rates depends on what tenure you choose. 

Read More
Started On1911
Head QuartersMumbai
CRISIL RatingNA
CEOMatam Venkata Rao
Listed on exchange asCentral Bank of India
ICRA RatingNA

Central Bank of India FD Rates 2022

TenureRegular customersSenior citizens
1
2

Features and Benefits of IndusInd FD

  • The tenure ranges from 7 days to 10 years
  • Loan facility of up to 90% is available
  • Nomination facility is available
  • The minimum amount required to open an FD with Central Bank is Rs. 5000
  • Easy and fast liquidity options are available
  • All Central Bank FD schemes offer competitive interest rates
  • Senior citizens can avail 50% extra interest rates over the regular FD rate

Types of Central Bank of India FD Schemes

Cent Double Deposit Scheme

  • This deposit scheme offers the customers the benefit of doubling their deposits in a set period of time. This deposit enables the depositor to earn a higher rate of interest which makes the deposit double in your FD account.
  • Depositors who open this account receives money multiplier deposit certificate
  • It offers the flexibility to double your deposit amount
  • Attractive rate of interest offered
  • Loan facility up to 90% is available on the deposit

Cent 555 Term Deposit

  • A special term deposit by the Central bank of India under which The deposit made will be accepted for a tenure of exact 555 days
  • Interest is compounded quarterly on the deposit
  • TDS facility on the deposit is not available
  • Loan facility of up to 90% is available
  • Resident Indians and senior citizens above 60 years of age are eligible

Cent 777

  • A term deposit scheme by Central Bank of India which is opened for exactly 777 days
  • Interest is compounded quarterly on the deposit
  • TDS facility on the deposit is not available
  • Loan facility of up to 90% is available on the deposit

Cent Uttam

  • Under this flexible deposit scheme, you are allowed to withdraw a part of the deposit amount as and when required at your convenience.
  • The facility of TDS on the deposit is not available
  • Loan facility of up to 90% is available on the deposit
  • Auto-renewal facility is not available on this deposit

Central Bank of India Tax Saving Deposit

  • As the name suggests, a flexible and secured fixed deposit scheme by Central bank of India with dual benefits of tax exemption under section 80C and attractive returns.
  • TDS facility available on the deposit
  • Nomination facility is available
  • The Central bank of India FD rates is compounded on a quarterly basis
  • Auto-renewal facility is available

Cent Aspire Scheme

  • Under this scheme, depositors get a free credit card against the fixed deposit with the bank for a deposit amount of Rs. 20,000 and above.
  • Auto-renewal facility is available on the deposit
  • Nomination facility is available
  • A secured EMV chip-based platinum credit card is offered without any additional charges

Cent Suraksha Deposit

  • This is a special type of term deposit scheme specially designed for the weaker sections of society under Pradhan Mantri Suraksha Bima Yojana.
  • TDS facility available on the deposit
  • Nomination facility is available
  • Loan facility up to 90% is available on the deposit
  • Resident Indians above 60 years of age and above are eligible

Senior Citizen Deposit Scheme

  • As the name suggests, this scheme is specifically designed for senior citizens offering higher rates of interest as compared to accounts for other individuals.
  • Senior citizens can earn an Extra interest of 0.50% over regular rates
  • Nomination facility is available
  • Free passbook is issued to keep a track of all FDs booked under the scheme
  • Availability of auto sweep in facility
  • Interest payout frequency on the fixed deposit can be opted as per your convenience

Term wise Central Bank of India FD Rates

Short-Term Deposits

The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 2.75% to 4.90%.

Medium-Term Deposits

 A Medium-term fixed deposit, that is, from 1 year to 5 years, and the interest rates are 5.00%.

Long-Term Deposits

A Long-term FD goes from 5 years and more, and the interest rate is 5.00%.

Central Bank of India vs Other Banks' FD Rates

NameTenureInterest rate
1
2
3
4
5

How to invest in Central Bank of India FD?

A Central Bank FD can be opened using online and offline methods-

1) Online Method

  • Visit the Central Bank of India official website and sign in to the internet banking portal with username and password.
  • Select the ‘Online Term Deposit’ tab and choose the type of FD
  • Fill out all the necessary details and after verifying, click on ‘Confirm’.
  • On successful booking of the deposit, a confirmation message will get displayed.

2) Offline Method

For opening a Central Bank FD account via offline mode, one has to visit the nearest Central Bank branch. Fill out the Central Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD account can be opened.

Eligibility for Central Bank of India FD Account

Individuals or companies need to meet the following criteria for initiating a Central Bank of India FD.

  • Joint account holders.
  • Resident individuals.
  • Minors.
  • Trusts.
  • Panchayats and municipalities.
  • Sole proprietary concerns.
  • Illiterate persons.
  • Joint Hindu Family members.
  • Religious, charitable and educational institutions.
  • Partnership firms.

Documents to Open Central Bank of India FD

Interested customers have to furnish the following documents when investing in a Central Bank of India fixed deposit scheme

Proof of ID (any one)

  • Aadhaar card.
  • PAN card.
  • Defence ID card.
  • Passport.
  • Voter ID.

Proof of Address (any one)

    • Telephone bill.
  • Electricity bill.
  • Aadhaar card.
  • Bank account statement with cheque.
  • Letter from reputed employer.

Senior citizens and minors need to furnish paperwork to prove their age as well. These documents include Driving License, PAN card, Passport, birth certificate etc.

FAQs

Is premature withdrawal allowed in CBI FD?

Yes, the Central Bank of India FD allows premature withdrawal of its FD. The bank charges a penalty of a 1% interest rate on premature withdrawal of deposits of more than Rs 5 lakhs. However, there is no penalty in case of account renewal for a longer term as compared to the initial deposit period.

What is the minimum deposit required for the Central Bank of India FD?

The minimum amount for fd in Central Bank of India is Rs. 5000.

Are senior citizens liable for additional interest earnings?

Yes. Senior citizens can earn an extra interest of 0.50% per annum on their FD investment.

Can investors deposit additional sums in an existing FD?

No. FDs do not allow investors to deposit additional money after the initial investment.

Can investors change the maturity period for an FD after investing?

No. Investors can only pick the tenure while starting the deposit scheme. 

What is the minimum and maximum tenure for Central Bank FD investments?

The minimum tenure is 7 days, while the maximum period is set at 10 years.

Are minors eligible for FD investment at the bank?

Yes. Minors can open such an account, provided they have co-signing adults along with them.

Calculate Central Bank of India FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Central Bank of India
@4.9% p.a
Get higher interest rates
online upto 0%
Check Now
ⓒ 2016-2022 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 2.3.8
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI